The coconut oil market size was valued at $3,440.00 million in 2020 and is estimated to reach $7,390.20 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.

Increase in awareness regarding various benefits of coconut oil as compared to synthetic counterparts has resulted in an upsurge in the demand for coconut oil over the past few years. This is attributed to increase in awareness of consumers regarding the risks associated with products containing harsh chemicals, petrochemicals, and preservatives.

The outbreak of the pandemic has negatively affected the global coconut oil market. Various companies in the oil industry witnessed various challenges lockdown period. Challenges such as trade restrictions, transportation problems and lack of labor.

On the basis of product type, the market is categorized into virgin coconut oil and coconut RBD oil. On the basis of application, the market is segmented into, food industry, agriculture, cosmetics and personal care industry, chemical industry and others. By distribution channel, market is categorized into, direct distribution, convenience stores, modern trade units, e-commerce and others. On the basis of packaging, the market is segmented into, bottle, jar, can, pouch, tanks and others. By price point, the market is segmented into mass and premium. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe), Asia-Pacific (China, India, Japan, Philippines, Malaysia, Indonesia, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

Increase in demand for processed food and rise in awareness about the health benefits of the coconut oil are some of the major drivers that foster the market growth in North America. In addition, surge in demand for fast food and expansion of the hotel, restaurants, and quick services restaurants in the U.S. are likely to contribute for the growth of the North America coconut oil market during the forecast period.