The global virgin coconut oil market is projected to grow at the CAGR of 9.8 % as it is backed by the growing demand for virgin coconut oil and increasing varieties of coconut oil products. Virgin coconut oil is extracted from fresh coconut milk obtained from 12 months of pollination of coconut either by natural or by mechanical techniques. It is the only cooking oil that is made without using chemicals and industrial refining. It is also utilized in healthcare industry, especially, by diabetic patients as it helps to utilize blood glucose. Growing demand for dietary products and nutritious food and beverages are also fuelling the growth of this market.
The global market of virgin coconut oil is expected to continue its growth over the forecast period due to increasing demand, rising medical treatment and preventive healthcare, which is predicted to impel the demand for nutraceutical based products. Since virgin coconut oil market’s growth is directly proportional to the scope of innovation, the key players have started to invest in R&D for innovating product lines. Moreover, leading players are also investing in partnership with various food chains and beverage companies along with healthcare and the personal care products industry.
Increasing consumer expenditure on functional food & beverages as well as health benefits in terms of proper nourishment of skin and hair are the driving the growth of this market. Key players are also investing in R&D for development of new product line with the improved formulations. Many consumers use virgin coconut oil products in food & beverages, personal care, healthcare products, and others.
Chief competitors in this market are convinced to upsurge their footprints across the globe by acquiring local and regional players. Apart from this, companies are introducing their products in developing economies to penetrate the untapped market. Major players are also spending in R&D, especially, to develop superior quality products by including organic and natural ingredients. This factor is likely to help them to penetrate the emerging global virgin coconut oil market and fulfill the growing demand. Changing consumer preferences for natural and fresh products will support the sale of virgin coconut oil.
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Major Key Players:
This report includes the study of strategies used such as mergers and acquisitions as well as new product launches by major virgin coconut oil market players. It further includes product portfolios and developments of leading major players, which includes
Some of the key players in the virgin coconut oil market: 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 global virgin coconut oil market is highly concentrated in Asia Pacific due to increasing awareness towards healthy & nutritional food consumption as well as benefits of virgin coconut oil in personal care products and medications. Key manufacturers are focusing on expanding their product line by providing products with various flavors, combinations, and attractive packaging.
The global virgin coconut oil market is segmented on the basis of type, such as organic, and inorganic. Organic segment from this market is increasing the demand of the virgin coconut oils as organic food products are healthier than normal food products.
On the basis of application, the market is segmented into cooking, cosmetics, healthcare, and others. Increasing demand for food products is helping to drive the growth of this market.
On the basis of distribution channel, the market is segmented into store based such as supermarkets & hypermarkets, specialty stores, food processing industries, and others, and non-store based. Hypermarkets and supermarkets in the store based segment account for major share of this market due to more varieties and increasing number of these store based markets.
The virgin coconut oil market is segmented under the following regions mentioned below:
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- Rest of Europe
- Rest of Asia Pacific
Rest of the world
- Latin America
- Middle East
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