Virgin Coconut Oil Market - by Category (Organic and Conventional), by Packaging Type (Bottles & Jars, Pouches and others), by Distribution Channel (Store-Based (Hypermarkets & Supermarkets, Convenience Stores and others) Non-Store-Based) and Region (North America, Europe, Asia-Pacific, and Rest of the World) – Industry Forecast 2027
|ID: VPR/F&B/1007||Publishing Year: September 2021||Pages: 135||Format:|
Virgin Coconut Oil Market Overview:
The Virgin Coconut Oil Market to reach USD 5.5 billion by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027.
Coconut plantations are one of the most widely farmed crops in the world, primarily in humid and semi-tropical climates. Coconuts are high in nutritional content and are well-liked by the general public due to their numerous benefits and uses. Apart from conventional coconut oil, virgin coconut oil is regarded the finest form of coconut oil because it is extracted without the use of chemicals or heating procedures. Virgin coconut oil is a fatty acid-rich oil derived from fresh coconut milk. Furthermore, anti-oxidants, vitamins, and minerals abound in the extracted oil.
The growing use of Virgin Coconut Oil in various end-use applications such as beauty and healthcare is propelling the Worldwide Virgin Coconut Oil Market Forward. Furthermore, a growing belief among the general population in developed and emerging nations that virgin coconut oil is healthier than other oils is likely to boost the expansion of the Worldwide Virgin Coconut Oil Market throughout the forecast period.
However, a crucial issue limiting the growth of the Worldwide Virgin Coconut Oil Market is the restricted output of coconuts for virgin oil extraction. Furthermore, the introduction of innovative products and the availability of replacements for virgin coconut oil in the market are projected to limit the worldwide Virgin Coconut Oil Market's Growth throughout the forecast period.
Barlean’s (US), Hain Celestial Group (US), Nutiva Inc. (US), Carrington Farms (US), La Tourangelle (US), Celebes Coconut Corporation (Philippines), Greenville Agro Corporation (Philippines), SC Global Coco Products, Inc (Philippines), Naturoca (Indonesia), Farmerindia (India), Viva Naturals (Canada), Garden of Life LLC (US), Naturoca (Indonesia), PT. Harvard Cocopro (Indonesia)and Jarrow Formulas, Inc. (US)
In the event of a COVID-19 pandemic, the global need for Virgin Coconut Oil generates 360 levels of scrutiny, ranging from a dexterous supply chain, import, and admittance control to common government approach and future business impact. Market status, adventure competition model, focal points and preventions of large business items, industry improvement designs, regional current-day design credits and macroeconomic methodology, and mechanical course of action have all been unified. Virgin Coconut Oil Market will be reduced down deductively from unrefined materials to end users of this industry, with examples of Virgin Coconut Oil Market thing course and arrangements channel. When it comes to COVID-19, this research takes a broad and in-depth look at how it is driving this industry shift.
Drivers and Restraints:
Because of its health benefits and widespread use in the manufacturing of consumable and medicinal items to maintain excellent health and lifestyle, the Virgin Coconut Oil Market has experienced tremendous expansion. Virgin coconut oils are also commonly used in cosmetic products due to their anti-oxidant characteristics. More than 40% of customers use organic beauty products, according to Goldstein Market Intelligence, and 8% are interested in switching to organic beauty products. In 2016, the global organic beauty product market was worth USD 10 billion, with key beauty products including coconut oil extracts. Virgin coconut oil has a number of health benefits, including the ability to cure diabetes, and it is used in the production of diabetes drugs. According to the World Health Organization (WHO), there were around 400 million individuals suffering with diabetes in 2014, demonstrating the virgin coconut oil market's enormous growth potential. The advent of new healthy and organic substitutes, on the other hand, poses a significant market challenge for Virgin Coconut Oil. In this industry, there is a lot of demand and production growth because the supply of coconut isn't keeping up with the demand. According to a research by the United Nations' Food and Agriculture Organization (FAO), trees in the key coconut oil producing countries of Asia-Pacific are over 50 years old, reducing total yield production from trees.
The Virgin Coconut Oil Market is segmented by Type, Application, and Geography.
The Virgin Coconut Oil Market is divided into two types based on type: organic and in-natural. In 2019, natural accounted for the largest share of the whole industry. The demand for better, more nutritious food, as well as a lack of nutrients in food due to rapid environmental change, are major growth drivers for the Natural Virgin Coconut Oil Industry.
The Coconut Oil Market has been segmented into Beauty and Cosmetics, Food and Beverages, Pharmaceuticals, and Others, based on application. In 2019, the biggest slice of the pie was Excellence and Cosmetics. The use of VCO in close-to-home considerations and beautifiers, such as hair care and skincare products, has paved the way for the Growth of the Virgin Coconut Oil Market.
The Virgin Coconut Oil Market is divided into four regions based on regional analysis: North America, Europe, Asia Pacific, and the Rest of the World. Over the projection period, Asia Pacific is expected to have the greatest market share of Virgin Coconut Oil, followed by Europe. Edward and Sons Trading Company, MaxCare, Greenville Agro Corporation, and others are among the many companies that manufacture virgin coconut oil in Asia-Pacific. The usage of VCO for cooking in nations like China, India, and Japan is expected to drive up demand in the region.
Due to the region's large coconut output, Asia-Pacific dominated the Worldwide Virgin Coconut Oil Market in 2018 and is expected to continue to do so over the forecast period. The region also exports the most coconut oil to other parts of the world. With rising global demand for virgin coconut oil, market participants are finding it challenging to close the gap between high consumer demand and supply. Several governments in the region are providing technological assistance to the players in order to help them increase their manufacturing capacities.
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