Market Analysis:
Growing health conscious population across the globe is driving the sales of virgin coconut oil.
Virgin coconut oil is extracted from the fresh coconut without the application of heat. This extraction process makes it different from regular coconut oil which assist to preserve all the natural blimey of this oil, such as its high content of vitamin E, and minerals, which are otherwise raided from the ordinary coconut oil during the process. Major share of virgin coconut oil is procured from the Philippines which accounts for more than two third of the virgin coconut oil production in Asia Pacific in the year 2017. Consumers are becoming aware of the beneficial properties of virgin coconut oil, making it popular as a functional food oil. Rising consumers’ awareness supported by increasing health consciousness is uplifting the growth of this market.
Potential applications of virgin coconut oil in personal care industries have a positive impact on its market share growth. Based on the application, health care application segment is expected to experience the highest growth rate followed by food & beverages. Personal and health care products application together account for more than two third of market share during the year 2017. Many key players are diversifying the product portfolio in health care application as virgin coconut oil due to its antibacterial, antifungal and anti-inflammatory properties. It also helps to prepare antibodies which boost the immune system.
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Latest Industry Updates:
Dec 2017 CIB General Manager Yvonne Burns stated that coconut production for 2017 has improved significantly due mainly to improved weather and a distribution of more than $10 million worth of fertiliser to coconut farmers over the past 24 months.
Dec 2017 The head of the Philippine Coconut Authority (PCA) has urged various stakeholders of the coconut industry in Quezon province “to put their acts together” to achieve a full resurgence of the industry and contribute more to the country’s economy.
Aug 2017 According to Datin Farah, referring to the American Heart Association (AHA) guidelines and what most of the dietitians out there know – coconut oil is a saturated fat. It all depends on the type of coconut oil. They all drink coconut oil for one reason.
March 2017 Coconut prices rise as shortage sees one supermarket run out of supplies. The coconut porridge is not out of stock because of a global shortage, but due to a delayed shipment of a coconut ingredient.
Major Key Players Review:
Key players are mainly focused on acquisition of small players to expand their business and penetrate the global market. Expansion and R & D investments are also the major strategies followed by the players. Moreover, owing to increasing demand for virgin coconut oil from various industries, the manufacturers are investing heavily to increase their production capacity.
Some of the leading players in the Global Organic Virgin Coconut Oil Market are Healthy Traditions (U.S.), Barlean’s (U.S.), Hain Celestial (U.S.), Nutiva, Inc. (U.S.), NMK Holdings (Pvt) Ltd. (Sri Lanka), Greenville Agro Corporation (Philippines), SUN BIONATURALS (INDIA) PRIVATE LTD. (India) among many others.
Market Segments:
The global Virgin Coconut Oil market has been divided into application, and region.
On the basis of Type: Organic and Conventional
On the basis of Application: Food & Beverages, Personal Care Products, and Health Care Products, Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
Among the regions, Asia Pacific will dominate the virgin coconut oil market with major producing countries such as Philippines, Indonesia, Burma, Sri Lanka, and India, among others. America is expected to witness the highest growth rate during the forecast period 2017-2023. Rising popularity of virgin coconut oil due to its widespread applications in personal care products and food and beverages is supporting its market growth on the global level. Rising health awareness and increasing health concerns have been playing a key role in the virgin coconut oil growth from the last few years.
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