What Is The Overview Of The Global Extra Virgin Coconut Oil Market?
Extra virgin coconut oil (EVCO) is a high-quality coconut oil extracted from the fresh and mature kernels of coconuts using a mechanical method that does not involve heat or chemicals. It is rich in medium-chain fatty acids, particularly lauric acid, known for its potential health benefits. Extra virgin coconut oil is commonly used in cooking, baking, skin and hair care, and as a dietary supplement due to its antioxidant, antimicrobial, and moisturizing properties.
Extra Virgin Coconut Oil Global Market Report 2024 provides data on the global extra virgin coconut oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The extra virgin coconut oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Extra Virgin Coconut Oil ?
The market for extra virgin coconut oil has experienced significant growth in recent years, with its value rising from $2.26 billion in 2023 to $2.45 billion in 2024 at a CAGR of 8.5%. This growth during the historical period can be attributed to a surge in culinary diversity, a preference for cold-pressed and virgin oils, advancements in research and development, rising demand for sustainable and ethically sourced ingredients, and the increasing popularity of ketogenic and low-carb diets. The market is projected to expand further, reaching $3.43 billion by 2028 at a CAGR of 8.8%, driven by the adoption of plant-based lifestyles, growing consumer awareness of the oil's health benefits, increased use in cosmetics, and rising disposable incomes. Key trends include innovative product formulations, the incorporation of the oil into functional foods, advancements in processing and packaging technologies, and opportunities for new product development.
What Factors Are Driving Growth In The Extra Virgin Coconut Oil Market?
The increasing adoption of plant-based diets is expected to drive the growth of the extra virgin coconut oil market. Plant-based diets focus on foods primarily from plant sources, and their adoption is growing rapidly due to various factors like health concerns, environmental issues, ethical beliefs, cultural shifts, and advancements in food technology. Extra virgin coconut oil (EVCO) is widely used in plant-based diets because of its flavor, nutritional value, and cooking properties. It enhances both the flavor and the nutritional profile of meals, making it a popular choice among those following vegan and vegetarian diets. For example, according to the Plant-Based Foods Association, sales of plant-based foods grew by 6.6% in 2022, reaching $8 billion, a rise from the 5.9% growth seen in 2021. As such, the rise in plant-based diets is fueling the growth of the extra virgin coconut oil market.
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What Are The Main Segments Of The Global Extra Virgin Coconut Oil Market?
The extra virgin coconut oil market covered in this report is segmented –
1) By Type: Organic, Conventional
2) By Packaging: Metal Cans, Plastic Bottles, Pouches
3) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, Retail Stores, Online, Other Distribution channels
4) By Application: Food And Beverages, Beauty And Cosmetics, Pharmaceuticals, Other Applications
5) By End Use: Business-To-Business (B2B), Business-To-Consumer (B2C)
What Emerging Trends Are Influencing The Growth Of The Extra Virgin Coconut Oil Market?
Leading companies in the extra virgin coconut oil sector are introducing innovative products like organic, unrefined extra virgin coconut oil to address the increasing demand for natural and minimally processed options for dietary and personal care use. This type of oil is made from organically grown coconuts, free of synthetic chemicals, and extracted using methods such as cold pressing to retain its nutrients and flavors. For example, in October 2022, Natural Grocers, a US-based retailer, expanded its product line with Organic Extra Virgin Unrefined Coconut Oil. Sourced from organic coconuts, this oil is free of synthetic pesticides and fertilizers and retains its natural properties, making it ideal for cooking and skincare applications.
What Is The Largest Region In The Extra Virgin Coconut Oil Market?
Asia-Pacific was the largest region in the extra virgin coconut oil market in 2023. The regions covered in the extra virgin coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
