The world has, in many ways, become a very open-minded place. When it comes to things like food and food-based products, though, many of us still can be pretty hard to convince. This is a common issue for many people, not least those who are getting engaged in the use of oil-based products. One of the most popular oil products at the moment, then, is coconut oil.
Look around the stores of the world, too, and you will find that many people today are using coconut oil products on a regular basis. They see them as the ideal alternative to other oils. While many turn to coconut because of its numerous potential health benefits, others tend to turn to coconut oil purely because they like the scent and the texture. However, there is a reason why the coconut oil industry is growing all the time: the versatile uses of the product itself.
You do not have to go far today to find that many people have numerous uses for this oil-based product. It is used in all manner of solutions today, from cooking to cleaning to skincare to being used in essential oil products. With that in mind, then, it should come as no surprise that coconut oil holds such a huge interest in the health and wellness community.
Ever since coconuts were discovered as a food, they have been used in various other ways. From the shell to the milk, today we are seeing the rise of coconut oil in more industries than ever assumed possible.
What is behind the rise of coconut oil?
There are numerous reasons, but arguably the most obvious reason for the rise of coconut oil is its popularity. Like anything else, when media influencers and celebrities get in on something, the general public takes notice. All it takes is a few celebrities to endorse a coconut oil product, and people will buy it wholesale. Then, the wellness industry has also exploded: today, the average person is more interested than ever in looking after their bodies, skin, and health.
For that reason, it should be easy to see why coconut oil has exploded in terms of its overall popularity. Like any fad, coconut oil products are now being marketed by the rich and the famous. This sees many others trying to get in on the ground floor, offering the same quality of products with the same benefits. This creates a replicating cycle where people simply keep on coming back to the same products purely because they have become popular.
However, the use of coconuts in everyday society has become widespread. Whether you are looking at food products or skincare goods, you can find coconuts (and by extension coconut oil) being used in so many walks of life today.
That rise, not to mention the relative ease in getting our hands on coconuts today, means that many people within the industry are witnessing the birth of a multi-billion dollar market.
How much is coconut oil worth?
So, one thing to note about coconut oil is that the market itself is expected to be worth billions. Indeed, the vast increase in coconut-based products in the food and the drink industries – as well as skincare and wellness – means that some estimate that it could be worth as much as $7.39bn by 2030. At the moment, the market is already huge and it is likely to continue to grow as more and more people get in on the ground floor of this opportunity.
Today, many developing countries have large quantities of coconuts. With so many developed nations now keen to get their hands on a large supply of coconuts, it makes sense that the market is growing. Massive supply can meet demand, which is a big problem in many other wellness markets. With so many ways and places to get our hands on coconuts, though, the financial boom in the coconut oil industry comes down to being able to constantly meet the ever-growing need for more supplies.
The financial explosion within the coconut oil industry, then, is not something that you should see as a fad. The mixture of high demand, high supply, and extreme versatility in usage means that today we are seeing more and more products and manufacturers turn to the world of coconut oil.
In the future, expect more sales to continue: there is a reason that this is expected to be among the fastest-growing sub-sectors of the food and beverage markets for many years to come.