Coconut Oil Market by Product Type (RBD, Virgin, and Crude), Source (Dry Coconut and Wet Coconut), Application (Food & Beverages, Cosmetics & Personal Care Products, and Pharmaceuticals), Nature and Region - Global Forecast to 2027
Northbrook, IL 60062 -- (SBWIRE) -- 08/10/2022 -- The global coconut oil market is estimated to be valued at USD 5.7 billion in 2022. It is projected to reach USD 7.4 billion by 2027, recording a CAGR of 5.5% during the forecast period. Coconut oil is a yellowish-white solid or semi-liquid available in the form of edible oil. It is extracted from the wick, meat, and milk of the coconut palm fruit and has a low percentage of unsaturated fatty acids and is up to 90% saturated fat with no cholesterol content. The types of coconut oils available in the industry can be classified as RBD, virgin, and crude serving various applications in the field of food & beverages, cosmetic, pharmaceuticals and many others.
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Drivers: Rising demand for processed and convenience food
Coconut oil is beneficial for use in cosmetics as a moisturizer, and in soaps and is used as a remedy for treating illnesses and infections, healing wounds, promoting the growth of strong bones, and protecting the skin against blemishes. It also exhibits smoothing properties and textures when used in body butter, soaps, and salves. It offers excellent emollience to dry, itchy skin, and hair, remaining suitable for sensitive, inflamed, and irritated skin without clogging the pores of the skin. It also soothes sunburns and blisters, removes dead skin, and promotes the growth of newer and healthier skin. Due to these characteristics, coconut oil is increasingly used in cosmeceutical and personal care products.
Restraints: rising concerns for high content of saturated fats in coconut oil
According to the Harvard T.H. Chan School of Public Health, in a meta-analysis of 16 clinical trials, coconut oil was found to increase both LDL and HDL cholesterol levels in participants, compared to tropical vegetable oils (e.g., sunflower, canola, olive). As per the studies, the cholesterol levels are too high which can result into harmful side effects if consumed directly thus restrain the growth of the overall coconut oil market.
Opportunities: Potential application as biofuel
Biofuels are in rising demand due to its environmentally friendly nature. Coconut oil blends yield a very comparable output of energy as conventional diesel, and its exhaust contains far less harmful emissions than of conventional diesel exhaust. Coconut oil in Pacific countries is increasingly used in transport and electricity generation owing to its lower local cost thus increasing huge opportunities for the coconut oil market at a global level.
Challenges: Irregular supply of raw materials
Due to erratic weather patterns of heavy rains and drought as well as general neglect of the crop, the coconut oil production has been shrinking because of low availability of raw materials. Coconut oil is produced from copra and fresh coconut meat. The several factors such as diseases and floods might hamper the production of coconuts leading to losses in the coconut oil market. Thus, irregular supply of raw materials tends to be a challenge for the coconut oil market.
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The key players in this market include Cargill Incorporated (US), ADM (US), Bunge Limited (US), Mangga Dua (Indonesia), Greenville Agro Corporation (Philippines), Celebes Coconut Corporation (Philippines), CIIF OMG (Philippines), Royce Food Corporation (Philippines), and Connoils LLC (US).
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