Overview and Scope
Virgin coconut oil (VCO) is made by cold pressing the coconut meat's liquid and
then separating the oil from the milk and water. It is widely used as a
nutritional supplement due to its potential health advantages.
Sizing and Forecast
The virgin coconut oil market size has grown strongly in recent years. It will
grow from $2.25 billion in 2023 to $2.45 billion in 2024 at a compound annual
growth rate (CAGR) of 8.9%. The growth in the historic period can be
attributed to traditional and cultural usage, growing health consciousness,
research on medium-chain triglycerides, alternative to trans fats, rising
demand in western markets.
The virgin coconut oil market size is expected to see strong growth in the next
few years. It will grow to $3.46 billion in 2028 at a compound annual growth
rate (CAGR) of 9.0%. The growth in the
forecast period can be attributed to globalization of coconut products, rising
demand for natural cosmetics, e-commerce expansion, increasing vegan and
plant-based diets, growth in nutraceuticals industry. Major trends in the
forecast period include extraction technologies advancements, innovations in
packaging, sustainable and ethical sourcing and packaging, cbd-infused coconut
oil products.
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Segmentation & Regional Insights
The virgin coconut oil market covered in this report is segmented –
1) By Type: Organic, Conventional
2) By Distribution Channels: Offline, Online
3) By Application: Direct Consumption, Indirect Consumption, Food And
Beverages, Cosmetics And Personal Care, Pharmaceuticals
Asia-Pacific was the largest region in the virgin coconut oil market in 2023.
The regions covered in the virgin coconut oil market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing demand for functional foods is expected to propel the growth of the
virgin coconut oil market going forward. Functional foods are broadly defined
as processed foods that give medical or health benefits and reduce disease
risk. Virgin coconut oil can be utilized as an ingredient in functional foods,
such as functional beverages, nutritional spreads, dairy alternatives, baked
goods, and snacks, to deliver its special health advantages and functional
qualities. For instance, in October 2022, according to the New Zealand Trade
and Enterprise Highlights, a New Zealand-based government agency, the
functional beverage market in Australia was valued at $451 million at the
beginning of 2022, and by the end of the year, it is risen by 2.8%.
Furthermore, in 2023, according to the Department for Business and Trade, a
UK-based government agency, the global market for functional foods was
estimated to be worth 209.6-billion-pound sterling ($259.96 billion) in 2021,
and from 2021 to 2028, it is expected to grow at a rate of 9.5%. Therefore, the
growing demand for functional foods is driving the growth of the virgin coconut
oil market.
Key Industry Players
Major companies operating in the virgin coconut oil market report are
Archer-Daniels-Midland Company, The Hain Celestial Group, Dabur India Limited,
Marico Ltd., Hain Celestial Group, NOW Foods Group Inc., Garden of Life LLC,
Jarrow Formulas Inc, Nature's Plus, Edward and Sons Trading Company, Nutiva
Inc., La Tourangelle, Kapiva, Barlean's Organic Oils LLC, Bioriginal Food &
Science Corp, Jax Coco, Nutriorg, Healthy Traditions Inc., iTi Tropicals Inc.,
Celebes Coconut Corporation, Sun Bionaturals Private Ltd, Spectrum Organic
Products LLC, SC Global Coco Products Inc., Greenville Agro Corporation, Viva
Naturals, PT. Harvard Cocopro, Growrich Manufacturing Inc., WOW Skin Science,
KLF Nirmal
The virgin coconut oil market report table of contents includes:
1. Executive Summary
2. Virgin Coconut Oil Market
Characteristics
3. Virgin Coconut Oil Market
Trends And Strategies
4. Virgin Coconut Oil Market
- Macro Economic Scenario
5. Global Virgin Coconut Oil
Market Size and Growth
.
32. Global Virgin Coconut
Oil Market Competitive Benchmarking
33. Global Virgin Coconut
Oil Market Competitive Dashboard
34. Key Mergers And
Acquisitions In The Virgin Coconut Oil Market
35. Virgin Coconut Oil
Market Future Outlook and Potential Analysis
36. Appendix
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