According to MarketsandMarkets, the global coconut oil market size is estimated to be valued at USD 5.7 billion in 2022 and is projected to reach USD 7.4 billion by 2027, recording a CAGR of 5.5% in terms of value. Coconut oil constitutes the major commercial product of coconut. Coconut oil is used as a cooking fat, hair oil, body oil, and industrial oil. Refined coconut oil is prepared exclusively for industrial purposes and is widely used in the manufacture of biscuits, chocolates, ice creams, margarine, and confectionery items. It is also used for the manufacture of pharmaceutical agents. Desirable properties such as a low melting point, resistance to rancidity, pleasant flavor, and easy digestibility make it an ideal ingredient in the food industry.
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Coconut oil is a source of many oleochemicals such as fatty acids, methyl esters, and fatty alcohol. For cooking and toiletry purposes, it is commonly used in the form of filtered coconut oil. Virgin coconut oil, which is high-quality oil, is prepared from the milk extracted from the raw kernel. This type of coconut oil is most suitable as a massage oil for babies.
The 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 the forecast period. The Asia Pacific coconut oil market is projected to witness significant growth due presence of several players in the region. The Asia Pacific region is one of the major coconut oils producing regions. It is driven by the robust growth of the food, cosmetics, and pharmaceutical industries, which has supported the industry to gain acceleration in this market.
Among various sources of coconut oil, dry coconut segment accounted for the major market share in the overall coconut oil market. RBD oil is also used in the cosmeceutical industry for manufacturing soaps, which is projected to further drive the growth of the segment. Dry coconut is used as a raw material to extract RBD and crude coconut oil. Based on nature, the organic segment is projected to be the fastest-growing during the forecast period. Organic farming of coconut allows the use of organic fertilizers such as compost manure, farmyard manure, fish meal, blood meal, neem cake, groundnut cake, and bone meal. Different countries have different sets of rules to be followed to get coconuts certified as organic produce. Due to the increasing demand for organic products worldwide, the demand for organic coconut oil is also increasing.
Among various product types, the RBD segment accounted for the major market share. RBD oil is produced from copra (the dry coconut kernel), after which the crude oil is removed. The oil is then filtered, bleached, and deodorized to remove contaminants such as microorganisms by increasing the temperature. Due to these processes, the RBD coconut oil becomes clearer and odorless compared to virgin or crude oil. This tasteless and odorless oil does not interfere with the flavoring of other foods. Among various applications, the food & beverages segment accounted for the major market share in the overall coconut oil market. Coconut oil adds nutritional & functional value to the final food products. It also has a high smoking point which makes it a preferable choice among food product manufacturers. For various food & beverage applications, different product types of coconut oils are used. RBD oil has high levels of lauric and caprylic acid which are known to fight inflammation caused by unstable polyunsaturated fatty acids, making it a preferable choice for cooking.
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