Some of the Key Players in the Global Virgin Coconut Oil Market are
- Barlean’s (U.S.)
- Hain Celestial (U.S.)
- Nutiva, Inc. (U.S.)
- Healthy Traditions (U.S.)
- NMK Holdings (Pvt) Ltd. (Sri Lanka)
- Greenville Agro Corporation (Philippines)
- SUN BIONATURALS (INDIA) PRIVATE LTD. (India)
The demand for virgin coconut oil has pushed manufacturers to innovate and develop new product lines that are better in taste and offers various health benefits.
The global virgin coconut oil market is regionally segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific accounted for the largest revenue share in virgin coconut oil market globally and is estimated to retain its dominance in the market during the forecast period 2017-2023. The region is the largest producer and exporter of virgin coconut oil across the globe. About 60%-70% of value addition in coconut oil is happening in Philippines, which will help the market to grow over the forecast period. Asia Pacific is followed by North America due to the new product development by the key manufacturers of virgin coconut oil, which is projected to be one of the significant reasons for the rising growth of virgin coconut oil products. However, Asia Pacific region is estimated to witness a maximum growth in the global virgin coconut oil market over the forecast period 2017-2023.
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Downstream Market Analysis
The virgin coconut oil market is highly fragmented due to existence of numerous small and large vendors. The global virgin coconut oil market is estimated to experience rapid change in consumer demands and preferences. Furthermore, the popularity of virgin coconut oil and involvement of nutritional attributes are also encouraging the growth of this market. Rising demand for natural products is expected to play a significant role in the market growth during the forecast period. Additionally, the augmentation of the product development together with research advancements will play a major role in the growth of the global virgin coconut oil market over the review period.
Coconut oil is an edible oil extracted from the kernel or meat of the matured coconuts. Indonesia and Philippines are the two key coconut producers across the globe and India holds the third place in the global market. The coconut oil has significant usage in personal care, food, and various industrial sectors. Apart from this, it is also utilized in the healthcare industry, especially, by diabetic patients as it helps in appropriate utilization of blood glucose. Besides ordinary coconut oil that is extracted from coconut, there has been an increase in the demand for virgin coconut oil. The virgin coconut oil is extracted from the fresh coconut milk procured from 12 months of pollination of coconut either by natural or by mechanical techniques. It is a rich source of fatty acids and it includes various nutrients such as vitamins, minerals, and antioxidants. Chemical processing, or bleaching is avoided in the extraction of virgin coconut oil. This product is gaining grip across the world as a nutraceutical food oil and is getting popular amongst health conscious people.
The global virgin coconut oil market is expected to be driven by the rising prevalence of diseases among the consumers both in the developed and developing economies which is enforcing consumers to shift towards healthy and nutritional food consumption. Virgin coconut oil is expected to experience the high demand from consumers owing to increasing health consciousness as well as aging population. Also, increasing consumer expenditure on functional food and beverages as well as health benefits in terms of proper nourishment of skin and hair is estimated to strengthen the demand for virgin coconut oil over the forecast period.
Increasing consumption of omega fatty acid will generate more demand for virgin coconut oil. The market players are responding to these new opportunities by expanding their service offerings and product lines, which has fueled up the share of virgin coconut oil in the global market. High nutritional benefits such as vitamins, minerals, antioxidants, and others obtained from this product are also supporting the sale of virgin coconut oil globally. Additionally, the augmentation of the product development together with research advancements are other significant reasons for the increasing growth of virgin coconut oil market. Hence, along with changing consumer preferences, the growth of global virgin coconut oil market expected to increase significantly during the forecast period 2017-2023.
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- Increasing usage of coconut oil is in turn increasing the demand for virgin coconut oil.
- Asia Pacific is the dominating region for the market of virgin coconut oil followed by North America.
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