The global virgin coconut oil market is valued at USD 2.40 billion in 2022 and is projected to reach a value of USD 4.24 billion in 2030 expanding at a CAGR of 7.35% over the forecast period of 2022-2030.
Virgin Coconut Oil Market- Overview
Coconut oil is considered as the most important food oil. It is a source of dietary fat and is widely utilized as cooking oil and in food industries that includes baking and confectionery products.
Coconut oil can be bifurcated into two types that are based on how they are extracted from the coconut meat that includes virgin coconut oil (VCO) and refined, bleached, and deodorized coconut oil (RBD).
Virgin coconut oil is a product that is directly extracted from fresh coconut meat. Virgin coconut oil (VCO) has varied from RBD because of the way it is processed. While, the refined oil is extracted from dried meat or copra and it goes through a refining process to make the coconut oil edible.
Key market trends- Growth determinants and Challenges
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth is the increase in health awareness and the benefits that are associated with the virgin coconut oil.
The various health benefits that are associated with the virgin coconut oil is the key factor for the rapid growth in the global virgin coconut oil market. The virgin coconut oil is considered to be the high-value coconut product because of its nutraceutical benefits and functional food. This growing popularity of VCO can be associated to several studies that have witnessed its beneficial effects.
Additionally, the increasing consumer spending on functional food and beverages and also the rising interest in nourishing lifestyle, and the growing intake of omega fatty acid are also the factors that have driven the market growth over the forecast period.
On the flip side, lack of awareness about the benefits of the virgin coconut oil and the negative image among the consumers they have regarding the ordinary coconut because of the presence of unsaturated fat in it are some of the major factors that are hampering the growth of the market.
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Segmental analysis of the Market
Based on type
- Organic
- Inorganic
The organic segment has dominated the market over the forecast period. This is because of the various health benefits associated with it.
Based on application
- Beauty and cosmetics
- Food and beverages
- Pharmaceuticals
- Others
The beauty and cosmetics segment has dominated the market share over the forecast period. This is because of the several benefits and the use of oil in a number of skin products.
Asia Pacific is anticipated to amplify at a considerable CAGR
North America, Asia Pacific, Europe, Middle east and Africa are the major regions constituting the geographical landscape of the market. Among these, Asia Pacific has the largest revenue share. This is because of the significant presence of companies in the region and also the high use of Virgin coconut oil for cooking purpose in this region.
Competitive Landscape
The prominent companies that have influenced the competitive hierarchy of the market are Hain Celestial Group, Barlean’s Organic Oils LLC, Nutiva, Inc., Mahavir Coconut Industries (MaxCare VCO), and Others.
Major Questions answered in this report
- What is the growth rate of the virgin coconut oil market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The VCO market is projected to rise at a CAGR of 7.35% over the forecast period of 2022-2030.
- The increase in health awareness among the consumers and the benefits of the oil are aiding market progression.
- The organic oil segment is poised to expand significantly over the forecast period.
- Asia Pacific is anticipated to expand at a considerable CAGR.
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