The global babassu oil market is expected to grow over the forecast period owing to its application as a non- drying oil in foods, cleaners, and skin products. In addition, babassu oil is employed as a substitute for coconut oil in various applications including cooking, and baking. Moreover, the oil is used as biodiesel in various industrial applications and a skin moisturizer in the personal care segment. Increasing demand for food on a global scale coupled with increasing industrial activities in various regions is anticipated to boost the market over the next six years. rising cholesterol among consumers owing to the use of coconut oil is anticipated to boost the market over the forecast period. rising health awareness among consumers especially in Asia Pacific countries including India, China, and Malaysia is likely to restrain the coconut oil market. This, in turn, is likely to fuel babassu oil demand over the next six years.
Increasing use of babassu oil as a substitute for coconut oil in various applications is expected to open new avenues for investors in the babassu oil market. However, increasing use of coconut oil in major industries including food & beverages, baked goods, processed foods, medicine and skin products, is likely to hamper the market over the next six years. Higher availability of coconut oil as compared to babassu oil is likely to be another factor that is expected to restrain the market demand. In addition, lack of awareness on the health benefits of babassu oil among consumers are likely to restrict is market especially in developing countries over the next six years.
South America has been the most dominant player in the babassu oil market over the past few years on account of its favorable climatic conditions that are required for the cultivation of babassu. It is the only region that manufactures and supplies babassu oil to other economical regions. In addition, babassu oil in combination with coconut oil is used in diesel fuel engines as an alternative source of energy.
Key manufacturers of babassu oil include Shareg Co Ltd, Guemo Co Ltd, Aboissa Representacoes S/S Ltd, Gateway Ltd, Al-Amin Oils Ltd, and Greenpuma Ltd
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.