Global Crude Coconut Oil Market
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Coconut oil is a popular commercial product made from the nut of the coconut palm (fruit). It contains medium-chain fatty acids such as capric acid, caprylic acid, and lauric acid. Coconut oil is used in various ways, such as cooking fat, hair oil, body oil, and industrial oil. Refined coconut oil is made specifically for industrial use and is commonly used in biscuits, chocolates, ice creams, margarine, and candy. Besides, it is also employed in the production of pharmaceuticals. In 2022, the global coconut oil market is expected to be worth USD 5.7 billion, rising to USD 7.4 billion by 2027, with a CAGR of 5.5 percent.
Medium-chain fatty acids are a form of saturated fat that makes up approximately 52 percent to 85 percent of coconut oil. Coconut oil is frequently used to treat dermatitis and the premature growth of newborns. It is also used to cure psoriasis, obesity, breast cancer, heart disease, MS, and a range of other conditions, but there’s no scientific evidence to support these claims.
Eczema is a rash that causes irritation and inflammation on the skin (atopic dermatitis). Using coconut oil on the skin instead of mineral oil can benefit children with eczema symptoms. In the growth and development of premature newborns, the application of coconut oil may enhance the body temperature, respiration, skin health, and general growth of premature neonates.
The coconut oil market is naturally divided into conventional and organic. Synthetic chemical fertilisers, insecticides, herbicides, and other continuous inputs are all used in traditional coconut production. Ammonium sulphate, urea, superphosphate, rock phosphate, and muriate of potash are the most frequent fertilisers used in coconut production.
Based on regional analysis, the market is segmented into four regions: North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific is anticipated to have the highest market share of virgin coconut oil during the forecast period, followed by Europe. Many companies in Asia-Pacific make pure coconut oil, including Edward and Sons Trading Company, MaxCare, Greenville Agro Corporation, and others. The increased use of VCO for cooking in countries such as China, India, and Japan is likely to boost demand in the area.
Bunge planned to construct a state-of-the-art, environmentally friendly industrial facility in the Port of Amsterdam by November 2021. It will allow the company to offer a more diverse and innovative range of sustainable plant-based oils and fats. Bunge Limited introduced a new line of goods in February 2020 to assist recreate the flavour, texture, and cooking experience of meat. Specialty fat fractions, shortenings, flakes, and emulsifiers based on high-stability sunflower, canola, coconut, and palm fruit oils are included in this range.
The top industry participants in the worldwide coconut oil market:
- Greenville Agro Corporation,
- Hain Celestial,
- Wichy Plantation Company (Pvt) Ltd,
- Adani Group,
- Bunge Ltd,
- Windmill Organics Ltd
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