The coconut tree is known for its incredible versatility and many uses - that range from food all the way to cosmetics. Coconuts are a large part of the diets of people in tropical and subtropical countries and coconut oil is a key product for such a vast consumer base. While the demand for coconut oil has gone up considerably in the last decade, global coconut cultivation has been unable to keep up with this spike. The coconut supply has slowly gone down which has driven up the prices of coconut oil. The demand for coconut sugar and coconut water has left less raw material to turn into coconut oil, pointing to potentially challenging times ahead in the global coconut oil market.
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Some of the forecasts of Fact.MR’s report on the global coconut oil market have been given below to help you understand the current and future prospects in the coconut oil market which should grow with a CAGR of 3.9% from 2017 to 2022 –
- The process segment dominates the coconut oil market with a revenue share approaching 3/4thby product type. A market opportunity of crossing US$ 2.2 billion makes it extremely lucrative and key stakeholders would do well to take note. Europe accounts for a 1/3rd of the revenue contribution and it is anticipated to grow at the highest CAGR when compared to other regions.
- The virgin segment represents a niche in the coconut oil market that can be targeted by companies with customized solutions to cater to the needs of discerning customers. Along with Europe, APEJ is the only other region that is predicted to be worth more than US$ 200 million by the end of the forecast period.
- The food processor segment accounts for slightly over a quarter of the revenue in the coconut oil market by end user segment in 2017 and Europe is poised to be worth almost US$ 240 million by end of 2022. Major players could target North America as the snack market there is worth billions of dollars and the health-benefits of coconut oil are already known.
- The retail segment alone is over a third of the revenue by end-user segments in the coconut oil market which amounts to a market that exceeds US$ 1.1 billion in 2022. It will be interesting to see if retailers can hold their own against the e-commerce wave that has swept across the world. Latin America, in particular, holds immense promise in the retail segment as the region is quite under-penetrated, especially when compared to the developed countries in Europe and North America.
- Franchise outlets are a little over half the size of the modern trade segment in the coconut oil market. However, companies that adopt a unique differentiation strategy may be able to tap this segment as the competition has the bulk of its attention on the modern trade segment that is a much larger opportunity.
Modern Trade Twice the Size of Franchise Outlets in Coconut Oil Market
The modern trade segment is twice the size of franchise outlets in the coconut oil market and it is not estimated to lose this commanding lead anytime soon. Europe is the only region that is projected to record a CAGR of 4.7% from 2017 to 2022 which should help it strengthen its lead even more in the coconut oil market. Franchise outlets are much smaller in comparison and are only going to cross half a billion dollars by the end of 2022.
Competition Analysis
The main competitors in the coconut oil market are Adani Wilmar, Ruchi Soya, Associated British Foods, Cargill, and Archer Daniels Midlands Company.
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