The global coconut oil market, valued at US$5.3 billion in 2021, is anticipated to grow significantly, reaching a projected valuation of US$8.2 billion by the end of 2029. This growth is expected to be driven by an estimated CAGR of 5.7% between 2022 and 2029.
Key Market Drivers:
- Rising Use in Cooking: Coconut oil, known for its health benefits and high smoke point, is increasingly preferred in cooking, including frying, baking, and sauteing. The demand for natural and organic products is a major factor driving the global coconut oil market.
- Cosmetics and Personal Care Industry: Coconut oil is widely used in cosmetics and skincare products for its moisturizing properties. The growth of the cosmetics and personal care industry, along with the trend of DIY skincare, is fueling the adoption of coconut oil.
Market Segmentation:
- Application Areas: Coconut oil finds applications in various sectors, including food, cosmetics, and industrial products. It is used in cooking, bakery, confectionery, infant formulas, and skincare products.
Regional Insights:
- Asia Pacific Dominance: Asia Pacific is expected to lead the global coconut oil market by the end of 2029, driven by its large traditional consumer base, consistent product launches, and the promising nutraceuticals sector. India, in particular, plays a significant role in the regions coconut oil market.
Global Coconut Oil Market Competitive Landscape:
The global coconut oil market features a competitive landscape with numerous local and international manufacturers. Key players in the market include Cargill, ADM, BUNGE, HAIN CELESTIAL, ADANI GROUP, Nutiva Inc., Barleans Organic Oils LLC, Greenville Agro Corp, Adams group, and Connoils LLC. Market players are adopting various strategies, including acquisitions and mergers, to sustain and expand their presence in the competitive market.
Notable Acquisition:
In August 2021, Nutiva, a US-based manufacturer of organic plant-based foods, acquired Coconut Secret, a US-based producer of coconut oil and snacks. This acquisition is aimed at expanding Nutivas presence and product offerings, further contributing to the growth of the coconut oil market.
Browse Global Coconut Oil Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Form Coverage, By Type Coverage, By Form Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/coconut-oil-market
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This press release first seen on Brilad
COMTEX_440956285/2840/2023-09-26T04:46:43
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