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Virgin Coconut Oil Market Overview
The Virgin Coconut Oil market size was estimated to be USD 1.2 billion in 2022. The Virgin Coconut Oil market is projected to grow from USD 1.3 billion in 2023 to USD 2.6 billion by 2032, at a CAGR of 9.32%. forecast period (2023-2032). The food and beverage industries, together with rising demand for natural cosmetics like virgin coconut oil, are the main factors propelling the market’s expansion.
VCO is being used more often in medications and medical supplies to preserve health because of its numerous health advantages. In addition to being high in vitamins, minerals, and antioxidants, VCO is also high in good fats. As a nutritious element, this kind of product is reportedly becoming more and more well-liked across the globe, especially among health-conscious consumers. It is also utilized in medicine, particularly for diabetics, as it facilitates the efficient use of blood sugar.
As per the International Diabetes Federation (IDF), 463 million persons worldwide suffer from diabetes in 2019. This suggests that there is substantial growth potential in the coconut oil industry. Owing to its rich flavor and delicate scent, VCO has grown in popularity as a result of the rising demand for functional foods. It has become more well-known in a number of popular diets, including paleo and keto. Because selecting healthy cooking oil offers extra benefits, consumers’ rising awareness of proper nutrition and exercise has also affected their food choices. Because of this, customers started to recognize this oil as a functional oil. The market is also expected to revive due to consumers’ desire for healthy food. Manufacturers are focusing on color cosmetics and fragrances, while Luononcosmetics for hair and skin care products continue to influence growth targets. Virgin coconut oil market
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Key Companies in the virgin coconut oil market include.
Barlean’s (US)
Hain Celestial Group (US)
Nutiva Inc. (US)
Carrington Farms (US)
La Tourangelle (US)
Celebes Coconut Corporation (Philippines)
Greenville Agro Corporation (Philippines),
SC Coco Products, Inc (Philippines)
Naturoca (Indonesia)
Farmerindia (India)
Viva Naturals (Canada)
Garden of Life LLC (US)
Naturoca (Indonesia)
Harvard Cocopro (Indonesia)
Jarrow Formulas, Inc. (US)
Segment information
Virgin coconut oil market segmentation by type includes organic and natural. The Natural category had the largest market share due to its cost effectiveness and consumer popularity.
Segmentation of the virgin coconut oil market on the basis of application includes beauty and cosmetics, food and beverages, pharmaceuticals and others. In 2022, the beauty and cosmetics segment had the largest market share of approximately 62.6%.
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Regional Overview
By region, the study provides a market overview of North America, Europe, Asia Pacific and Rest of the World. The North American virgin coconut oil market is expected to dominate this market due to increased demand for nutritional supplements that improve overall well-being. Additionally, increasing demand for personal care and beauty products and high disposable income in the region are contributing to the growth of the market.
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