The Global Virgin Coconut Oil Market is valued at USD 2.19 Billion in the year 2022 and is expected to reach a value of USD 4.53 Billion by the year 2030. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.50% over the forecast period.
Virgin Coconut Oil is the crude coconut oil derived by an expeller squeezing from dried coconut. A significant factor driving the growth of the worldwide Virgin Coconut Oil Market is the surge in interest in Virgin Coconut Oil for a variety of beneficial applications at home and in business.
Virgin Coconut Oil Market Size, 2022 To 2030 (USD Billion)
The popularity of Virgin Coconut Oil medicinal uses is expanding, which has prompted a number of pharmaceutical companies to invest in the product. Virgin Coconut Oil is healthier than refined coconut oil since it is not processed and remains in its natural state. Its use in anti-HIV/AIDS drugs, Alzheimer's disease treatment and anti-cancer therapy is also on the rise. This is owing to its antibacterial and anti-inflammatory effects, which have been clinically verified. Additionally, rising demand as a functional ingredient in food and beverage applications, as well as rising public awareness of the oil's advantages, is likely to add to the market's phenomenal expansion.
There are several replacement oils that have similar nutritional benefits as Virgin Coconut Oil, such as virgin olive oil, sunflower oil, almond oil, canola oil, and others, which is expected to limit market expansion. The fortification of canola and olive oils by various manufacturers to keep their important elements has also diverted customer interest toward substitutes. Furthermore, Virgin Coconut Oil has a higher smoke point than the other oils, making it a superior choice for baking and frying.
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The Virgin Coconut Oil Market is segmented on the basis of Type, Application, and Distribution Channel. On the basis of Type, the market is segmented into Organic and Inorganic. On the basis of Application, the market is segmented into Direct Consumption, Indirect Consumption, Food & Beverages, Cosmetics & Personal Care, and Pharmaceuticals. On the basis of Distribution Channel, the market is segmented into Store-based Retail and Internet Retailing.
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Based on Application:
Due to the rising use of Virgin Coconut Oil in food products due to its original flavor and scent, the food & beverage category is likely to increase over the market forecast period. The high smoke point and low melting point of virgin coconut oil, as well as its flavor, digestibility, and rancidity resistance, make it an ideal food ingredient. It's also used in baked goods and smoothies as a butter substitute. The oil's lauric acid promotes ketosis, which helps the body burn fat for energy while also lowering the risk of cardiovascular disease. As a result, the increasing use of this oil in a variety of food products is likely to propel the market forward.
Based on Distribution Channel
The Internet Retailing platform is becoming a popular medium for purchasing due to the quick availability of commodities and the benefits it provides, such as product information and the ability to transport items to consumers' homes. Furthermore, the growing penetration of numerous online portals in developed and developing regions, as well as an increase in the number of offers or discounts, motivate customers to buy Virgin Coconut Oil online. Furthermore, the internet sales channel has become a vital source of revenue for a number of firms due to its core characteristic of extending client reach. The coconut oil market is estimated to grow throughout the forecast period as a result of the aforementioned factors.
Asia Pacific Region to Stand Firm on its Leading Position in the Virgin Coconut Oil Market
Asia Pacific acquired the largest market share during the year 2021 with a share of 38.50%. The market is expanding due to a greater acceptance of Virgin Coconut Oil in rising markets in the region, as well as an increase in coconut farms and strong local demand. This region is the most important contributor in terms of both production and consumption. The Philippines and India generate the majority of coconut raw oil. India's tremendous increase in coconut cultivation has resulted in increased Virgin Coconut Oil extraction. Furthermore, the Indian government has promoted the health benefits of this oil through a number of initiatives, all of which are expected to boost regional Virgin Coconut Oil Market growth. 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 technical assistance to the players in order to help them increase their manufacturing capacities.
Key players operating in the Global Virgin Coconut Oil Market include Sun Bio Naturals, Nutiva Inc., NMK Holdings Private Limited, Greenville Agro Corporation, iTi Tropicals Inc., The Hain Celestial Group, Edward & Sons Trading Co, Barlean’s, Jax Coco, Naturoca and others.
Segmentation of the Global Virgin Coconut Oil Market:
- Type (Organic, Inorganic)
- Application (Direct Consumption, Indirect Consumption, Food & Beverages, Cosmetics & Personal Care, Pharmaceuticals)
- Distribution Channels (Store-Based Retail, Internet Retailing)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Sun Bio Naturals
- Nutiva Inc.
- NMK Holdings Private Limited
- Greenville Agro Corporation
- iTi Tropicals Inc.
- The Hain Celestial Group
- Edward & Sons Trading Co
- Jax Coco
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