Global Coconut Oil Market Size, Share, Growth Analysis, By Type(Refined Coconut Oil, Virgin Coconut Oil), By Application(Cooking, Skin Care), By Processing Type(Cold Pressed, Expeller-Pressed) - Industry Forecast 2024-2031

Report ID: SQMIG30K2047 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 94 | Figures: 76

Global Coconut Oil Market News

In July 2023, Marico Limited confirmed the finalization of agreements to secure a controlling interest in Satiya Nutraceuticals, the proprietor of the brand "The Plant Fix-Plix," a plant-based nutrition brand emphasizing clean labels in the digital realm. The acquisition, an all-cash transaction, involves Marico purchasing a majority stake in Satiya Nutraceuticals. Known for its Parachute Coconut oil, Marico Limited strategically expands its portfolio through this investment in the growing market for plant-based nutrition.

In February 2023, Metro Pacific Investments Corp, a conglomerate based in the Philippines, is set to acquire a 33% stake in Axelum Resources Corp for 5.32 billion pesos (USD 97.7 million), as reported by the coconut products manufacturer and exporter. The move comes as Metro Pacific strategically expands its agribusiness holdings amidst favorable commodity prices. Reliable sources indicate that discussions have been underway for Metro Pacific to secure a substantial interest in Axelum, marking a notable development in their ongoing negotiations.

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Global Coconut Oil Market size was valued at USD 4.9 billion in 2022 and is poised to grow from USD 5.59 billion in 2023 to USD 11.08 billion by 2031, growing at a CAGR of 6.40% in the forecast period (2024-2031).

The competitive environment of the coconut oil market is dynamic and marked by the presence of diverse players striving for market share. The industry leaders focus on strategic initiatives such as mergers, acquisitions, and partnerships to enhance their market position and broaden their product offerings. Additionally, the market sees active participation from regional and local players, contributing to competition and catering to specific consumer preferences. The coconut oil market is characterized by innovations, with companies emphasizing product quality, sustainability, and diverse applications, particularly in the food and cosmetic industries. 'Cargill, Incorporated', 'Bunge Limited', 'Greenville Agro Corporation', 'Gustav Heess', 'SBH Foods Pvt. Ltd.', 'Connoils LLC', 'Tantuco Enterprises, Inc.', 'Celebes Coconut Corporation', 'CIIF OMG', 'Aluan', 'Sun Bionaturals Private Ltd', 'Bo International', 'Shree Western G & C Ind.', 'Aromaax International', 'Adams Group', 'Nutiva', 'Carrington Farms', 'Dr. Bronner's', 'NOW Foods', 'Spectrum Essentials'

The increasing awareness and adoption of healthier lifestyles and dietary choices play a significant role. Coconut oil, particularly varieties like Virgin Coconut Oil (VCO), is perceived as a natural and beneficial alternative, driving demand in both the food and cosmetic industries. The versatile culinary applications of coconut oil, coupled with its rising popularity in various cuisines, contribute to its market expansion. Furthermore, the cosmetic and personal care industry's increasing preference for natural ingredients, where coconut oil is recognized for its moisturizing properties, further boosts market growth.

The growing consumer inclination towards natural and organic products, influencing the demand for organic coconut oil. Health-conscious consumers are seeking clean-label options, and organic coconut oil aligns with this trend. Additionally, the market is experiencing a surge in the popularity of value-added coconut oil products, such as infused or flavored varieties, catering to diverse culinary and cosmetic preferences. Sustainability is emerging as a significant trend, with consumers showing increased interest in ethically sourced and environmentally friendly coconut oil. The cosmetic and personal care industry is witnessing a rising adoption of coconut oil in various formulations, driven by its natural moisturizing properties.

Asia-Pacific, particularly countries like Indonesia, the Philippines, and India, dominates the coconut oil market due to its significant coconut production. The availability of raw materials contributes to the region's leadership in coconut oil production and consumption. Coconut oil is deeply ingrained in the culinary traditions of many Asian-Pacific countries. Its versatile use in traditional dishes contributes to a consistent demand, making the region a key consumer and producer of coconut oil.

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Global Coconut Oil Market Size, Share, Growth Analysis, By Type(Refined Coconut Oil, Virgin Coconut Oil), By Application(Cooking, Skin Care), By Processing Type(Cold Pressed, Expeller-Pressed) - Industry Forecast 2024-2031

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