Virgin Coconut Oil Market 2020
Coconut is considered a widespread plantation and is planted in more than 80 nations. Coconut oil, which is extracted from coconut, is extensively used in food, toiletry, and several other industrial sectors. Virgin coconut oil is well known for its pleasant taste and fragrance, and its vitamins, medium-chain fatty acids, and healthy antioxidants. It is generally extracted from coconuts without the application of heat. The major difference between virgin and regular coconut oil lies the extraction process. While regular coconut oil is extracted by cold compression or cold milling of Copra, virgin coconut oil is extracted from coconut milk, which is obtained from fresh coconuts.
Market Segment by Top Manufacturers, this report covers
NMK HOLDINGS PRIVATE LIMITED
Greenville Agro Corporation
P.T. Harvard Cocopro
SUN BIO NATURALS INDIA PRIVATE LIMITED
NATURE PACIFIC PTY LTD
Manchiee De Coco
Genius Nature Herbs Pvt Ltd
Harin Bio-Tech International Private Limited
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The surging investments in the industry are one of the primary growth stimulants of the virgin coconut oil market. The influx of investments is highly supporting market players to enhance their production capabilities and cater to the rising demand for coconut oil from the consumers. Government policies encouraging industry players are further estimated to create growth opportunities for the virgin coconut oil market. Virgin helps in reduction of weight and maintain proper functioning of hormones and thyroid functioning, which is likely to encourage the market growth in the long run. Virgin coconut oil finds application in food and beverage industry due to rising demand for the product in several food products. This is further estimated to drive the market in the assessment period.
Increasing health consciousness of the people across the globe, in terms of proper nourishment of hair and skin, coupled with the soaring consumer spending on functional F&B are encouraging the demand from the virgin coconut oil market across the globe. The market will experience robust growth, in the long run, owing to increasing medical treatment and preventive healthcare, which will further impel the demand for nutraceutical-based items. Also, rising interest in nourishing lifestyle along with growing intake of omega fatty acid is creating new growth opportunities for the manufacturers to enter the business. On the contrary, insufficient production of coconut oil, coupled with the dearth of demand from the industrial sectors will vitiate the market growth in the foreseeable future.
The global virgin coconut oil has been segmented on the basis of type and application. By type, the market is segmented into virgin coconut oil and extra virgin coconut oil. By application, the market is segmented into beauty and cosmetics, food, and medical.
Geographically, the market spans across Europe, North America, South America, Asia Pacific, and the Middle East & Africa. Considering the global scenario, the Asia Pacific is considered to command the largest market share and is estimated to dominate the market in the review period. The APAC is considered the largest exporter and producer of virgin coconut oil, and the market is highly fragmented with several small and local manufacturers. Due to excessive popularity and rising competition, the key vendors are expected to invest in R&D activities, which will encourage the market growth to a large extent. Governments in the region are extending their technical support to enhance their production capabilities, which is likely to support the market growth in the coming years.
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