Virgin Coconut Oil Market Competitors, Growth Opportunities, and Forecast 2032
Virgin Coconut Oil Market Overview
The World Market Price Virgin Coconut Oil is projected to reach roughly USD 1.65 Billion by 2032, recording a considerable CAGR of 9.64% during the estimated time frame, 2023 - 2032.
Market Dynamics
The global virgin coconut oil market is likely to be driven by the increased prevalence of diseases among consumers in both developed and developing economies, which is forcing people to eat healthier and more nutritious foods. The introduction of VCO has sparked fresh study that, in essence, offers additional information beyond what was previously known about commercial coconut oil. Coconut oil is widely used in the food and industrial industries. The oil is high in medium chain fatty acids and has a low glycemic index. Due to rising health consciousness and an ageing population, consumers are likely to place a significant demand on virgin coconut oil. In addition, rising consumer spending on functional foods and beverages, as well as health benefits such as adequate skin and hair nourishment, are expected to boost demand for virgin coconut oil over the forecast period.
Demand for virgin coconut oil will increase as omega fatty acid consumption rises. Market participants are responding to these new opportunities by increasing their service offerings and product ranges, boosting the global market share of virgin coconut oil. The high nutritional benefits of virgin coconut oil, such as vitamins, minerals, antioxidants, and other nutrients, are also driving the global market of this product. Other key reasons for the increasing growth of the virgin coconut oil market include the expansion of product development as well as research improvements. As a result, the global virgin coconut oil market is predicted to develop significantly throughout the forecast period, owing to shifting customer preferences.
Competitive Dynamics
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)
Segmental Analysis
The virgin coconut oil market is divided into four categories: type, application, distribution channel, and region.
The market is divided into two types based on type: organic and in-natural. In 2023, the organic segment accounted for the largest share of the total industry. The organic virgin coconut oil market is being driven by a growing demand for better and more nutritious foods, as well as a scarcity of vitamins in food due to rapid climate change.
The global coconut oil market has been segmented into Beauty and Cosmetics, Food and Beverages, Pharmaceuticals, and Others, based on application. In 2023, the highest market share was held by Excellence and Cosmetics. The use of VCO in personal care and cosmetics, such as hair care and skincare products, has fueled the expansion of the virgin coconut oil market.
Regional Overview
The virgin coconut oil market in Asia-Pacific is expected to dominate demand and supply, and this trend is expected to continue throughout the forecast period. The growth of natural virgin coconut oil in Asia-Pacific is being driven by a strong preference for virgin coconut oil in culinary applications, as well as a growing awareness of natural products. Furthermore, during the forecast period, Asia-Pacific is expected to be the fastest-growing territorial market. North America, like the rest of the world, has a lot to offer in terms of genuine virgin coconut oil. The United States is expected to play a key role in the growth of the North American natural virgin coconut oil market. The natural virgin coconut oil sector is being influenced by the growing interest in natural fixings among Europeans.
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