WILMINGTON, DE, UNITED STATES, October 29, 2024 /EINPresswire.com/ — The global coconut oil market size is expected to reach $7,390.2 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
Increasing use of the coconut oil in various industries including personal care, cosmetics, food, agriculture and chemical industry is likely to generate more demand for the coconut oil.
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The coconut oil has been holding considerable share in the cooking oil market and is expected to sustain it share during the forecast period. This is majorly attributed health benefits associated with consumption of coconut oil. Coconut oil has a fatty acid profile that supports and nourishes nearly every system in the body, both structurally and functionally. As a medium chain triglyceride rich fat, coconut oil helps make a special kind of energy that is especially revitalizing to the brain, digestive tract and cardiovascular system. Furthermore, coconut oil is used in a wide range of hair and skin care products globally and its demand is growing in developed countries. Recent trends of production of biodiesel, using coconut oil as renewable fuel has further opportunities for the coconut oil market growth.
Dynamic changes in food habits and increasing consumption of the functional and supplement food is likely to contribute to increase the demand for coconut oil. Furthermore, the trend of using of coconut oil in restaurants, hotels, and households is new in the developing economies such as China and India; thus, coconut oil is witnessing high demand, which creates opportunities for small- & mid-sized companies to invest in this market. Hence above mentioned factors are expected drive he growth of the coconut oil market during the forecast period. The outbreak of the pandemic has negatively impacted the global coconut oil market. Trade restrictions imposed by several countries across the globe to curb the outbreak of COVID-19 has significantly affected global logistics and transportation, which has affected the coconut oil market.
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According to the coconut oil market opportunities, region wise, LAMEA market is expected to witness highest growth at a CAGR of 7.0% during the forecast period. Coconut oil are widely used in the food & beverages industry in LAMEA region. Coconut oil is widely used in hair care and skin care products in the region. Furthermore, growing retail sector and rise in disposable income and increasing standard of life of the people indirectly favor the growth of the LAMEA coconut oil market during the forecast period.
The players operating in the coconut oil industry have adopted product launch and business expansion as their key developmental strategies to expand their market, increase profitability, and remain competitive in the market. The key players profiled in this report include Greenville Agro Corporation, ADM, LibraBioScience, Marico, Ltd, Bunge Ltd, Cargill, Incorporated, Wichy Plantation Company (Pvt) Ltd, Adani Group, Windmill Organics Ltd and Hain Celestial.
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