Virgin Coconut Oil Market is projected to grow $ 4.7 billion at 9% of CAGR By 2024
Rising awareness towards healthy lifestyle products coupled with growing food & beverages industry to drive global virgin coconut oil market through 2024
According to TechSci Research Report, “Global Virgin Coconut Oil Market stood at $ 2.7 billion in 2018 and is projected to grow at a CAGR of over 9% during the forecast period to reach $ 4.7 billion by 2024, on the back of rising health consciousness among consumers and rising consumer expenditure on functional food and beverages. Increasing investments that are aiding market players to boost their production capabilities and cater to growing demand for coconut oil from consumers are expected to push global virgin coconut oil market during the forecast period.
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Asia-Pacific dominates global virgin coconut oil market and is expected to remain the dominant region during the forecast period as well, backed by huge production of coconut in the region. Favorable climatic condition in the region is one of the key factors resulting in huge production of organic virgin coconut in the region. Store-based retail and internet retail are the two distribution channels in virgin coconut oil market. The store-based retail segment dominated the market in 2018 and is expected to continue to lead the market in coming years, owing to the rapid penetration of supermarket retail chains in developing economies. However, internet retail channel is likely to witness healthy growth over the next five years, backed by growing popularity of the e-commerce segment. Moreover, e-commerce and technology are transforming this category with new user experiences, where big brands and small start-ups alike are racing to embrace e-commerce, making this channel even stronger.
Asia-Pacific dominated global virgin coconut oil market in 2018 and is anticipated to maintain its dominating position during the forecast period as well, owing to huge production of coconut in the region. The region is also the largest exporter of coconut oil to other geographical regions. With growing global demand for virgin coconut oil, market players are finding it difficult to bridge the gap between high demand from consumers. Various governments in the region are extending technological support to the players to improve their production capabilities.
Objective of the Study:
• To analyze and forecast global virgin coconut oil market size.
• To classify and forecast global virgin coconut oil market based on type, application, distribution channel and regional distribution.
• To identify drivers and challenges for global virgin coconut oil market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global virgin coconut oil market.
• To conduct the pricing analysis for global virgin coconut oil market.
• To identify and analyze the profile of leading players operating in global virgin coconut oil market.
Key Players :
Some of the leading players in global virgin coconut oil market are Sun Bio Naturals, Nutiva, Inc., NMK Holdings Private Limited, Greenville Agro Corporation, iTi Tropicals Inc., The Hain Celestial Group, Edward & Sons Trading Co, Barlean’s, Jax Coco and Naturoca.
“Growing interest of consumers towards natural beauty products is driving demand for virgin coconut oil across the globe, as virgin coconut oil provides proper nourishment to skin and hair. Moreover, virgin coconut oil is gaining huge traction as a nutraceutical food oil and is getting popular among health conscious people.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
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TechSci Research calculated global virgin coconut oil market size using the bottom-up approach, where data for various applications across various end-user segments was recorded and forecast for the future years was made. TechSci Research sourced these values from the industry experts, company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
“Global Virgin Coconut Oil Market By Type, By Application, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global virgin coconut oil market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global virgin coconut oil market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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