Market Scenario
Market Research Future (MRFR) assessed the Global Virgin Coconut Oil Market 2020 till 2024. Through the review period 2019–2024, the virgin coconut oil market can rise at 9.5% CAGR. By 2024, the virgin coconut oil market value can touch about USD 5 Bn. The growing preference for unrefined coconut oil due to its medical benefits can support the expansion of the virgin coconut oil market through the analysis period. The increase in the utility of virgin coconut oil for culinary purposes at home can also promote the expansion of the virgin coconut market in the assessment period.
The increase in awareness about health benefits of virgin coconut oil over refined coconut oil is catalyzing the virgin coconut oil consumption through the globe, which can support the expansion of the market in the years to come. Rising health concerns among people and their preference for virgin coconut oil is boosting their sales, which can promote the expansion of the virgin coconut oil market across the review period.
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At the same time, the regional availability of raw material is observed to boost import activities that can support the expansion of the market. However, high retail price of virgin coconut oil can hamper the expansion of the market. However, the presence of growth opportunities for the market can bolster the market expansion.
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 Virgin Coconut Oil Market that are enlisted by MRFR.
Market Segmentation
The segment assessment of the Global Virgin Coconut Oil Market is done by packaging type, category, and distribution channel.
The category-based segments of the Virgin Coconut Oil Market are organic and conventional. The inclination towards organic virgin coconut oil can promote the rise of the market in the assessment period.
The packaging type-based segments of the virgin coconut market are bottles and jars, and pouches, among others. The bottle segment can garner high revenue as the adoption of bottle package form is high.
The distribution channel-based segment of the virgin coconut market is non-store-based and store-based. The store-based sub-segments are convenience stores, and supermarkets and hypermarkets, among others. The rise of the e-commerce sector can support the expansion of the market, especially in the pandemic. The growth of the market can also be attributed to the easy availability of the product.
Regional Analysis
The regional assessment of the global virgin coconut oil market reveals that the Asia Pacific virgin coconut oil market can generate the highest revenue for the global market across the analysis period. APAC virgin coconut oil market to hold its hegemony through the assessment period due to the availability of raw materials, equipment, and low labor cost to produce virgin oil. As APAC gains popularity as one of the largest producers, following exporter of virgin coconut oil across the world, the market is expected to gain momentum. In North America, Philippines is expected to lead the market across the review period due to its robust production capacity. EU virgin coconut oil market can thrive due to the introduction of new product and rigorous developments adopted by manufacturers. MEA virgin coconut oil market can rise at a steady pace.
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