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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). Growing demand for natural cosmetic products, including virgin coconut oil, and the food and beverage industry are the major drivers for the growth of the market.
The many health benefits associated with VCO have increased its use in medical consumables and pharmaceuticals to maintain good health. VCO contains a lot of healthy fatty acids and a lot of vitamins, minerals, and antioxidants. This type of product is said to be gaining popularity worldwide as a nutritional ingredient and growing among health-conscious people. In addition, it is also used in medicine, especially in diabetics, because it helps in the effective use of blood sugar.
According to the International Diabetes Federation (IDF), approximately 463 million adults have diabetes in 2019, which indicates that the coconut oil sector has significant growth potential. Due to the increased demand for functional foods, VCO has become a popular choice for its rich flavor and subtle aroma. It has gained popularity in several trendy diets such as keto and paleo. Consumers’ growing awareness of good nutrition and adequate exercise has also influenced their food choices, as the choice of healthy cooking oil affects additional benefits. Thanks to this, this oil began to gain recognition among consumers 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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