LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global coconut oil market and the market is poised to experience spend growth of more than USD 2 billion between 2019-2024 at a CAGR of over 5% during the forecast period. Request Free Sample Pages.
Read the 128-page research report with TOC and LOE on “The Global Coconut Oil Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Consumer’s awareness about the numerous health benefits offered by coconut oil is driving its extensive application in the food and the cosmetics and personal care industries. The tropical climate is favoring the growth of coconut trees which is resulting in the easy availability of coconut oil at lower costs. Consequently, this is motivating extensive culinary as well as healthcare applications of coconut oil. In terms of spend, APAC claims the largest share in the global coconut oil market.
The growing preference towards including organic oil products in daily diet is driving investments in the coconut oil market in the US. Suppliers are taking initiatives to orchestrate the health benefits of coconut oil among consumers which are further contributing to spend growth in the coconut oil market in North America.
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Insights into the market pricing trends
- The possibilities of increasing expenses in planting and fertilizing coconut trees are expected to increase the price of copra. According to the coconut oil price trends, this will have an inflationary impact on the overall coconut oil price.
- Employee costs will account for a substantial share in the coconut oil suppliers’ cost structure. The increase in employee wages and the expenses done on training and skill-development processes will lead to the rise in the cost of skilled labor required for oil extraction.
What are the strategies to adopt to optimize procurement spend in this market?
Adoption of the mobile-based expressive bidding process
Engaging in a mobile-based expressive bidding process for the procurement of coconut oil will allow buyers to include if-then conditions in their bidding process. They can use optimization algorithms for evaluating and selecting the best cost-saving opportunities for different procurement scenarios. The expressive bidding process provides buyers and suppliers with high flexibility to negotiate collaboratively on value-additions in the procurement process.
Adoption of pre-shipment third-party inspection and quality validation practices
Opting a third-party inspection and quality validation before product shipment from the supplier’s facility will eliminate the need to employ dedicated inspection personnel by buyers in suppliers’ locations. This will result in significant cost savings for buyers. It also reduces the post-shipment complexities arising from wrong invoices and subsequent customs-related bottlenecks.
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Some of the key topics covered in this report are:
- Coconut oil market spend segmentation by region
- Total cost of ownership analysis in the coconut oil market
- Regional spend opportunity for coconut oil suppliers
- Coconut oil suppliers cost structure
- Coconut oil pricing models analysis
- Coconut oil procurement best practices
- Category management objectives
- Cost saving opportunities in the coconut oil market
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