The extra virgin coconut oil market has shown substantial growth, rising from $2.26 billion in 2023 to $2.45 billion in 2024, at a CAGR of 8.5%. This growth is driven by culinary diversity and the popularity of health-conscious diets. The market is expected to reach $3.43 billion by 2028 at a CAGR of 8.8%, fueled by rising consumer awareness of health benefits and increased demand in cosmetics. Major trends include innovations in product formulations and advancements in processing technology.
Major Driver In The Extra Virgin Coconut Oil Market
The increasing adoption of plant-based diets is projected to significantly drive growth in the extra virgin coconut oil market. These diets, which emphasize foods primarily derived from plants, are gaining popularity due to health considerations, environmental concerns, ethical beliefs, and advancements in food technology. Extra virgin coconut oil (EVCO) has become a favored choice within these diets for its flavor and nutritional benefits, enhancing both the taste and health profile of meals. According to the Plant-Based Foods Association, sales of plant-based foods rose by 6.6% in 2022, reaching $8 billion, compared to a 5.9% growth in 2021. This rising trend in plant-based eating is expected to propel the extra virgin coconut oil market forward.
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Extra Virgin Coconut Oil Market Competitive Landscape
Trader Joe's, Spectrum Essentials, Kirkland Signature, Nature's Way Products LLC, Swanson Health Products Inc., Vitacost.com Inc., NOW Foods, E.T. Browne Drug Co. Inc., Fresh Thyme Farmers Market, Garden of Life LLC, Dr. Bronner's, SheaMoisture, Jarrow Formulas Inc., BetterBody Foods & Nutrition LLC, Nutiva Inc., Banyan Botanicals, Desert Essence, Barlean's Organic Oils LLC, Bioriginal Food & Science Corp., Kelapo, Forest Essentials, Nature's Flavors Inc.
Key Extra Virgin Coconut Oil Market Trend
Companies in the extra virgin coconut oil market are innovating with organic products to meet consumer preferences. In October 2022, Natural Grocers introduced Organic Extra Virgin Unrefined Coconut Oil, sourced from organically grown coconuts and extracted using cold-pressing methods. This product emphasizes purity and health benefits, appealing to both culinary and personal care markets.
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Extra Virgin Coconut Oil Market Segmentation
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)
By Geography:The regions covered in the extra virgin coconut oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the extra virgin coconut oil market in 2023.
The Extra Virgin Coconut Oil Global Market Report 2024 furnishes information about the global extra virgin coconut oil market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
