Coconut Oil Market Overview:

Coconut oil is produced from the wick, meat, and milk of the coconut palm fruit. White solid fat melts at room temperature, or about 25°C (78°F), in warmer regions. In the summer, it is a clear, thin liquid oil. The aroma of unprocessed varieties strongly resembles coconut. It is recycled into cooking oil and used to make cleansers and cosmetics. Different ratios of saturated, monounsaturated, and polyunsaturated fats make up coconut oil. The oil has almost 12 g of saturated fat. This equates to roughly 60% of the daily recommended intake of saturated fat for humans. The segment analysis for the Coconut Oil Market report is provided based on application, distribution channel, and region.

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The growth of the coconut oil market is being challenged by macroeconomic reasons such as the ban on the export of coconut:

The board of the Philippine Coconut Authority (PCA) has decided not to waive the prohibition on mature coconut exports as copra prices rise, to support the country's aim to boost value-adding operations for the commodity. Earlier, over 1,500 tonnes of mature coconuts were earmarked for export in various countries like Indonesia. To improve coconut output in the face of a serious scarcity, Sri Lanka's coconut development minister has forbidden the removal of coconut trees. These major factor is challenging the coconut oil market.

Coconut Oil Market Segmentation:

The market is divided into the food industry, agriculture, cosmetics and personal care industry, and others based on application. In 2020, the food industry segment held a 39.4% share of the market, dominating it. Due to rising consumer health consciousness and better understanding of the advantages of coconut RBD oil during the forecast period, the coconut oil market is anticipated to grow. Improved blood circulation, decreased inflammation, boosted immunity, more energy, and a lower risk of heart attack and stroke are just a few of the health advantages of coconut oil. The availability of coconut RBD oil in supermarkets and convenience stores is widespread.

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Coconut Oil Market Key players:

Samar Coco Products (Philippines)
Primex Group (U.S)
SC Global (Singapore)
Phidco (Belvedere, Zimbabwe)
Indo Vegetable Oil (Indonesia)
T. Harvard Cocopro (Indonesia)
Naturoca (New York)
PT SIMP (Indonesia)
Sumatera Baru (India)
KPK Oils and Proteins (India)
Karshakabandhu Agritech (India)
COVID-19 Impact on Coconut Oil market:

The COVID-19 outbreak has had a significant impact on the market for Coconut Oils. Due to the global economic downturn and a labour shortage, Coconut Oil production facilities have been put on hold. The COVID-19 pandemic has resulted in a significant and prolonged decline in production utilisation. Additionally, staff have been prevented from visiting their facilities due to travel bans and facility closures, which will restrain the growth of the Coconut Oil market in 2020. However, due to the high demand for Coconut Oil, it is anticipated that the negative effects of COVID-19 on the market will only last temporarily. By early 2021, the industry is expected to fully recover.

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