Chicago, Oct. 20, 2022 (GLOBE NEWSWIRE) — According to MarketsandMarkets™, the coconut oil market The size is estimated at USD 5.7 billion in 2022. It is expected to reach USD 7.4 billion by 2027, registering a CAGR of 5.5%, in terms of value. Growing demand for natural ingredients in food and cosmetics industry to drive coconut oil market.
Coconut oil is a source of many oleochemical compounds such as fatty acids, methyl esters and fatty alcohols. For cooking and bathing purposes, it is commonly used in the form of filtered coconut oil. Virgin coconut oil, which is a high quality oil, is prepared from the milk extracted from raw almonds. This type of coconut oil is most suitable as a massage oil for babies.
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The pharmaceutical market is a relatively untapped and small market compared to other non-food applications and the rapidly growing food and beverage market.
Coconut oil is used as one of the components of cosmetic ingredients, mainly as a smoothing agent and as a source of smooth skin and to improve dryness of skin and hair. Companies are focusing on the development of coconut oil extraction and processing to discover new beauty applications. Coconuts are the main source of coconut oil. Coconut oil in foods and beverages acts as a cooking oil substitute to enhance flavor. It is a source of carbohydrates, which helps improve digestibility.
Growing use of coconut oil in baked goods
Coconut oil is gaining popularity in the United States due to several health benefits it offers; it helps to reduce weight, strengthen the immune system, prevent heart disease and avoid dementia and Alzheimer’s disease. In the food industry, coconut oil is widely used in baked goods, processed foods, and infant formula. The use of organic coconut oil in baking coupled with the growing growth of the baking industry is expected to propel the demand for coconut oil.
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Based on nature, organic segment is expected to witness the fastest growth over the forecast period
Organic coconut farming allows the use of organic fertilizers such as compost manure, farmyard manure, fish meal, blood meal, neem meal, groundnut meal and bone meal. Different countries have different sets of rules to follow to get coconuts certified as organic. Due to the increasing demand for organic products in the world, the demand for organic coconut oil is also increasing.
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Asia-Pacific Coconut Oil Market is valued at USD 3.1 Billion in 2021 and is projected to reach USD 4.2 Billion by 2027, growing at a CAGR of 5.4% during of the forecast period. The Asia Pacific coconut oil market is expected to witness significant growth owing to the presence of several players in the region. The Asia-Pacific region is one of the main producing regions of coconut oils. It is driven by the robust growth of the food, cosmetics and pharmaceutical industries, which has helped the industry to accelerate in this market.
Key players:
The main players in this market are Tate & Lyle (UK), Emsland (Germany), Ingredion Incorporated (USA) and Avebe (Netherlands).
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