The Virgin Coconut Oil Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virgin Coconut Oil Global Market Report 2024, The virgin coconut oil market size has grown strongly in recent years. It will grow from $2.25 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to traditional and cultural usage, growing health consciousness, research on medium-chain triglycerides, alternative to trans fats, rising demand in western markets.
The virgin coconut oil market size is expected to see strong growth in the next few years. It will grow to $3.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to globalization of coconut products, rising demand for natural cosmetics, e-commerce expansion, increasing vegan and plant-based diets, growth in nutraceuticals industry. Major trends in the forecast period include extraction technologies advancements, innovations in packaging, sustainable and ethical sourcing and packaging, cbd-infused coconut oil products.
Growing demand for functional foods is expected to propel the growth of the virgin coconut oil market going forward. Functional foods are broadly defined as processed foods that give medical or health benefits and reduce disease risk. Virgin coconut oil can be utilized as an ingredient in functional foods, such as functional beverages, nutritional spreads, dairy alternatives, baked goods, and snacks, to deliver its special health advantages and functional qualities. For instance, in October 2022, according to the New Zealand Trade and Enterprise Highlights, a New Zealand-based government agency, the functional beverage market in Australia was valued at $451 million at the beginning of 2022, and by the end of the year, it is risen by 2.8%.</b> Furthermore, in 2023, according to the Department for Business and Trade, a UK-based government agency, the global market for functional foods was estimated to be worth 209.6-billion-pound sterling ($259.96 billion) in 2021, and from 2021 to 2028, it is expected to grow at a rate of 9.5%. Therefore, the growing demand for functional foods is driving the growth of the virgin coconut oil market.
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The virgin coconut oil market covered in this report is segmented –
1) By Type: Organic, Conventional
2) By Distribution Channels: Offline, Online
3) By Application: Direct Consumption, Indirect Consumption, Food And Beverages, Cosmetics And Personal Care, Pharmaceuticals
Product innovation is a key trend gaining popularity in the virgin coconut oil market. Companies operating in the virgin coconut oil market are implementing innovative products to sustain their position in the market. For instance, in August 2023, Marico Limited, an India-based consumer goods company, launched Parachute Advansed Baby, a brand-new range that comes with six carefully chosen items, including massage oil, nourishing soap, nourishing shampoo, nourishing lotion, nourishing cream, and refreshing powder. Each item is made to offer the best possible care for your baby’s sensitive skin. The beneficial properties of 100% virgin coconut oil, a natural source of certain nutrients also present in mother’s milk, are added to all of the range’s goods. The Parachute Advanced Baby line ensures your baby’s complete growth and development by embodying the delicate mix of science and nature. Each product is doctor-certified, new-born-safe, and has been designed to be as delicate as your baby’s needs right from the outset.
The virgin coconut oil market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Archer-Daniels-Midland Company
- The Hain Celestial Group
- Dabur India Limited
- Marico Ltd.
- Hain Celestial Group
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