A recent publication by Fact.MR titled “Coconut Oil Market Forecast, Trend Analysis & Competition Tracking: Global Market insights 2017 to 2022” elaborates on the oscillating landscape of the global coconut oil market. The coconut oil market has been witnessing rapid adoption across multiple industries such as foodservice, food processor, and personal care, backed by consistent reinforcement of benefits associated with its use.
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The dynamics of coconut oil market is anticipated to be continuously driven by various use cases, ranging from use in cosmeceuticals to inclusion in food products. These insights are extracted from new research study on coconut oil market by Fact.MR. As per the study, the demand for coconut oil is foreseen to proliferate at a value CAGR of 3.9% during the period of forecast, 2017-2022. Rising demand for coconut oil is poised to translate into significant market value worth US$ 3,141 Mn by the end of the assessment period.
Multiple claims put forward by prominent instructions regarding the use of coconut oil continues to impact the market stratosphere. As per the report, the consumption of coconut oil will witness frequent fluctuations on account of mixed reviews from key research personnel worldwide. For instance- while recent journals published in NCBI illustrate the benefits of coconut oil for Alzheimer patients, several institutions including WHO, the United States Department of Health and Human Services, and FDA have stressed on minimum or no consumption of coconut oil.
According to the report, revenue capture of processed coconut oil is foreseen to remain dominant on the back of its rich nutritional profile. The lucrativeness of processed variant can be drawn from the fact that is predicted to account for around 2/3rd of the revenue share of coconut oil market. Moreover, processed coconut oil is foreseen to witness fast-paced expansion in the marketplace at a CAGR of 4.1% over the forecast timespan.
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On the contrary, virgin oil is anticipated to steadily gain grounds in the coconut oil market on account of increasing consumption of omega fatty acid. The report highlights virgin oil segment as a niche in the industry landscape, which can be leveraged by manufacturers with necessary customizations to meet diverse consumer needs.
As per the research study, Europe leads in the global coconut oil market and accounts for a major chunk of the revenue contribution. The report further anticipates Europe to grow at the highest CAGR as compared to other regions assessed in the research study on coconut oil market. This dominion can be attributed to sophisticated preference of a large demographic for healthful oils. The report also unveils that APEJ will trail Europe in terms of revenue with an estimated market value of over US$ 800 million by the end of the forecast period. In addition to that, the under-penetrated Latin America coconut oil market can also be taken into account by market players as it holds an optimistic potential in terms of growth.
The report also elaborates on the dwindling scenario of supply in the coconut oil market. The incompetency of producers to keep up with the exponential demand of coconut oil has been prominently analyzed in the study, which has led to unexpected price hikes. The report also emphasizes on product innovations to be the instrumental for proliferation in the coconut oil market. For instance- introduction of varieties such as turmeric infused coconut oil enables market players to tap into new customer segments. The study also reinforces on the sales of coconut oil market getting notched up in the coming years on the back of prevailing customer trust and loyalty.
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