CHICAGO, February 10, 2022 /PRNewswire/ — According to the report “Coconut Oil Market by Product Type (RBD, Virgin & Crude), Source (Dry Coconut & Wet Coconut), Application (Food & Beverages, Cosmetics & Personal Care Products, and Pharmaceuticals) , Nature and Region – Global Forecast to 2027“, released by MarketsandMarkets™, the global coconut oil market size is estimated at $5.7 billion in 2022. It should reach $7.4 billion by 2027, registering a CAGR of 5.5%, in terms of value. Growing demand for natural ingredients in food and cosmetics industry to drive coconut oil market.
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The RBD segment accounts for the largest market share in the coconut oil market
Based on product types, the RBD segment is the largest segment in the overall coconut oil market. RBD coconut oil is also widely used in the cosmetics industry, especially to make soaps. It allows the soap to lather more to the point that a soap that is extremely rich in coconut oil can lather in salt water, which normal soaps cannot.
Wet Coconut Segment Expected to Grow with Highest CAGR in Coconut Oil Market
Based on source, the moist coconut segment is expected to grow with the highest CAGR in the coconut oil market. The wet process involves using raw coconut instead of dried copra. The protein content of coconut produces an emulsion of oil and water, which leads to a process of separating the emulsion to collect only the oil. This process uses techniques such as centrifuges or pretreatments that apply cold, heat, acids, salts, enzymes, electrolysis, shock waves or steam distillation. Sometimes there is a combination of these processes.
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The food and beverage segment accounts for the largest market share in the coconut oil market
By application, the coconut oil market is segmented into food and beverages, cosmetics and personal care products, pharmaceuticals, and other applications. Food and beverage includes bakery and confectionery, snacks and cereals, beverages, soups, salads and sauces, and other food and beverage applications. Coconut oil adds nutritional and functional value to final food products. It also has a high smoke point, making it a preferred choice among food manufacturers.
Organic Segment Expected to Grow with Highest CAGR in Coconut Oil Market
By nature, the coconut oil market is segmented into conventional and organic. The main objective of organic coconut cultivation is the production of quality products that contain no chemical residues and maintain soil fertility. Organic coconut farming allows the use of organic fertilizers such as compost manure, barnyard manure, fish meal, blood meal, neem meal, groundnut meal and bone meal. Different countries have different sets of rules to follow to get coconuts certified as organic.
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the Europe the region is the second largest region in the coconut oil market during the forecast period
Europe is the second largest region in the global coconut oil market during the forecast period.
According to National Starch Food Innovation Europe, part of the Ingredion group of companies, demand for clean label products has taken hold across the Europe, rather than selecting countries. He also said EU consumers are paying more attention to all forms of labelling.
This report includes a study on marketing and development strategies, as well as product portfolios of leading companies. It consists of profiles of leading companies, such as Cargill Incorporated (USA), ADM (USA)Bunge Limited (USA), Mangga Dua (Indonesia), Greenville Agro Corporation (Philippines), Royce Food Corporation (Philippines), Novel Nutrients Pvt. ltd. (India), Aromamax International (India), Adams Group (USA) and Connoils LLC (USA).
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