PUBLISHER: Allied Market Research | PRODUCT CODE: 1266349
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266349
The global coconut butter market was valued at $986.3 million in 2021, and is projected to reach $1.9 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.After the water has been extracted from the coconuts, they are dried and then ground into coconut butter. It is a solid fat extracted from coconut meat that is used to make candles, soap, and ointments. Low temperatures allow it to be kept and preserved for a longer period of time. It is regarded as a natural, nutritious alternative to most processed, fortified butter.
The coconut butter market is analyzed on the basis of nature, end user, distribution channel, and region. On the basis of nature, the market is bifurcated into organic and conventional. On the basis of end user, the market is divided into cosmetics and personal care industry, food & beverage industry, and others. On the basis of distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, online sales channel, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The impact of the COVID-19 outbreak was moderate on the growth of the global coconut butter market. The trade restrictions and lockdown resulted in the halting of production and manufacturing units. however, the recovery of the coconut butter market is expected in near future.
Coconut butter is now a common ingredient in personal care and cosmetic products because consumers throughout, but especially in coastal and tropical countries, perceive it as a healthy element for enhancing attractiveness. Consumers presently demand organic, vegan skin and hair care products, thus cosmetics containing organic coconut butter are usually accepted. Since coconut butter contains triglycerides and continuously saturated medium-chain fatty acids, many personal care firms are replacing the mineral oil in their cosmetics and personal care product lines with coconut oil. In addition, due to the antibacterial qualities of lauric acid, coconut butter has recently become more popular as a moisturizer, detergent, and shampoo ingredient. Coconut butter is a fantastic natural moisturizer. It moisturizes lips and softens them. As a result, producers are including coconut butter in their lip care products.
The key players operating in the coconut butter market have adopted product launch, business expansion, and merger & acquisition as their key strategies to expand their market share, increase profitability, and remain competitive in the market. The major players operating in the global coconut butter market are ANDY ALBAO CORPORATION, Asia Botanicals Sdn. Bhd, Bali Nutra, Ceylon Coconut Company, Dhatu Organics & Naturals, Hallstar Innovations Corp., MaraNatha, Nutretiaa Industries, Phildesco Inc., and United Foods India.