Coconut Oil Market Projected to Soar to $7.61 Billion by 2029 With CAGR of 8.5%
28 Jan, 2025
What Factors Have Propelled The Growth Of The Coconut Oil Market In The Historic Period?
The coconut oil market has demonstrated robust growth in recent years:
• Expanding from a market size of $5.03 billion in 2024 to $5.49 billion in 2025, the market progressed at a CAGR of 9.2%.
• This growth can be attributed to its extensive culinary usage, heightened interest in health and wellness, utilization in cosmetics and personal care applications, and preference for non-GMO and organic options influenced by traditional and cultural practices.
What Are The Forecasts For The Coconut Oil Market Size Through 2029?
Expect further growth in the coconut oil market in the upcoming years, bolstered by an array of influential factors:
• The market size is anticipated to reach $7.61 billion in 2029 at a CAGR of 8.5%.
• Growth can be attributed to the rising popularity of plant-based and vegan diets, functional food and beverage, natural cosmetics, sustainable production, as well as its medical and therapeutic applications.
What Are The Primary Drivers Of The Coconut Oil Market Growth?
The surging demand for personal care and cosmetic products is significantly propelling the growth of the coconut oil market. Coconut oil serves as a natural moisturizer, widely used to nourish skin and hair in lotions, creams, and hair conditioners. For instance, according to Cosmetics Europe, a personal care association, 500 million consumers use personal care products daily for their health and well-being, adding an approximate $31.23 billion annually to the European economy. As such, the expanding demand for personal care and cosmetic products is fuelling the growth of the coconut oil market.
What Are The Significant Segments in The Coconut Oil Market?
The coconut oil market is segmented as follows -
1) By Product: Virgin Coconut Oil, Coconut RBD Oil
2) By Price Point:: PMass, Premium
3) By Distribution: Direct Distribution, Convenience Stores, Modern Trade Units, E-Commerce, Others Distributions
4) By Application: Food Industry, Agriculture, Cosmetics And Personal Care Industry, Chemical Industry, Other Applications
What Trends Are Shaping The Coconut Oil Market?
Strategic partnerships stand out as a key trend in the coconut oil market, as companies leverage each other's resources and market outreach. For instance, in April 2022, CocoTherapy, a US-based company specializing in organic virgin coconut and MCT oil for pets, partnered with Matrix Partner to expand into new markets. This partnership aims to bolster the company's social media presence, especially on Facebook, and reach a wider audience base.
Who Are The Major Players In The Coconut Oil Market?
Key players 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
Which Region Dominates The Coconut Oil Market?
Western Europe was the largest region in the coconut oil market in 2024, while other regions covered in this report include Asia-Pacific, Eastern Europe, North America, South America, Middle East, and Africa.