Virgin Coconut Oil Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Virgin coconut oil (VCO) is made by cold pressing the coconut meat's liquid and then separating the oil from the milk and water. It is widely used as a nutritional supplement due to its potential health advantages.

Sizing and Forecast
The virgin coconut oil market size has grown strongly in recent years. It will grow from $2.25 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%.  The  growth in the historic period can be attributed to traditional and cultural usage, growing health consciousness, research on medium-chain triglycerides, alternative to trans fats, rising demand in western markets.

The virgin coconut oil market size is expected to see strong growth in the next few years. It will grow to $3.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.  The growth in the forecast period can be attributed to globalization of coconut products, rising demand for natural cosmetics, e-commerce expansion, increasing vegan and plant-based diets, growth in nutraceuticals industry. Major trends in the forecast period include extraction technologies advancements, innovations in packaging, sustainable and ethical sourcing and packaging, cbd-infused coconut oil products.

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Segmentation & Regional Insights
The virgin coconut oil market covered in this report is segmented –
1) By Type: Organic, Conventional
2) By Distribution Channels: Offline, Online
3) By Application: Direct Consumption, Indirect Consumption, Food And Beverages, Cosmetics And Personal Care, Pharmaceuticals

Asia-Pacific was the largest region in the virgin coconut oil market in 2023. The regions covered in the virgin coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East,  Africa.

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Major Driver Impacting Market Growth
Growing demand for functional foods is expected to propel the growth of the virgin coconut oil market going forward. Functional foods are broadly defined as processed foods that give medical or health benefits and reduce disease risk. Virgin coconut oil can be utilized as an ingredient in functional foods, such as functional beverages, nutritional spreads, dairy alternatives, baked goods, and snacks, to deliver its special health advantages and functional qualities. For instance, in October 2022, according to the New Zealand Trade and Enterprise Highlights, a New Zealand-based government agency, the functional beverage market in Australia was valued at $451 million at the beginning of 2022, and by the end of the year, it is risen by 2.8%. Furthermore, in 2023, according to the Department for Business and Trade, a UK-based government agency, the global market for functional foods was estimated to be worth 209.6-billion-pound sterling ($259.96 billion) in 2021, and from 2021 to 2028, it is expected to grow at a rate of 9.5%. Therefore, the growing demand for functional foods is driving the growth of the virgin coconut oil market.

Key Industry Players
Major companies operating in the virgin coconut oil market report are Archer-Daniels-Midland Company, The Hain Celestial Group, Dabur India Limited, Marico Ltd., Hain Celestial Group, NOW Foods Group Inc., Garden of Life LLC, Jarrow Formulas Inc, Nature's Plus, Edward and Sons Trading Company, Nutiva Inc., La Tourangelle, Kapiva, Barlean's Organic Oils LLC, Bioriginal Food & Science Corp, Jax Coco, Nutriorg, Healthy Traditions Inc., iTi Tropicals Inc., Celebes Coconut Corporation, Sun Bionaturals Private Ltd, Spectrum Organic Products LLC, SC Global Coco Products Inc., Greenville Agro Corporation, Viva Naturals, PT. Harvard Cocopro, Growrich Manufacturing Inc., WOW Skin Science, KLF Nirmal

The virgin coconut oil market report table of contents includes:
1. Executive Summary

2. Virgin Coconut Oil Market Characteristics

3. Virgin Coconut Oil Market Trends And Strategies

4. Virgin Coconut Oil Market - Macro Economic Scenario

5. Global Virgin Coconut Oil Market Size and Growth

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32. Global Virgin Coconut Oil Market Competitive Benchmarking

33. Global Virgin Coconut Oil Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Virgin Coconut Oil Market

35. Virgin Coconut Oil Market Future Outlook and Potential Analysis

36. Appendix

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