Virgin Coconut Oil Market | Global Industry Survey, Trends, Outlook, Overview and 2023

Market Scenario

Coconut oil is an edible oil extracted from the kernel or meat of the matured coconuts from the coconut palm. Indonesia and Philippines are the two key coconut producers all across the globe and India captured the third place. The coconut oil which is extracted from coconut has significant usage in personal care, food and various industrial sectors. Apart from this, it is also utilized in healthcare industry especially by diabetic patients as it helps in appropriate utilization of blood glucose. Besides ordinary coconut oil which is extracted from coconut, there has been an increase in the demand for virgin coconut oil. The virgin coconut oil is generally extracted from fresh coconut milk procured from 12 months of pollination of coconut either by natural or by mechanical techniques. It is rich in fatty acid and includes nutrients such as vitamins, minerals and antioxidants. No chemical processing, or bleaching is used in the extraction of virgin coconut oil. This product is gaining traction all over the world as nutraceutical food oil and is getting popular amongst health conscious people.

The global virgin coconut oil market is expected to be driven by the rising prevalence of diseases among the consumers both in the developed and developing economies which is enforcing consumers to shift towards healthy and nutritional food consumption. Virgin coconut oil is expected to experience high demand from consumers with higher health consciousness and as well as aging population. Also, increasing consumer expenditure on functional food and beverages as well as health benefits in terms of proper nourishment of skin and hair is estimated to strengthen the demand for virgin coconut oil over the forecast period. Increasing consumption of omega fatty acid will generate more demand for virgin coconut oil, thus increasing the growth of this market. The market players are responding to these new opportunities by expanding their service offerings and product lines, which has fueled up the share of virgin coconut oil in the global market. High nutritional benefits such as vitamins, minerals, antioxidants, and others obtained from this product are also supporting the sale of virgin coconut oil globally. Additionally, the augmentation of the product development together with research advancements is other significant reasons for the increasing growth of virgin coconut oil market. Hence, along with changing consumer preferences, the growth of global virgin coconut oil market is significantly increasing during the forecast period of 2017-2023.

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Major Key Players:

Some of the key players in the Virgin Coconut Oil Market: Barlean's (U.S.), Hain Celestial (U.S.), Nutiva, Inc. (U.S.), Healthy Traditions (U.S.), NMK Holdings (Pvt) Ltd. (Sri Lanka), Greenville Agro Corporation (Philippines), SUN BIONATURALS (INDIA) PRIVATE LTD. (India)

Intended Audience:

Virgin Coconut Oil Manufacturers

Raw Material Suppliers

Food & Beverages Industry

Healthcare Companies

Personal Care Industry

Retailers, Wholesalers

E-commerce Companies

Traders, Importers and Exporters

Key Findings:

Increasing usage of coconut oil is in turn increasing the demand for virgin coconut oil.

Asia Pacific is the dominating region for the market of virgin coconut oil followed by North America.

Market Segments:

The global virgin coconut oil market is segmented on the basis of type, such as organic, and inorganic. Organic segment from this market is increasing the demand of the virgin coconut oils as organic food products are healthier than normal food products.

On the basis of application, the market is segmented into cooking, cosmetics, healthcare, and others. Increasing demand for food products is helping to drive the growth of this market.

On the basis of distribution channel, the market is segmented into store based such as supermarkets & hypermarkets, specialty stores, food processing industries, and others, and non-store based. Hypermarkets and supermarkets in the store based segment account for major share of this market due to more varieties and increasing number of these store based markets.

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Regional Analysis:

The global virgin coconut oil market is regionally segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific accounted for the largest revenue share in virgin coconut oil market globally and is estimated to retain its dominance in this market during the forecast period i.e. 2016-2023. The region is the largest producer and exporter of virgin coconut oil to other geographical regions. There is about 60%-70% of value addition in coconut oil happening in Philippines which will help the market grow over the forecast period. Asia Pacific is followed by North America due to the new product development by the key manufacturers of virgin coconut oil which is projected to be one of the significant reasons for the rising growth of virgin coconut oil products. However, Asia Pacific region is estimated to witness a maximum growth in the global virgin coconut oil market over the forecast period 2017-2023.