Virgin Coconut Oil Market Outlook By Research Key Findings, Profiles & By Prospects 2030
Market overview:
The Virgin Coconut
Oil market is expected to reach approximately USD 1.95 billion by 2030, with a
significant CAGR of 9.32% between 2022 and 2030.
The health benefits
of virgin coconut oil are the primary driver of the global virgin coconut oil
market's rapid growth. Because of its nutraceutical benefits and functional
food, virgin coconut oil is a high-value coconut product. Several studies
demonstrating VCO's beneficial effects have contributed to its growing
popularity. Other factors, such as the general population's growing perception
of virgin coconut oil being healthier than other oils, rising consumer spending
on functional food and beverages, increasing interest in a nourishing
lifestyle, and increasing intake of omega fatty acids, are expected to drive
market growth. The increased use of virgin coconut oil in various end-use
applications such as cosmetics, beauty, and healthcare is expected to drive the
growth of the virgin coconut oil market.
It is also used in
the pharmaceutical industry, particularly by diabetic patients, as it aids in
efficiently utilizing blood glucose. Aside from regular coconut oil extracted
from coconut, there has been an increased demand for virgin coconut oil in
recent years. Virgin coconut oil is typically extracted from fresh coconut milk
after 12 months of natural or mechanical pollination of coconut. VCO is high in
fatty acids and contains minerals, vitamins, and antioxidants. The VCO is not
subjected to any chemical processing or bleaching.
COVID-19 has had a
significant impact on many markets around the world, including this one.
Closures and security measures implemented globally in response to the
coronavirus outbreak significantly impacted the agricultural sector. Early and
late harvest cycles were impacted by mobility restrictions and the suspension
of farming activities. This impacted total coconut production in 2020, further
impeding VCO market growth. The pandemic and subsequent lockdown have impacted
the production and sales of various products, resulting in the closure of
several manufacturing facilities. Furthermore, the lockdown impacted the supply
chain, reducing global exports and imports and impeding the VCO market growth
in many regions.
Market
segmentation:
The global Virgin
Coconut Oil Market Insights is segmented based on application,
type and treatment.
According to the
application:
- Pharmaceuticals
- Food and Beverages
- Beauty and Cosmetics
- Others
According to the
type:
- In-Natural
- Organic
According to
treatment:
- Moisturizer
- Baby care
- Anti-viral
- Others
Regional analysis:
The Virgin
Coconut Oil market Outlook is segmented into four regions based
on the regional analysis: Asia-Pacific, Europe, North America, and the Rest of
the World.
Asia-Pacific is
expected to dominate global natural coconut oil demand and supply in 2018 and
maintain its dominance throughout the forecast period. A strong preference for
virgin coconut oil in culinary applications, combined with an increasing
awareness of natural products, is propelling the growth of natural virgin
coconut oil in Asia-Pacific. Furthermore, Asia-Pacific is expected to be the
fastest-growing territorial market over the forecast period.
North America also
represents a sizable global natural virgin coconut oil market. The United
States is expected to significantly support North American natural virgin
coconut oil development. The growing interest in natural fixings among
Europeans is influencing the growth of the natural virgin coconut oil industry.
Recent
developments:
Researchers from
the Global Islamic University of Malaysia launched a dental lacquer and
mouthwash made of virgin coconut oil in 2021 to prevent oral health issues. The
product is manufactured as a natural alternative to chemical mouthwash for
people of all ages.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various
Industry Verticals and wherever required we will be considering Covid19
Footprints for Better Analysis of Market and Industries. Cordially get in Touch
for More Details.
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