A report on the Global Refined Coconut Oil Market has been published by Contrive Datum Insights. The report provides clients with the latest trending insights into the Refined Coconut Oil market. It can be seen that the report includes market value and growth rate, size, production consumption and gross margin, pricing and other influencing factors. Along with this, in the report, you will get detailed information about every distributor, supplier, and retailer in the market. The competitive scenarios of all industry players are mentioned in detail in the report. The pandemic has caused market participants to strategically change their business plans.
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The use of virgin coconut oil in various industries such as beauty, cosmetics, and healthcare is increasing. The global refined coconut oil market is facing growth in various other markets during the forecast period. The global refined coconut oil market offers prospects for market revenue growth throughout the forecast period.
Coconut oil is a cooking oil and is considered a source of dietary fat. It is widely used as cooking oil in food industry such as bakery and confectionery products. Refined Coconut oil can be divided into several categories based on how it is extracted from the coconut meat, including virgin coconut oil and refined, bleached and deodorized coconut oil. Coconut oil is a product extracted directly from fresh copra. The latter is then extracted from dried meat or copra and undergoes a refining process to make the coconut oil edible. The health benefits associated with refined coconut oil are the key drivers for the rapid growth of the global virgin coconut oil market. Therefore,Refined coconut oil is considered a high-value coconut product for its nutritional and functional benefits.
The report also covers the complete competitive landscape of the worldwide market with company profiles of key players such as Microsoft, IBM, Google, Micro Focus, NEC Corporation, Amazon., Hitachi, J2 Global, Fujitsu. Geographically, this market has been segmented into regions such as North America, Latin America, Europe, Asia Pacific and Rest of the World. The study details country-level aspects based on each segment and gives estimates in terms of market size.
Sales in the Asia Pacific region dominate the global market with sales of USD 820 million in 2020. Higher acceptance of VCOs in emerging markets in the region coupled with increasing coconut plantations and their high domestic consumption drive the market growth. The region is the largest contributor in terms of both production and consumption. The Philippines and India are the largest producers of coconut oil. The substantial increase in coconut production in India has led to an increase in the extraction of VCOs in the country. According to the Indian government, coconut production is 9.5 million tons and the country’s coconut cultivation area is about 1.78 million hectares. Additionally, the Indian government is also organizing various events to highlight the health benefits of this oil, which are expected to further drive the growth of the virgin coconut oil market in the region.
Europe is the second largest market and has experienced rapid growth in recent years owing to growing consumer awareness towards healthier eating. Originally, the oil was only available in health food stores, but it is now popular in major supermarkets. Furthermore, its use in various industrial products such as cosmetics, food and beverages, and pharmaceutical products is growing. Health and wellness trends have led the European food industry to use oils in premium products. Currently, its main industrial application is in high-quality healthy snacks. Europeans are increasingly concerned about maintaining a healthy balance between diet and lifestyle, which has greatly increased the demand for healthier foods. Hence, the product has become one of the signature ingredients in healthcare products, further driving the growth of the European market.
The North American market is likely to witness impressive growth in the coming years owing to the growing demand for nutritional supplements that support overall health. Furthermore, rising demand for personal care and beauty products coupled with high disposable income in the region boosts the market growth. There has been a surge in the inclusion of VOCs in beauty products in this region as the fatty acids present in the oil help restore overall skin health. Moreover, demand for oil-infused health supplements is on the rise owing to its antibacterial effects and fat-burning properties, which is expected to further drive market growth.
Refined Coconut Oil Market Segmentation:
By Type:
- Virgin Coconut Oil
- Extra Virgin Coconut Oil
- Other
By Applications:
- Food
- Beauty and Cosmetics
- Medical
- Other
Frequently Asked Questions (FAQ):
- What is the growth rate predicted for the Global Refined Coconut Oil Market?
- Who are the top performing companies in Refined Coconut Oil Market?
- Which region dominated the worldwide market for Refined Coconut Oil in 2022?
Related Sources:
- https://www.digitaljournal.com/pr/global-unmanned-aerial-vehicle-landing-gear-market-is-expected-to-grow-at-a-cagr-of-13-during-forecast-period
- https://www.openpr.com/news/2855407/electrolytic-manganese-dioxide-emd-market-share-size
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