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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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.
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.