Global Virgin Coconut Oil Market: Coconut plantation is one of the most widespread crops around the world, generally grown in the humid and semi-humid regions. Coconuts are rich in nutritional value and are very popular among the general population for their wide range of benefits and uses. The virgin coconut oil is considered as the purest form of coconut oil, as it is extracted without any chemicals or heating processes, besides normal coconut oil. Virgin coconut oil is extracted from fresh coconut milk and is rich in fatty acids. Moreover, the extracted oil is rich in anti-oxidants, vitamins, and minerals.
Increasing adoption of virgin coconut oil in various end-use applications such as beauty and healthcare is a key factor driving growth of the global virgin coconut oil market. In addition, growing perception about virgin coconut oil being healthier than other oils among the general population in developed and developing economies is a major factor expected to fuel growth of the global virgin coconut oil market over the forecast period.
However, limited production of coconuts for virgin oil extraction is a key factor restraining growth of the global virgin coconut oil market. In addition, introduction of newer products and presence of substitutes for virgin coconut oil in the market are major factors expected to restrain growth of the global virgin coconut oil market over the forecast period.
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The global virgin coconut oil market report has been segmented on the basis of product type, application distribution channel, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Currently, the market in Asia Pacific dominates the global virgin coconut oil market in revenue terms owing to high adoption rate of virgin coconut oil in emerging economies in the region. North America is currently the second-largest market due to high adoption of beauty products, rising demand for health supplements, and high disposable income in the region followed by Europe, and Middle East & Arica. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to rising demand for virgin coconut oil from emerging economies, increasing production of coconuts by major plantations, and high domestic consumption of coconut oil.
Prominent players in the global market include MaxCare VCO, Nutiva Organic Coconut Oil, Hain Celestial Group, Barlean’s Organic Oils LLC, Tropical Traditions America, Zumi Naturals Ltd, Edward and Sons Trading Company, iTi Tropicals Inc., NMK Holdings Pvt. Ltd., and Greenville Agro Corporation.