The coconut oil processing sector in the US has shown a consistent decline over the past decade. In 2023, the industry stood at 22.0 thousand metric tons, reflecting a year-on-year decrease of 4.35%. The compounded annual growth rate (CAGR) over the past five years was -6.01%. By looking back to 2014, where the processing volume was 49.0 thousand metric tons, the sector has significantly contracted. After a sharp fall of 24.49% in 2015, the industry maintained an overall downward trend with occasional minor rebounding as seen in 2018 and periods of more slight contraction in subsequent years.
Forecasts suggest that by 2028, the volume of coconut oil processing will decline to 14.0 thousand metric tons, resulting in a forecasted five-year CAGR of -6.89% and overall growth rate reduction of 30%. This indicates further challenges for the industry.
Future trends to monitor include technological advancements in processing, shifts in consumer preferences possibly influenced by health trends, and the competitiveness of alternative oils. Additionally, policy changes and environmental concerns may also impact the industry's trajectory.
