There is an increase in the application of virgin coconut oil in various industries such as beauty, cosmetics, and healthcare. The global refined coconut oil market is facing growth of various other markets during the forecast period. The global coconut oil market provides an outlook on the growth of the market in terms of revenue throughout the forecast period.
Coconut oil is cooking oil considered as a source of dietary fat. It is widely used as cooking oil in food industries, such as bakery and confectionery products. Coconut oils can be divided into categories based on how they are extracted from coconut flesh, including virgin coconut oil and refined, bleached, and deodorized coconut oil. Coconut oil is a product extracted directly from fresh copra. Then the latter is extracted from dried meat or copra and undergoes a refining process to make coconut oil edible. The health benefits associated with refined coconut oil are the main driver for the rapid growth of the global virgin coconut oil market. Thus, coconut oil is considered a high value coconut product due to its nutritional and functional benefits.
COVID-19 Impact Analysis
- During the COVID-19, the global food and beverage industry has been one of the key industries that faced severe disruptions due to the disruption in supply chain, cancellations of technology events and office closures. So all these factors have even affected Refined Coconut Oil Market during the forecasted period.
- The lockdown of various factories and industries in regions such as North America, Europe, Asia-Pacific, South America, the Middle East, and Africa affected global supply chains and negatively impacted the production process, delivery time, and sales of various products including refined coconut oil.
- In addition, global travel bans imposed by some countries affected coconut business and partnership opportunities. All these factors have hugely affected the food and beverage industry, which is expected to negatively impact the growth of refined coconut oil market related to this industry in the coming time.
Top Impacting Factors
There is a lack of awareness of the benefits of refined coconut oil and the negative image of conventional coconut by consumers due to the presence of unsaturated fats, as they are the main factors hindering the growth of market-leading coconut oil.
In general, it is well known that coconut oil is healthier than any other oils, and there is an increased consumer spending on supplements and food products, as well as a growing interest in a nourishing lifestyle are expected to drive the growing market.
The limited growth of coconuts for virgin oil extraction is the key factor to limit the growth of the market. In addition, the introduction of new products and the availability of alternatives to the refined coconut oil continue to hamper the growth of the market. However, the global refined coconut oil market is primarily divided into sub parts that can provide valuable information on the latest market trends which helps in knowing the preference of the consumers.
Widely Used for Medical benefits
- Coconuts have a high nutritional value because they are rich in fiber, vitamins and minerals such as sodium, magnesium, iron, phosphorus, and calcium. Various coconut products are prepared from coconuts, which improve heart health, promote blood sugar control, aid in weight loss and stimulate brain function. Coconut water supports kidney health, provides heart protection, helps maintain blood pressure levels, provides post-exercise rehydration, and helps control diabetes.
- Over the past of few years, there has been an increase in number of health-conscious customers across the world. Individuals are involved in adopting a healthy and a lively lifestyle, which has increased the demand for health-oriented food products. Healthy lifestyle has become a traditional way of life that majorly has concerns over obesity and food sensitivity. Hence, with the rise in health and wellness awareness among the population, the demand for healthy food oil has increased substantially.
Growing demand in Food & Beverages Industry
- In addition,thegrowing demand for coconut products such as coconut milk, coconut water and desiccated coconut in the food industry is one of the key factors in the market. Food and beverage manufacturers around the world have invested heavily in raising and developing the use coconut products in order to improve the properties, flavor or nutritional value of their products. Consumers in developed countries are focusingmore on fitness and health. So, active and health-conscious consumers have shifted their preference to natural alternatives to energy drinks containing caffeine and sugar.
- Therefore, the demand for coconut water as a natural energy drink is increasing rapidly due to its nutritional properties, such as electrolytes and nutrients. Hence,the growing health awareness along with the benefits of coconut products are driving the growth of the global coconut products market.
Key Benefits of the Report
- This study presents the analytical depiction of the refined coconut oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the refined coconut oil market share.
- The current market is quantitatively analyzed to highlight the refined coconut oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed refined coconut oil market analysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Refined Coconut Oil Market Research Report
- Who are the leading market players active in the refined coconut oil market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "refined coconut oil" market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "refined coconut oil” market?
Refined Coconut Oil Market Report Highlights
By Distribution Channel
Key Market Players
P.T. Harvard Cocopro, Cocomate, Kkp industry, Sun Bio Naturals India Pvt. Ltd., Manchiee de coco, Nmk holdings pvt. Ltd., Nature Pacific Pvt. Ltd., Genius Nature Herbs Pvt. Ltd., Harin bio-tech International Pvt. Ltd., Greenville agro corporation