Market overview:
The Virgin Coconut Oil market is expected to reach approximately USD 1.95 billion by 2027, with a significant CAGR of 9.32% between 2020 and 2027.
The health benefits of virgin coconut oil are the primary driver of the global virgin coconut oil market Insights rapid growth. Because of its nutraceutical benefits and functional food, virgin coconut oil is a high-value coconut product. Several studies demonstrating VCO's beneficial effects have contributed to its growing popularity. Other factors, such as the general population's growing perception of virgin coconut oil being healthier than other oils, rising consumer spending on functional food and beverages, increasing interest in a nourishing lifestyle, and increasing intake of omega fatty acids, are expected to drive market growth. The increased use of virgin coconut oil in various end-use applications such as cosmetics, beauty, and healthcare is expected to drive the growth of the virgin coconut oil market.
It is also used in the pharmaceutical industry, particularly by diabetic patients, as it aids in efficiently utilizing blood glucose. Aside from regular coconut oil extracted from coconut, there has been an increased demand for virgin coconut oil in recent years. Virgin coconut oil market is typically extracted from fresh coconut milk after 12 months of natural or mechanical pollination of coconut. VCO is high in fatty acids and contains minerals, vitamins, and antioxidants. The VCO is not subjected to any chemical processing or bleaching.
COVID-19 has had a significant impact on many markets around the world, including this one. Closures and security measures implemented globally in response to the coronavirus outbreak significantly impacted the agricultural sector. Early and late harvest cycles were impacted by mobility restrictions and the suspension of farming activities. This impacted total coconut production in 2020, further impeding VCO market growth. The pandemic and subsequent lockdown have impacted the production and sales of various products, resulting in the closure of several manufacturing facilities. Furthermore, the lockdown impacted the supply chain, reducing global exports and imports and impeding the VCO market growth in many regions.
Market segmentation:
The global Virgin Coconut Oil Market Outlook is segmented based on application, type and treatment.
According to the application:
- Pharmaceuticals
- Food and Beverages
- Beauty and Cosmetics
- Others
According to the type:
- In-Natural
- Organic
According to treatment:
- Moisturizer
- Baby care
- Anti-viral
- Others
Regional analysis:
The Virgin Coconut Oil market is segmented into four regions based on the regional analysis: Asia-Pacific, Europe, North America, and the Rest of the World.
Asia-Pacific is expected to dominate global natural coconut oil demand and supply in 2018 and maintain its dominance throughout the forecast period. A strong preference for virgin coconut oil in culinary applications, combined with an increasing awareness of natural products, is propelling the growth of natural virgin coconut oil in Asia-Pacific. Furthermore, Asia-Pacific is expected to be the fastest-growing territorial market over the forecast period.
North America also represents a sizable global natural virgin coconut oil market. The United States is expected to significantly support North American natural virgin coconut oil development. The growing interest in natural fixings among Europeans is influencing the growth of the natural virgin coconut oil industry.
Key Players
Barlean’s (US), PT. Harvard Cocopro (Indonesia)Nutiva Inc. (US), Naturoca (Indonesia), Hain Celestial Group (US), La Tourangelle (US), Carrington Farms (US), Greenville Agro Corporation (Philippines), Celebes Coconut Corporation (Philippines), Farmerindia (India), SC Global Coco Products, Inc (Philippines), Garden of Life LLC (US), Naturoca (Indonesia), Viva Naturals (Canada), and Jarrow Formulas, Inc. (US) are some reputed players performing in the global Key Virgin Coconut Oil Market Players are enlisted by MRFR.
Recent developments:
Researchers from the Global Islamic University of Malaysia launched a dental lacquer and mouthwash made of virgin coconut oil in 2021 to prevent oral health issues. The product is manufactured as a natural alternative to chemical mouthwash for people of all ages.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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