The personal care industry has achieved path-breaking success in the last decade. People of the modern era are quite concerned about how they look and moreover even the lifestyle patterns have changed drastically. These two aspects act as the pillars of strength for this business. As the personal care industry treads forwards it also provides a chance to several other markets to expand. A great example of this fact is the emergence and growth of the global virgin coconut oil market.
Virgin coconut oil is quite different from its traditional counterpart. Chemical reactions or heating methodologies are not utilized for its production. It is retrieved from the meat or kernel of matured coconuts through a mechanical procedure.
At present, the personal care industry is open to accept any new changes. And thanks to this instance, it is being speculated that the worldwide market for virgin coconut oil will progress by leaps and bounds in the forthcoming years. Statistically too, the odds look in the favor of this market, the revenue forecast and CAGR rate further add up to it.
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On a global level, the prevalence of diseases caused by unhealthy food patterns has risen. This has proven to be a major growth contributor for the market as virgin coconut oil has numerous health benefits.
Additional aspects that further positively influence the market’s expansion can be listed as the high ratio of aging population, increased health consciousness amongst the masses, higher expenditure on organic food products, changing customer preferences, increased consumption of omega fatty acids, research advancements and higher investment in research and development activities.
October 12, 2017 – Last year in the month of October a news surfaced that Cocolife Multi-Purpose Coop in Pantukan, Compostela Valley will be expanding its VCO (Virgin Coconut Oil) producing plant into a village-sized manufacturing plant. This decision was taken in order to meet the extensive demand for this product. The market is expected to gain great benefits from this project.
Market Players & Key Strategies:
This market comprises of many successful players, some of the major ones can be listed as NMK Holdings, Barlean’s, SUN BIONATURALS PVT LTD, Healthy Traditions and Greenville Agro Corporations.
All of these market players make consistent efforts to keep adapting and innovating new products and services. In order to so, they employ certain growth strategies like acquisitions, strategic alliances and expansion of the business.
The worldwide market for virgin coconut oil has been segmented into four distinct parts. All of these have a sub-segment each and they can be listed as below:
Applications – Healthcare, cooking and cosmetics.
Types – Inorganic and organic. Out of the two, the organic segment is projected to generate greater leads as people are switching their diet and turning towards organic food products.
Treatment type – Anti-viral, personal care, baby care and moisturizer.
Distribution channels – Non-store based set-ups, supermarkets & hypermarkets, specialty stores and food processing industries. Amongst these, supermarkets & hypermarkets account for the largest share segment of the market as they are more accessible to people.
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Comprehensive Regional Analysis:
In terms of region, the market for virgin coconut oil has successfully established its hold across various areas of the world. Some of the major regions where its presence can be observed predominantly are North America, Asia Pacific, Europe and Rest of the World.
The research report by MRFR (Market Research Future), asserts that Asia Pacific dictates this market. It has an edge over the others as this area produces and exports the highest amount of coconut oil.
The next in line after APAC is North America, its expansion can be attributed to rapid technological advancements and new product developments in this area.
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