Global Virgin Coconut Oil Market Analysis by Type, Application, Region and segments forecast till 2033

Market Overview

The global virgin coconut oil market is valued at USD 2,400 million in 2022 and is projected to reach a value of USD 4,240 million in 2033 expanding at a CAGR of 7.35% over the forecast period of 2022-2033.

Report Scope

Global Virgin Coconut Oil Market- Description

Coconut oil is mainly used as hair oil because of its excellent care product that promotes hair health, shine, and growth. Virgin coconut oil is used for body massage as it possesses anti-aging, antibacterial, antioxidant, and also anti-inflammatory properties. Additionally, coconut oil is also used for cooking in many Asian countries. This is because coconut oil has very low level of unsaturated fatty acids and it maintains good cholesterol levels in the body that helps in the reduction of the risk of heart diseases. Coconut oil is also finds wide-range of applications in the food industry as dietary fat in the preparation of filled milk, infant milk powder, ice-cream, and confectionery and bakery products.

Rising use of the coconut oil in personal care, cosmetics, chemical, and also food industry have boosted the demand for virgin coconut oil over the forecast period. The raw material supply is one of the major parts in the value chain of the virgin coconut oil market and here the key players and the vendors have been facing the problems because of poor logistics, and restrictions on public movement in the affected countries across the globe that can lead to supply disruptions. Also, the lack of raw material and labour in manufacturing units of the coconut oil was the considerably affected the coconut oil market in COVID-19 pandemic. Thus, the pandemic had a negative impact on the market growth.

Global Virgin Coconut Oil Market- Key Market Trends

•Rising awareness about health benefits have boosted the market growth

One of the major factor that has boosted the market growth over the forecast period is the rising awareness about the health benefits of the virgin coconut oil. This is because a number of health benefits is associated with the coconut oil that has been contributing in medical consumables and pharmaceutical products in order to maintain good health. Also, virgin coconut oil is rich in healthy fatty acids, have vitamins, minerals, and also antioxidants. All these have boosted the market growth over the forecast period.

•Number of replacements of the virgin coconut oil present in the market

Another factor that has fuelled the market growth over the forecast period is the number of replacements that are present in the market of the virgin coconut oil. There are a number of replacements such as, sunflower oil, almond oil, virgin olive oil, canola oil, and others that have hindered the market growth.

Global Virgin Coconut Oil Market- Segmental Analysis

Based on Type

•Organic

•In-organic

The organic segment has dominated the market growth over the forecast period. This is because of all the natural goodness of coconuts present in it. These oils do not involve heat and also helps in retaining the products’ nutritional values.

Based on Application

•Beauty and Cosmetics

•Food and Beverages

•Pharmaceuticals

•Others

The food and beverages segment has dominated the market growth over the forecast period. This is because of the rising use of virgin coconut oil in food products because of its authentic flavor as well as aroma.

Global Virgin Coconut Oil Market- Regional Analysis

The Global Virgin Coconut Oil Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of rising coconut plantations and also the high domestic consumption over the forecast period. Also, the region is the largest contributor in both production and consumption segment.

Global Virgin Coconut Oil Market- Recent Developments

·         In January 2021, Nutiva, a leading organic food company, announced the acquisition of Coconut Secret, a producer of virgin coconut oil and other coconut-based products. The acquisition is expected to expand Nutiva's product portfolio and distribution network.

·         In November 2020, Tantuco Enterprises, a Philippine-based coconut products manufacturer, announced the launch of new virgin coconut oil (VCO) products, including VCO capsules, VCO soap, and VCO-based food supplements. The new products are aimed at tapping into the growing demand for natural and organic products.

·         In September 2020, Franklin Baker, a Philippine-based coconut products manufacturer, announced a USD 30 million expansion of its virgin coconut oil production capacity. The expansion is aimed at meeting the increasing demand for high-quality VCO in the global market.

·         In August 2020, Bioriginal, a provider of specialty oils and fats, announced the launch of a new line of virgin coconut oil products, including organic and fair-trade options. The new product line is aimed at meeting the growing demand for natural and sustainable products.

·         In June 2020, NMK Holdings, a Sri Lankan coconut products manufacturer, announced the expansion of its virgin coconut oil production facility with a $4 million investment. The expansion is expected to increase the company's production capacity and improve efficiency in its VCO production process.

Global Virgin Coconut Oil Market: Key Companies

·         Greenville Agro Corporation

·         The Coconut Company (UK) Ltd.

·         Healthy Traditions, Inc.

·         Nutiva Inc.

·         The Hain Celestial Group

·         MaxCare VCO

·         Celebes Coconut Corporation

·         SC Global Coco Products Inc.

·         Barlean's ORGANIC OILS LLC

·         Hain Celestial Group

·         Carrington Farms

·         La Tourangelle

·         Naturoca

·         Farmerindia

·         Viva Naturals

·         Garden of Life LLC

·         PT. Harvard Cocopro

·         Jarrow Formulas, Inc.

·         Others.

Global Virgin Coconut Oil Market: Regional Scope          

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

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