Coconut Oil Global Market Report 2024

Coconut oil is derived from the fruit of the tropical coconut palm tree (Cocos nucifera) and is known for its richness in saturated fat, making it exceptionally stable and resistant to oxidation and rancidity. It finds diverse applications, believed to contribute to reducing belly fat, preventing heart disease, suppressing appetite, strengthening the immune system, and potentially offering protective effects against dementia and Alzheimer's disease.

The primary product types of coconut oil include virgin coconut oil and coconut RBD oil. Virgin coconut oil is characterized by being unrefined, cold-pressed, and not subjected to processes like bleaching, hydrogenation, or deodorization. It retains a faint coconut flavor compared to the more intense flavor of regular coconut oil. These oils are available in mass and premium segments and are distributed through various channels, including direct distribution, convenience stores, modern trade units, e-commerce, among others. The usage of coconut oils spans across industries such as the food industry, agriculture, cosmetics & personal care industry, chemical industry, and others. Its versatility makes it a valuable ingredient in various products and applications within these sectors.

The coconut oil market research report is one of a series of new reports that provides coconut oil market statistics, including coconut oil industry global market size, regional shares, competitors with a coconut oil market share, detailed coconut oil market segments, market trends and opportunities, and any further data you may need to thrive in the coconut oil industry. This coconut oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The coconut oil market size has grown strongly in recent years. It will grow from $4.61 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed in the historical period can be attributed to various factors, including the culinary usage of coconut oil, its association with health and wellness trends, applications in cosmetics and personal care, the preference for non-GMO and organic options, and its traditional and cultural significance in various practices.

The coconut oil market size is expected to see strong growth in the next few years. It will grow to $7.03 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of plant-based and vegan diets, the rising demand for functional food and beverages, the popularity of clean beauty and natural cosmetics, the emphasis on sustainable sourcing and production, and the expanding medical and therapeutic applications of coconut oil. Key trends expected in the forecast period encompass the growing popularity of MCT (medium-chain triglyceride) oil, the emergence of coconut-based dairy alternatives, the use of coconut oil in hair and scalp treatments, the application of coconut oil in aromatherapy and wellness oils, and the development of customizable coconut blends.

The coconut oil market is anticipated to experience growth due to the increasing demand for personal care and cosmetic products. Personal care and cosmetic products encompass a broad range of consumer goods applied to various external body parts. Coconut oil, known for its natural moisturizing properties, is extensively used in lotions, creams, and hair conditioners to provide deep hydration and enhance the texture of the skin and hair. In China, beauty and personal care product sales reached $88 billion in 2021, reflecting a 10% increase from the previous year. Additionally, in the US, skincare product sales rose by 13%, outpacing makeup item sales. This surge was particularly prominent in online beauty merchants, with skincare leading the way, growing by 24%. The growing preference for personal care and cosmetic products is a driving force behind the coconut oil market.

The coconut oil market is set to benefit from the increasing prevalence of hair loss. Coconut oil, rich in lauric acid, possesses properties that aid in better absorption deep into the hair shaft, contributing to improved hair and scalp health. With more than 95% of hair loss in men attributed to androgenetic alopecia, or common male pattern baldness, the demand for solutions promoting hair health is rising. By the age of 35, about two-thirds of American men will experience noticeable hair loss, increasing to approximately 85% by the age of 50. Coconut oil's potential to address hair and scalp health concerns positions it as a favorable choice for consumers dealing with hair loss, thereby propelling the growth of the coconut oil market.

A key trend in the coconut oil market is the strategic partnership between companies. Collaborations between coconut oil companies and other entities enable the leveraging of resources for mutual expansion into new markets. For example, CocoTherapy, a US-based provider of organic virgin coconut and MCT oil brands for pets, entered into a partnership with Matrix Partner in April 2022. This collaboration aims to generate engaging content and advertisements for CocoTherapy's target audience. Matrix Partners, with its expertise in managing social media platforms for pet brands, will contribute to expanding CocoTherapy's presence on Facebook. This strategic partnership exemplifies the trend of companies joining forces to enhance their reach and engagement with consumers in the coconut oil market.

Major companies in the coconut oil market are actively introducing new products and solutions, leveraging technologies like cold press technology to enhance their market presence and revenue. Cold press technology, characterized by the extraction of coconut oil from coconut milk without heat, offers a gentle process that preserves the oil's nutrients and antioxidants. This approach aligns with consumer preferences for natural and minimally processed products. An example of such innovation is seen in Dabur India Ltd.'s launch of Virgin Coconut Oil in February 2022. This product, derived from coconuts using cold press technology, maintains the coconut's natural sweetness, essential nutrients, scent, and flavor. The oil contains medium-chain triglycerides (MCTs), known for aiding in energy release, quick digestion, and potential benefits in weight management and metabolism regulation.

In another instance, Nutiva, a US-based company specializing in organic plant-based food, acquired Coconut Secret in August 2021. The strategic acquisition is aimed at expanding Nutiva's presence in regions with high population trends and further diversifying its coconut-related product offerings. This move enables consumers to access a range of clean, sustainable pantry essentials from Nutiva and Coconut Secret. Coconut Secret, with its focus on coconut oils and snacks, contributes to Nutiva's product portfolio, catering to the increasing demand for coconut-based products.

The integration of technologies like cold press technology showcases the industry's commitment to delivering high-quality, minimally processed coconut oil products, meeting the evolving preferences of consumers in the coconut oil market.

Major companies operating in the coconut oil market include Archer Daniels Midland Company, Greenville Agro Corporation, Libra Bioscience Pvt Ltd., Bunge Ltd., Cargill Incorporated, Wichy Plantation Company (Pvt) Ltd., Adani Group, Windmill Organics Ltd., Hain Celestial Group Inc., PT. Harvard Cocopro, Royce Food Corporation, Marico Ltd., Nutiva Inc., Dr. Bronner's, Kirkland's Inc., Parachute Naturalz, Golden Barrel, Spectrum Essentials, Dignity Coconuts, Harin Bio-Tech International Private Limited, Sakthi Exports, Aluan, Bo International, Shree Western G & C Ind., Jiangxi Planty Manor Health Industry Co. Ltd., HanCole Group, NMK Holdings Private Limited, K.K.P.Industries, Manchiee De Coco, Nature Pacific Pty Ltd., Cocomate, Genius Nature Herbs Pvt Ltd., Keratech Coconut Oil Pvt Ltd., Jedwards International Inc., Sun Bionaturals (India) Private Limited, Pureoilsindia, Nature's Oil, Cornitos, KPL Oil Mills (P) Ltd.

Western Europe was the largest region in the coconut oil market in 2023. The regions covered in the coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the coconut oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The coconut oil market consists of sales of virgin coconut oil, desiccated coconut, coconut milk, coconut skimmed milk. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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