Global Coconut Oil Market- Covid-19 Impact, Trends, Competitive Analysis and Industry Growth to 2025
Coconut oil is extracted from dried or tender coconut kernels and is a tasteless and colorless oil. The coconut oil is available in two types based on the extraction- unrefined and refined or virgin oil. Unrefined oil is unbleached and unprocessed and is rarely used in consumption, while virgin oil is used in consumption. The coconut oil market has seen tremendous potential in the personal care industry, already popular in Asian regions, but now also popular globally. The coconut oil is also used as a substitute to the vegetable oil and is traditionally used ingredient in the natives of South India. Given, its wide array of applications, the coconut oil market sees a huge growth in the forecast period.
Coconut Oil Market: Segmentation
The coconut
oil market can be segmented on the basis of type, source, end-use and
distributional channel. On the basis of source, the coconut oil market can be
segmented as organic and conventional.
On the
basis of type, the coconut oil market can be segmented as refined and unrefined
On the
basis of end-use, the coconut oil market can be segmented as food industry,
personal care industry and commercial. The coconut oil market in food industry
can be further segmented as confectionary, sauces & spread, flavoring
ingredient and others. The commercial segment can be further segmented as
hotels, restaurants & cafes (Horeca), institutional Foods and households.
On the
basis of distribution channel, the coconut oil market can be segmented as
direct and indirect sales. The indirect sales are further segmented as Modern
trade, wholesalers, convenience stores, retailers and online retailers.
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Coconut Oil Market: Drivers, Restraints, and Trends
The
coconut oil market has seen a moderate rise in the past decade as people’s
preference for coconut oil has increased due to its many health benefits. Its
applications in the personal care and cosmetics like hair care and skincare has
paved the way for the growth of coconut oil market. The coconut oil market has
seen rise due to due to its ready availability and cheap prices, especially for
the consumers dwelling in the tropical regions. The macro-economic factors like
the ban on the export of coconut in countries such as Indonesia is affecting
the growth of the coconut oil market globally. While many regions remain
dependent on the exports from tropical countries for the production of coconut
related products, such moratoriums may hamper the growth of the coconut oil
market. The coconut oil is the basis of coconut snacks and its usage as a
substitute for various oils has further fuelled the growth of the coconut oil
market.
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Coconut Oil Market: Regional Outlook
The
dependency of the consumers on oil based cuisines and their willingness to opt
for a better health related substitutes has boosted the growth of the coconut
oil market in North America. So, the coconut oil market sees high growth due to
its entrant as a new breakfast spread in the North America. Macro-economic
factors like approval of coconut oil as a low fat product is hindering the
growth of the market in Europe. The coconut oil market in Asia Pacific sees
maximum growth as consumers are well aware of the benefits of coconut and the
use coconut products traditionally has boosted the growth of this market. The
consumers in Asia Pacific are expected to prefer the use of coconut oil more
readily due to awareness about its health benefits and this is a major driver
for the growth of coconut oil market in Asia Pacific. In the regions for Middle
East and Africa, the African countries are highly dependent on agriculture and
their related products for the growth of their economy, and hence coconut oil
market is also expected to grow in this region. The coconut oil market is
expected to grow in tropical regions where there is more production of coconuts.
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Coconut Oil Market: Key Players
1. Windy City Organics
2.
Premier Organics Inc.
3.
The Hain Celestial Group, Inc.
4.
Windmill Organics
5.
Wichy Plantation Company (Pvt) Ltd
6.
ANDY ALBAO CORPORATION
7.
The HallStar Company
8.
Marico Limited
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