Virgin Coconut Oil Market Recent Trends, Future Growth, Industry Analysis, Outlook, Insights, Share and Forecasts Report 2027
Market Overview
The World Market Price Virgin Coconut Oil
is projected to reach roughly USD 1.65 Billion by 2024, recording a
considerable CAGR of 9.64% during the estimated time frame, 2019 - 2024.
Competitive Dynamics
Barlean’s (US), Hain Celestial Group (US),
Nutiva Inc. (US), Carrington Farms (US), La Tourangelle (US), Celebes Coconut
Corporation (Philippines), Greenville Agro Corporation (Philippines), SC Global
Coco Products, Inc (Philippines), Naturoca (Indonesia), Farmerindia (India),
Viva Naturals (Canada), Garden of Life LLC (US), Naturoca (Indonesia), PT.
Harvard Cocopro (Indonesia)and Jarrow Formulas, Inc. (US)
Market Dynamics
The global
virgin coconut oil market is likely to be driven by the increased
prevalence of diseases among consumers in both developed and developing economies,
which is forcing people to eat healthier and more nutritious foods. The
introduction of VCO has sparked fresh study that, in essence, offers additional
information beyond what was previously known about commercial coconut oil.
Coconut oil is widely used in the food and industrial industries. The oil is
high in medium chain fatty acids and has a low glycemic index. Due to rising
health consciousness and an ageing population, consumers are likely to place a
significant demand on virgin coconut oil. In addition, rising consumer spending
on functional foods and beverages, as well as health benefits such as adequate
skin and hair nourishment, are expected to boost demand for virgin coconut oil
over the forecast period.
Demand for virgin coconut oil will increase
as omega fatty acid consumption rises. Market participants are responding to
these new opportunities by increasing their service offerings and product
ranges, boosting the global market share of virgin coconut oil. The high
nutritional benefits of virgin coconut oil, such as vitamins, minerals,
antioxidants, and other nutrients, are also driving the global market of this
product. Other key reasons for the increasing growth of the virgin coconut oil
market include the expansion of product development as well as research
improvements. As a result, the global virgin coconut oil market is predicted to
develop significantly throughout the forecast period, owing to shifting
customer preferences.
Segmental Analysis
The market for virgin coconut oil is divided
into four categories: type, application, distribution channel, and region.
The market is divided into two types based
on type: organic and in-natural. In 2019, the organic segment accounted for the
largest share of the total industry. The organic virgin coconut oil market is
being driven by a growing demand for better and more nutritious foods, as well
as a scarcity of vitamins in food due to rapid climate change.
The global coconut oil market has been
segmented into Beauty and Cosmetics, Food and Beverages, Pharmaceuticals, and
Others, based on application. In 2019, the highest market share was held by
Excellence and Cosmetics. The use of VCO in personal care and cosmetics, such
as hair care and skincare products, has fueled the expansion of the virgin coconut
oil market.
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Regional Overview
In 2018, Asia-Pacific is expected to
dominate global natural coconut oil demand and supply, and this trend is
expected to continue throughout the forecast period. The growth of natural
virgin coconut oil in Asia-Pacific is being driven by a strong preference for
virgin coconut oil in culinary applications, as well as a growing awareness of
natural products. Furthermore, during the forecast period, Asia-Pacific is
expected to be the fastest-growing territorial market. North America, like the
rest of the world, has a lot to offer in terms of genuine virgin coconut oil.
The United States is expected to play a key role in the growth of the North
American natural virgin coconut oil market. The natural virgin coconut oil
sector is being influenced by the growing interest in natural fixings among
Europeans.
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