Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Virgin Coconut Oil Market is Expected to Grow from USD 2.52 Billion in 2023 to USD 5.60 Billion by 2033, at a CAGR of 8.31 % during the forecast period 2023-2033.
Browse 210 Market Data Tables And 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Virgin Coconut Oil Market Size, Share, and COVID-19 Impact Analysis, By Type (Organic and Conventional), By End User (Food & Beverages, Pharmaceutical, and Cosmetics & Personal Care), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.
The virgin coconut oil market is an industry involved in the production, distribution, and sale of virgin coconut oil (VCO) extracted from fresh coconut meat, which does not undergo chemical refining or bleaching processes. Virgin coconut oil has high market value because of its natural composition, which is rich in medium-chain fatty acids (MCFAs), antioxidants, and lauric acid. It has widespread uses as a cooking ingredient, cosmetic, personal care product, or even in traditional medicine. Moreover, the growth of the market has considerably been driven by increasing health consciousness among consumers. It is because numerous health benefits of VCO are attributed to expanding its application in medical consumables and pharmaceutical products for maintaining good health. Being rich in healthy fatty acids and containing vitamins, minerals, and antioxidants, the type of product is reportedly gaining traction as a nutraceutical ingredient across the globe and is increasingly acquiring popularity among health-conscious populations. However, there is adequate availability of alternative oils, including virgin olive oil, sunflower oil, almond oil, canola oil, and others, that have similar nutritional profiles as VCO, which is expected to restrain the market growth. The fortification of canola and olive oils by various producers to retain their essential nutrients has also shifted the interest of the consumer toward alternatives. Apart from that, the smoke point of virgin coconut oil is higher than that of the mentioned oils and therefore suitable for baking and cooking.
The conventional segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the type, the global virgin coconut oil market is divided into organic and conventional. Among these, the conventional segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is attributed to its cost-efficient nature and popularity among consumers. Its usage in the diets of people is increasing because of its necessary nutritional value. High demand for this kind of oil in personal care and food & beverage industries also propels the expansion in this market segment.
The cosmetics & personal care segment dominated the market in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
Based on the end user, the global virgin coconut oil market is divided into Food & Beverages, Pharmaceuticals, and Cosmetics & Personal Care. Among these, the cosmetics & personal care segment dominates the market in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. The growth is attributed to coconut oil or coconut milk being used as a foundation ingredient in different skin and hair care products. The antioxidant characteristics of these ingredients make them very useful in anti-aging lotions. These ingredients have also been implemented in the products of DIY hair and skin care. This will be the biggest factor for expanding the market size. This is due to the high competition in the cosmetic industry, manufacturers are using coconut derivatives to introduce new and innovative cosmetic products.
Asia Pacific holds the majority share of the global virgin coconut oil market during the forecast period.
Asia Pacific holds the majority share of the global virgin coconut oil market during the forecast period. Rises in awareness among customers regarding the benefits of virgin coconut oil on health propel the demand in the market. The Asia-Pacific market, in this context, enjoys strong demand in terms of consuming natural remedies as well as the traditional approaches toward health maintenance. Virgin coconut oil is a supposed health benefit for this very reason, as well as being a traditionally associated product and oil from coconut or its derivatives like coconut oil.
Europe is estimated to grow at the fastest pace in the global virgin coconut oil market during the forecast period. The increasing health consciousness in Europe boosts the demand for natural and functional ingredients. Virgin coconut oil is considered healthier than other cooking oils, and people think that it will have health benefits, such as enhancing metabolism and immunity. Thus, as the Europeans focus more on healthier lifestyles, the demand for virgin coconut oil increases.
Competitive Analysis
Major vendors in the global virgin coconut oil market are Nutiva Inc., Forest Essentials, MaxCare, Barlean's Organic Oils, LLC, Nature's Way Brands, SPECTRUM ORGANIC PRODUCTS, LLC, Celebes Coconut Corporation, Universal Corporation, Healthy Traditions, Garden of Life, Others.
Key Target Audience
Key Market Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the virgin coconut oil market based on the below-mentioned segments:
Global Virgin Coconut Oil Market, By Type
Global Virgin Coconut Oil Market, By End User
Global Virgin Coconut Oil Market, By Regional
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