Global Virgin Coconut Oil Market that estimates great surge for this market with 9.8% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2024. The factors driving the global virgin coconut oil market include an aging population, rising prevalence of various ailments, among the consumers both in the developed and developing economies, rising trend of shifting towards healthy and nutritional food consumption, and high demand from consumers with higher health consciousness. The food industry is also demanding virgin coconut oil to highlight health food being processed by various brands.
Key Players Strategy
The key players in the Global Virgin Coconut Oil Market include Healthy Traditions (USA), Greenville Agro Corporation (Philippines), Hain Celestial (USA), Barlean's (USA), NMK Holdings (Pvt) Ltd. (Sri Lanka), Nutiva, Inc. (USA) and SUN BIONATURAL (INDIA) PRIVATE LTD. (India).
Global Virgin Coconut Oil Market Revenue has been segmented based on application, distribution channel, type, and lastly region. The application-based segmentation segments this market into cooking, cosmetics, healthcare, and others. Increasing demand for food products is driving the growth of this market. Based on the distribution channel, the market has been segmented into store-based and non-store based. Store-based distribution channels have been sub-segmented into hypermarkets and supermarkets that control the major share of this market due to increasing number of store-based markets and more varieties of products. By types, the market has been segmented into organic, and inorganic. Organic segment holds the major share in the market, and it is increasing the demand of the virgin coconut oils because organic food products are healthier than normal food products.
The regional segmentation of the global virgin coconut oil market segments the market into continent-based regional markets namely Asia Pacific, Europe, North America, and the rest of the world (RoW). The Asia Pacific holds the largest market share in the virgin coconut oil market globally, and the report estimates that the Asia Pacific will retain its crown during the forecast period. This region is the largest producer and exporter of virgin coconut oil to other geographical regions. About 60% - 70% of value addition in the coconut oil market has been estimated to happen in the Philippines which can help the market growth over the forecast period. In this region, the key country-specific markets are China, India, Japan, and Thailand, followed by the rest of Asia Pacific.
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North America is the second biggest regional market. Many key manufacturers of virgin coconut oil have operations in North America. That aids the market growth. The most important country-specific markets in this region are the United States of America (USA), Canada, and Mexico. Europe is also an important market due to the high density of population. Densely populated area means more requirement for food, not just for cooking but also for a catering business. Therefore, the demand for virgin coconut oil is constantly high in Europe. The significant country-specific markets in Europe are France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Europe. RoW segment covers Brazil, Argentina, Egypt, South Africa, and others.