ID: MRFR/F-B & N/3084-HCR | 92 Pages | Published By Tejas Chaudhary on March 2023
Organic virgin coconut oil market is projected to reach approximately USD 3.69 billion by 2030 and grow at a significant CAGR of 7.36% during the forecast period.
The organic virgin coconut oil market is projected to reach approximately USD 3.69 billion by 2030 and grow at a significant CAGR of 7.36% during the forecast period. The organic virgin coconut oil (OVCO) market is witnessing rapid growth with an increase in awareness about its health benefits. The Global organic virgin coconut oil market share was valued at USD 800 million in 2021. OVCO is a nutritionally superior oil rich in vitamins and antioxidants. Moreover, being an organic product, it has no harmful pesticide residues.
Organic virgin coconut oil is derived from organically grown coconut plants. This oil is obtained from mature coconut meat or milk by simple expeller (mechanical) pressing. Therefore, virgin coconut oil has higher nutrient content than RBD oil and retains the pleasant aroma of coconut. The rise in the demand for natural products is also increasing the demand for organic virgin coconut oil.
Coconut is termed as a superfood and coconut oil also has a similar reputation in the market. The popular use of virgin coconut oil in the manufacturing of skincare and haircare products is due to its superior nutrient content and healing properties. Moreover, virgin coconut oil also has culinary importance as it is a rich source of short triglycerides which are good fats that help in strengthening our cardiovascular system. The demand for this oil is likely to increase significantly in the future. The global organic virgin coconut oil market value is expected to be worth USD 3.69 billion by the end of the current forecast period in 2030.
Covid 19 Analysis
Covid-19 pandemic affected the Global organic virgin coconut oil market badly. The financial crisis during the period led to a fall in demand for premium coconut oil products hampering the organic virgin coconut oil market. Moreover, the closure of production units to curb the virus spread and the acute labor crisis at the time caused a decline in the production rate. Furthermore, restrictions in travel in the movement of goods hampered the supply chain of the Global organic virgin coconut oil market badly.
The increasing awareness about the health benefits of virgin coconut oil is the major factor driving the growth of the Global organic virgin coconut oil market. Organic virgin coconut oil is superior in quality to refined coconut oils, leading to an increase in demand from the food & beverage and cosmetics industry. Moreover, as these oils have an organic origin, they are highly acceptable among health-conscious people.
The demand for organic virgin coconut oil from the cosmetics industry for premium skincare and healthcare products is increasing with the growth of the cosmetics industry. The demand for this oil as cooking oil is also rising with an increase in awareness about its health benefits for people suffering from cardiovascular diseases.
The shortage of organically grown coconut meat as a raw material for virgin coconut oil production is the major growth restraining factor for the market growth. Moreover, the lack of awareness about the health benefits of virgin coconut oil is also hampering the growth of the market in different regions. Furthermore, its negative image as unhealthy fat is the major cause of less demand for virgin coconut oil.
Organic virgin coconut oil is expeller-pressed oil of matured coconut meat obtained from organically grown coconut trees. Unlike RBD coconut oil which undergoes refining and bleaching, virgin coconut oil is just obtained from mechanical pressing. Therefore, it retains the pleasant aroma of coconut and a slight coconut flavor too. As the coconut is organically grown, the oil does not contain any pesticide residues.
Virgin coconut oil is known for its pleasant aroma, nutrient content, taste, and richness of vitamins and antioxidants. Therefore, it is healthier than refined coconut oil. Virgin coconut oil finds applications as cooking oil, hair oil, and solvent for producing herbal oils. This oil is an excellent cooking oil as it is rich in medium-chain triglycerides so, helps in promoting good cholesterol levels in the body. Moreover, this oil also has immense cosmetic applications ranging from hair oil, skin moisturizer to the treatment of skin diseases.
The specific objectives of this market report on the organic virgin coconut oil market are given below:
By packaging type
Bottles and jars occupy a major market share in the packaging segment of the Global organic virgin coconut oil market. These are highly durable packaging materials aiding in transportation convenience. Plastic bottles and jars are quite popular due to their inexpensiveness and durability.
By Distribution Channel
Hypermarkets and supermarkets dominate the distribution channel market owing to their bulk sales. Moreover, the promotions and in-store offers offered by the supermarkets are also leading to an increase in sales.
The food segment is the largest end-user of the Global organic virgin coconut oil market. Virgin coconut oil is highly suitable for use as cooking oil as it is nutritionally superior containing different vitamins and antioxidants. Moreover, the presence of short-chain triglycerides has good cardiovascular effects causing an increase in demand for culinary purposes.
However, the demand from the cosmetics industry is also increasing sharply. OVC oil is an important ingredient in the manufacturing of premium skincare and hair care products having medicinal benefits.
The different regional markets for the global Organic virgin coconut oil market are:
Asia-pacific is the leading regional segment of the Global organic virgin coconut oil market. The greater use of coconut oil for culinary purposes and as for cosmetic use like hair oil in skin motional leads to the market growth in this region. The increasing disposable income of people is enabling the shift of consumer demand from refined oil to organic virgin coconut oil.
North America is the second-largest market for Organic virgin coconut oil. The greater demand for organic products and the increasing popularity of coconut-based breakfast items are helping the market to grow in this region.
Africa and the Middle East also account for a significant share of the Global organic virgin oil coconut market. Europe is a growing market for organic virgin coconut oil. The increase in awareness about its health benefits is helping the market to expand in this region.
The major global companies playing a key role in the Organic virgin coconut oil market are :
In April 2021, NUTIVA a US-based global leader in Organic products launched a new Range of Organic virgin coconut oils named, Nutiva Organic Liquid Coconut Oils, to strengthen its coconut oil portfolio.
This report will be beneficial for every stakeholder of the Organic virgin coconut oil market such as:
This report from Market Research Future provides an in-depth analysis of the Organic virgin coconut oil market in terms of current value and future forecast. This report also highlights the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help in knowing the product better and in decision making. Furthermore, this report contains a detailed analysis of different market segments for the current forecast period. This report has also highlighted the key players and the current developments in the Organic virgin coconut oil market.
|Market Size||USD 3.69 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Packaging Type, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 Global Coco Products, Inc (Philippines), Naturoca (Indonesia, Farmerindia (India), Viva Naturals (Canada), Garden of Life LLC (US), and Jarrow Formulas, Inc. (US)|
|Key Market Opportunities||Rise in the demand for natural products|
|Key Market Drivers||Increasing awareness about the health benefits, Increase in demand from the food & beverage and cosmetics industry|
Organic virgin coconut oil market is expected to reach USD 3.69 billion by 2030.
Organic virgin coconut oil market is expected to exhibit a strong 7.36% CAGR over the forecast period from 2022 to 2030.
Leading players in the organic virgin coconut oil market include Naturoca, Hain Celestial Group, and Carrington Farms, among others.
Asia Pacific is likely to dominate the global organic virgin coconut oil market.
Growing awareness about the health benefits of coconut oil is the major driver for the organic virgin coconut oil market.