Virgin Coconut Oil Market Size, Share, Global Analysis and Forecast to 2024
Market Overview
Global Virgin Coconut Oil Market has a better taste and fragrance profile as compared to ordinary coconut oil and extensively used for culinary purposes. Virgin coconut oil finds significance in the personal care industry, which contributes to the market demand. They are extensively used in cosmetics (anti-aging creams, lip gel, make-up remover), luxury soaps. Other factors which boost the growth of the market include sustainability projects initiated by manufacturers which would help to augment the growth of the market. Moreover, various food safety certifications
Growing consumer inclination towards ethically-farmed produce coupled with elevating consumer awareness regarding the health benefits of consuming organic virgin coconut oil has induced high demand within the market. Virgin coconut oil contains good amounts of saturated fatty acids, saturated fats, good cholesterol and is devoid of any Tran’s fatty acids which make them ideally suited as a healthy ingredient in the nutraceuticals sector. Moreover, virgin coconut oil is used in the management of diabetes as they help in the appropriation of blood glucose level. Moreover, with the gradual consumer shift towards the consumption of healthier vegetable oils, the virgin coconut oil market is experiencing high demand. Virgin coconut oil aligns with the current health and wellness trend.
On the contrary, the Virgin Coconut Oil Market Size growth might be inhibited by the availability of substitute such as palm oil. Due to insufficient supply and lack of competitiveness, various farmers choose to plant palm oil, a more lucrative option. Complex manufacturing and extraction process of virgin coconut oil raises the overall price of the product which acts as a major impediment to the market growth.
Competitive Landscape
Healthy Traditions (U.S.), Barlean's (U.S.), Hain Celestial (U.S.), SUN BIONATURALS (INDIA) PRIVATE LTD. (India), NMK Holdings (Pvt) Ltd. (Sri Lanka), Nutiva, Inc. (U.S.), and Greenville Agro Corporation (Philippines) are the distinguished players in the Virgin Coconut Oil Market.
Industry Updates
April 2019 - Marico Limited, a leading FMCG brand based in India, launched a range of Vegan Gourmet products, 'Coco Soul.' The range includes coconut spreads, coconut chips, and 100% organic coconut sugar derived from natural virgin organic coconut oil. The products are extracted with processes involving no heat and are cold-pressed to keep the nutrients, flavor, and aroma of real coconuts intact.
April 2019 - the Department of Science and Technology in Western Visayas conducted training in virgin coconut oil processing. The activity was aimed at maximizing the potential of coconut farmlands and increase the market value of coconut products.
Segmentation
Global Virgin Coconut Oil Market has been segmented based on type, application, and distribution channel.
By type, virgin coconut oil market has been segmented into organic and inorganic. The organic segment is leading the market owing to high consumer inclination towards organic food products.
By application, the virgin coconut oil market has been segmented into cooking, cosmetics, healthcare, and others.
By distribution channel, the virgin coconut oil market has been segmented into store-based and non-store based. The store-based segment has been further segmented into supermarkets & hypermarkets, specialty stores, food processing industries, and others. Supermarkets & hypermarkets segment is dominating the market.
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Regional Analysis
Availability of cheap coconuts in countries such as Thailand and Indonesia have uniquely positioned the APAC as the largest virgin coconut oil market. The region is the largest producer as well as exporter of virgin coconut oil. Philippines is the major contributor to the APAC virgin coconut oil market. Moreover, there is high demand for virgin coconut oil in the region since its consumption is widely prevalent in the region.
North America follows the APAC closely. Surging health awareness in the region has led to increased consumption of the product in the region. Moreover, product development by key market players Barlean's, Hain Celestial, Nutiva, Inc., and Healthy Traditions is supporting the growth of the market. Easy availability and purchasing power too are crucial factors.
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