Press release
Coconut Oil Market Report 2024: Strategies And Recent Developments | Archer Daniels Midland Company, Greenville Agro Corporation, Libra Bioscience Pvt Ltd., Bunge Ltd
Coconut Oil Market Size
The Business Research Company offers in-depth market insights through Coconut Oil Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to culinary usage, health and wellness, cosmetic and personal care applications, non-gmo and organic option, traditional and cultural practice.
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 growth in the forecast period can be attributed to plant-based and vegan diets, functional food and beverage, clean beauty and natural cosmetic, sustainable sourcing and production, medical and therapeutic applications. Major trends in the forecast period include mct oil popularity, coconut-based dairy alternatives, hair and scalp treatments, aromatherapy and wellness oils, customizable coconut blends.
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Market Segmentation:
The main product types of coconut oil are virgin coconut oil and coconut RBD oil. Virgin coconut oil refers to unrefined, cold-pressed coconut oil which is not bleached, hydrogenated, or deodorized. In comparison to the powerful flavor of coconut oil, it has a faint coconut flavor. The oils are priced in mass and premium segments and distributed through direct distribution, convenience stores, modern trade units, e-commerce and others. The food industry, agriculture, cosmetics & personal care industry, chemical industry and others use coconut oils.
Major Driver - Increasing Demand For Personal Care And Cosmetic Products Drives Coconut Oil Market Growth
Increasing demand for personal care and cosmetic products is expected to propel the growth of the coconut oil market going forward. Personal care and cosmetic products refer to a wide range of consumer products that are applied to various external parts of the body, such as skin, hair, nails, lips, external genital and anal areas, teeth, and mucous membranes. Coconut oil is a natural moisturizer that can be used to hydrate and nourish the skin and hair. It is used in lotions, creams, and hair conditioners to provide deep hydration and improve the texture of the skin and hair. For instance, in April 2023, according to the International Trade Administration, a US-based government agency, sales of beauty and personal care products in China reached $88 billion in 2021, a 10% rise from the previous year. Furthermore, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. At that time, the growth of online beauty merchants was 24%, with skincare taking the lead. Therefore, increasing demand for personal care and cosmetic products is driving the growth of the coconut oil market.
Competitive Landscape:
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.
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Top Trend - Strategic Partnerships Is A Key Trend In The Coconut Oil Market
The strategic partnership is a key trend in the coconut oil market. Companies are partnering with coconut oil companies to leverage each other's resources and expand into new markets. For instance, in April 2022, CocoTherapy, a US-based company that provides organic virgin coconut and MCT oil brands for pets, entered into a partnership with Matrix Partner. This partnership will help produce engaging content and ads for the business's target audience. Matrix Partners will specifically assist CocoTherapy in expanding its Facebook presence. To build relationships with CocoTherapy's current and potential customers, Matrix's team will leverage its experience managing pet brand social media platforms and staying abreast of pertinent trends. Matrix Partners is a US-based marketing and communications agency.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Coconut Oil Market Characteristics
3. Coconut Oil Market Trends And Strategies
4. Coconut Oil Market - Macro Economic Scenario
5. Coconut Oil Market Size And Growth
…..
27. Coconut Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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