Virgin Coconut Oil Market Growth 2023, Revenue, Emerging Trends, Share, Key Players, Opportunities and Forecast till 2033: SPER Market Research
Coconut oil is an essential source of fat in food because it’s used so much in baking, cooking, and confections. Coconut oil comes in two primary varieties: virgin coconut oil (VCO) and refined, bleached, and deodorised coconut oil (RBD). Whereas RBD is derived from dried meat and is refined for edibles, VCO is produced straight from fresh coconut meat. Unlike RBD, which is refined from dried meat or copra, VCO is distinguished by its unique extraction method, which highlights its unadulterated, pure state.
According to SPER market research, ‘Virgin Coconut Oil Market Size- By Type, By End-User, By Packaging- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Virgin Coconut Oil Market is predicted to reach USD 2.16 billion by 2033 with a CAGR of 8.92%.
The main factor behind the virgin coconut oil market’s explosive expansion worldwide is the health advantages of the product. Since virgin coconut oil has functional food qualities and nutraceutical benefits, it is regarded as a high-value coconut product. The growing number of research demonstrating the advantages of VCO can be credited with its rising popularity. Additional factors that are anticipated to fuel market growth include the general public’s growing perception that virgin coconut oil is healthier than other oils, rising consumer spending on functional foods and beverages, growing interest in nourishing lifestyles, and rising omega fatty acid intake.
On the other hand, canola oil, sunflower oil, almond oil, and virgin olive oil are a few substitute oils that are nutritionally equivalent to virgin olive oil (VCO). It is anticipated that this may hinder market expansion. The fact that manufacturers are strengthening canola and olive oils to retain their essential components has also altered consumers’ interest in substitutes. Virgin coconut oil also has a higher smoke point than the other oils mentioned, which makes it a better choice for baking and cooking. Furthermore, market expansion is expected to be hampered by Europe’s substantial reliance on imports of coconuts and coconut oils.
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Since the COVID-19 epidemic, the virgin coconut oil industry has experienced significant changes. At first, there were obstacles to market stability from changes in consumer behaviour and interruptions in the global supply chain. Spending on luxuries like speciality meals was curtailed as a result of economic uncertainty. Good things started to happen in spite of these challenges. Interest in wellness, especially nutritional supplements like virgin coconut oil, surged as a result of the pandemic’s emphasis on health. The appeal of the oil for culinary and personal care uses increased during lockdowns as home cooking and self-care practises increased. The shift to internet shopping increased customer accessibility, and the focus on regional sourcing matched the rising demand for functional foods that boost the immune system.
Virgin Coconut Oil Market Key Players:
Geographically, the Asia Pacific region leads the market due to growing awareness of the health benefits of virgin coconut oil. Consumers in the region value natural remedies and traditional health practices, aligning with the perceived advantages of the oil. In Europe, a focus on health and wellness is driving demand for natural and functional ingredients like virgin coconut oil, seen as a healthier alternative in cooking. Additionally, some of the market key players are Barlean’s Organic Oils, LLC, Celebes Coconut Corporation, Forest Essentials, Garden of Life, Healthy Traditions, SPECTRUM ORGANIC PRODUCTS, LLC, Universal Corporation, Others.
Global Virgin Coconut Oil Market Segmentation:
By Type: Based on the Type, Global Virgin Coconut Oil Market is segmented as; Conventional, Organic.
By End-User: Based on the End-User, Global Virgin Coconut Oil Market is segmented as; B2B (Food & Beverage, Institutional Purchase, Personal Care & Cosmetics, Pharmaceuticals, Others), B2C (Convenience Stores, Online, Supermarkets & Hypermarkets, Others).
By Packaging: Based on the Packaging, Global Virgin Coconut Oil Market is segmented as; Metal Cans, Plastic Bottles, Pouches.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Virgin Coconut Oil Market Share
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