Market Research Future (MRFR) reveals in the new extensive research report that the virgin coconut oil market can expect to touch close to USD 5 Billion by 2027. The global market share shall continue to expand relentlessly at a rate of 9.5% between 2020 and 2027, also says MRFR.
Growth Boosters and Deterrents
The notable economic growth across different parts of the world in line with the mounting purchasing capacity of the consumers will ensure that the demand for virgin coconut oil (VCO) continues to mount in the following years.
A series of nutritional benefits of VCO including presence of healthy fatty acids, boosts heart health, facilitates faster fat burning, have antimicrobial effects and more, have raised the consumption among consumers. The escalating use in the food service sector across major countries also facilitates market growth. Also, given the hectic lifestyles led by the consumers, the fact that VCO remains fresh for a long time drives its demand.
Cosmetic and personal care industry has emerged as a prominent end-user in the global market. Exhaustive R&D activities being conducted by cosmetics and personal care vendors to come up with effective and innovative products containing virgin coconut oil to bolster their profit margins. Not to mention, supportive government policies in many countries encourage the use of natural ingredients like VCO in products, which is expected to present attractive opportunities to the manufacturers in the years to come.
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Various types of virgin coconut oil present in the market are conventional as well as organic. The organic form of VCO enjoys tremendous demand in the market, in line with the rising popularity of healthy and more natural food with no added preservatives and chemicals.
Key applications of virgin coconut oil market are Pharmaceuticals, Food and Beverages, Beauty and Cosmetics, and more. Beauty and cosmetics represent the highest share in the worldwide market, in view of the emergence of new hair care and skincare products infused with VCO that are enjoying significant consumer demand.
Asia Pacific will remain the top contender all through the review period, as consumers in the region are fast growing aware of the health benefits of virgin coconut oil and are including it to their daily diets. Rising prevalence of healthy food habits along with the striking increase in disposable income of the people in the region also elevates the market position. Manufacturers are constantly launching cosmetics, and pharmaceutical products with VCO has the key ingredient, resulting in substantial profits. Apart from this, incredible surge in the number of quick service restaurants, lounges, hotels, fine dining restaurants and cafes seems to be working in favor of the APAC industry. The rapidly growing organized retail sector will also ensure accelerated market expansion in the following years.
The North American market stands to profit from the significant consumer spending on healthy food products, regardless of the prices. The high popularity of social networking sites and the burgeoning middle-class population with rising interest in online shopping can further elevate the market position. Evolving consumer tastes along with the mounting awareness about the health benefits of virgin coconut oil also favors the regional market.
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Nutiva has acquired Coconut Secret, a renowned developer of Coconut Aminos, from its parent firm, Leslie’s Organics LLC. Both the companies offer consumers sustainable, clean pantry, and delicious virgin coconut oil and various staples that are crucial cooking ingredients. Both the firms derive the coconut ingredients from organic certified, fair-trade Philippines farms.
Growrich Manufacturing, a Philippines vendor, is expected to foster the virgin coconut oil (VCO) capsules market owing to the surging demand among consumers for immune-boosting supplements.
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