Coconut oil has a number of health benefits that boost the appeal of this tropical fruit. Coconut oil is used to nourish the hair, moisturize skin, aid digestion, improve mental performance, boost hormone production, and provide fats to the body. However, coconut oil has to compete with other extracts of this multi-purpose fruit such as coconut water and coconut sugar. The dwindling supply of the fruit has certainly taken its toll on the coconut oil market which has led to a price hike. All signs point to this continuing in the near-term, unless producers are able to dramatically increase raw material supply in the coconut oil market.
Some of the forecasts of Fact.MR’s report on the global coconut oil market have been given below to help you understand the current and future prospects in the coconut oil market which should grow with a CAGR of 3.9% from 2017 to 2022 –
- The process segment dominates the coconut oil market with a revenue share approaching 3/4th by product type. A market opportunity of crossing US$ 2.2 billion makes it extremely lucrative and key stakeholders would do well to take note. Europe accounts for a 1/3rd of the revenue contribution and it is anticipated to grow at the highest CAGR when compared to other regions.
- The virgin segment represents a niche in the coconut oil market that can be targeted by companies with customized solutions to cater to the needs of discerning customers. Along with Europe, APEJ is the only other region that is predicted to be worth more than US$ 200 million by the end of the forecast period.
- The food processor segment accounts for slightly over a quarter of the revenue in the coconut oil market by end user segment in 2017 and Europe is poised to be worth almost US$ 240 million by end of 2022. Major players could target North America as the snack market there is worth billions of dollars and the health-benefits of coconut oil are already known.
- The retail segment alone is over a third of the revenue by end-user segments in the coconut oil market which amounts to a market that exceeds US$ 1.1 billion in 2022. It will be interesting to see if retailers can hold their own against the e-commerce wave that has swept across the world. Latin America, in particular, holds immense promise in the retail segment as the region is quite under-penetrated, especially when compared to the developed countries in Europe and North America.
- Franchise outlets are a little over half the size of the modern trade segment in the coconut oil market. However, companies that adopt a unique differentiation strategy may be able to tap this segment as the competition has the bulk of its attention on the modern trade segment that is a much larger opportunity.
- The coconut oil market is rife with competition and some of the biggest players active in it are Adani Wilmar, Ruchi Soya Industries, Associated British Foods, Cargill Inc., Archer Daniels Midland Company, Bunge Limited, Adams Group Inc., and American Vegetable Oil Inc.
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