Coconut
oil is extracted from dried or tender coconut kernels and is a
tasteless and colorless oil. The coconut oil is available in two
types based on the extraction- unrefined and refined or virgin oil.
Unrefined oil is unbleached and unprocessed and is rarely used in
consumption, while virgin oil is used in consumption. The coconut oil
market has seen tremendous potential in the personal care industry,
already popular in Asian regions, but now also popular globally. The
coconut oil is also used as a substitute to the vegetable oil and is
traditionally used ingredient in the natives of South India. Given,
its wide array of applications, the coconut oil market sees a huge
growth in the forecast period.
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Coconut
Oil Market: Segmentation
The
coconut oil market can be segmented on the basis of type, source,
end-use and distributional channel. On the basis of source, the
coconut oil market can be segmented as organic and conventional.
On
the basis of type, the coconut oil market can be segmented as refined
and unrefined
On
the basis of end-use, the coconut oil market can be segmented as food
industry, personal care industry and commercial. The coconut oil
market in food industry can be further segmented as confectionary,
sauces & spread, flavoring ingredient and others. The commercial
segment can be further segmented as hotels, restaurants & cafes
(Horeca), institutional Foods and households.
On
the basis of distribution channel, the coconut oil market can be
segmented as direct and indirect sales. The indirect sales are
further segmented as Modern trade, wholesalers, convenience stores,
retailers and online retailers.
Coconut
Oil Market: Drivers, Restraints, and Trends
The
coconut oil market has seen a moderate rise in the past decade as
people’s preference for coconut oil has increased due to its many
health benefits. Its applications in the personal care and cosmetics
like hair care and skincare has paved the way for the growth of
coconut oil market. The coconut oil market has seen rise due to due
to its ready availability and cheap prices, especially for the
consumers dwelling in the tropical regions. The macro-economic
factors like the ban on the export of coconut in countries such as
Indonesia is affecting the growth of the coconut oil market globally.
While many regions remain dependent on the exports from tropical
countries for the production of coconut related products, such
moratoriums may hamper the growth of the coconut oil market. The
coconut oil is the basis of coconut snacks and its usage as a
substitute for various oils has further fuelled the growth of the
coconut oil market.
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Coconut
Oil Market: Regional Outlook
The
dependency of the consumers on oil based cuisines and their
willingness to opt for a better health related substitutes has
boosted the growth of the coconut oil market in North America. So,
the coconut oil market sees high growth due to its entrant as a new
breakfast spread in the North America. Macro-economic factors like
approval of coconut oil as a low fat product is hindering the growth
of the market in Europe. The coconut oil market in Asia Pacific sees
maximum growth as consumers are well aware of the benefits of coconut
and the use coconut products traditionally has boosted the growth of
this market. The consumers in Asia Pacific are expected to prefer the
use of coconut oil more readily due to awareness about its health
benefits and this is a major driver for the growth of coconut oil
market in Asia Pacific. In the regions for Middle East and Africa,
the African countries are highly dependent on agriculture and their
related products for the growth of their economy, and hence coconut
oil market is also expected to grow in this region. The coconut oil
market is expected to grow in tropical regions where there is more
production of coconuts.
Coconut
Oil Market: Key Players
- Windy City Organics
- Premier Organics Inc.
- The Hain Celestial Group, Inc.
- Windmill Organics
- Wichy Plantation Company (Pvt) Ltd
- ANDY ALBAO CORPORATION
- The HallStar Company
- Marico Limited
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