Coconut oil market valued at $4.83 billion in 2022

Coconut oil has gained traction in recent times for all the good reasons.

Many people are embracing it for its numerous benefits and this has cumulated into a wider market for the product.

Speaking with GhanaWeb Business, Ebenezer Denzel Amanor, who writes about health matters via Surveillance Ghana, said the global coconut oil market size was valued at $4.813.09 billion in 2022 and is expected to expand at a CAGR of 5.82% during the forecast period, reaching $6.758.83 billion by 2028.

Coconut oil is a natural, sustainable, and versatile oil that is widely used for cooking, skin, hair care, and medicine.

The cosmetic industry utilizes coconut oil for making massage cream and hair oil due to its skin-nourishing properties.

The popularity of coconut oil is rapidly growing due to its rich nutrients which aid in weight management, brain function, and heart health.

Further, the growing trends in consumers' awareness of plant-based diets and veganism are rapidly increasing the demand for coconut oil.

The Philippines is the largest exporter of coconuts globally, accounting for over 20% of total coconut exports followed by Indonesia, India, Vietnam, Brazil, Sri Lanka, Papua New Guinea, and Mexico.

The United States, United Arab Emirates, and Canada are the biggest importers of coconut oil.

SSD/NOQ