Overview of the Coconut Oil Industry in Australia Coconut oil is one of the most versatile and widely-used products in the world, and Australia is no exception. Due to its numerous health benefits, coconut oil has become a staple in many Australian households, as well as in various industries including food, cosmetics, and pharmaceuticals. Moreover, in recent years, coconut oil has gained popularity as a natural remedy for ailments such as skin problems, hair loss, and digestion issues.