Growing Worth: Coconut Oil Market Valued at $4.83 Billion in 2022

For all the right reasons, coconut oil has become more and more popular recently.

Due to the product’s numerous benefits, a growing number of people are using it, which has expanded the market for it.

In an interview with Ebenezer Denzel Amanor, a health writer for Surveillance Ghana, stated that the size of the global coconut oil market was estimated at $4.813.09 billion in 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.82% to reach $6.758.83 billion by 2028.

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

Because it is nourishing to the skin, coconut oil is used by the cosmetics industry to make hair oil and massage cream.

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

Furthermore, the demand for coconut oil is rising quickly due to rising consumer awareness of plant-based diets and veganism.

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.

Source:  Ebenezer Denzel Amanor