The virgin coconut oil market has seen considerable growth due to a variety of factors.
•The market for virgin coconut oil has experienced a sizeable expansion in the previous years. From 2024 to 2025, the market will expand from $2.45 billion to $2.66 billion, exhibiting a compound annual growth rate (CAGR) of 8.8%.
Factors contributing to the growth during the historic period include conventional and cultural uses, increased awareness about health, studies on medium-chain triglycerides, options for trans fats, and burgeoning demand in Western markets.
The virgin coconut oil market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for the virgin coconut oil market suggest a significant surge in size over the next few years. By 2029, it is predicted to reach a value of $3.82 billion, with a compound annual growth rate (CAGR) of 9.4%.
Factors contributing to this projected growth during the forecast period include the worldwide popularity of coconut products, an increased call for natural beauty products, the spread of e-commerce, the rise of vegan and plant-based diets, and the growth experienced in the nutraceuticals industry. Key trends to look out for in the forecast period encompass improvements in extraction technology, innovative packaging concepts, sustainable and ethically sourced packaging practices, and the introduction of CBD-infused coconut oil items.
The surge in the demand for functional foods is likely to fuel the expansion of the virgin coconut oil market. Defined widely as processed foods which entail medical or health advantages and help curb disease risk, functional foods can incorporate virgin coconut oil as a constituent. This is due its unique health benefits and functional properties. The ingredient can be effectively used in functional beverages, nutritional spreads, alternatives to dairy products, baked items, and snacks. For example, it was reported by New Zealand Trade and Enterprise Highlights, a government agency from New Zealand, that the functional beverage market in Australia stood at $451 million at the start of 2022. It was then reported to have risen by 2.8% by the end of the year. Moreover, according to the Department for Business and Trade, an agency of the UK government, the worldwide market for functional foods was assessed at 209.6-billion-pound sterling ($259.96 billion) in 2021. From 2021 to 2028, it was predicted to escalate at a rate of 9.5%. As such, the escalating demand for these functional foods is stimulating the growth of the virgin coconut oil market.
The virgin coconut oil market covered in this report is segmented –
1) By Type: Organic, Conventional
2) By Distribution Channels: Offline, Online
3) By Application: Direct Consumption, Indirect Consumption, Food And Beverages, Cosmetics And Personal Care, Pharmaceuticals
Subsegments:
1) By Organic: Cold-Pressed, Expeller-Pressed
2) By Conventional: Refined, Unrefined
In the virgin coconut oil market, product innovation is emerging as a key trend. Companies in this market are using innovative products to maintain their market standing. For example, Marico Limited, a consumer goods company from India, introduced Parachute Advansed Baby in August 2023. This new range features six specially selected items, including massage oil, nourishing soap, nourishing shampoo, nourishing lotion, nourishing cream, and refreshing powder, all designed to provide the utmost care for your baby's delicate skin. All products in the range contain 100% virgin coconut oil, a natural source of certain nutrients found in mother's milk. By capturing the perfect balance between science and nature, the Parachute Advanced Baby line promotes comprehensive growth and development for your baby. Each product is certified by doctors, safe for newborns, and created to be as gentle as your baby’s needs from the very beginning.
Major companies operating in the virgin coconut oil market include:
• Archer-Daniels-Midland Company
• Dabur India Limited
• Marico Ltd.
• Hain Celestial Group
• NOW Foods Group Inc.
• Garden of Life LLC
• Jarrow Formulas Inc
• Nature's Plus
• Edward and Sons Trading Company
• Nutiva Inc.
• La Tourangelle
• Kapiva
• Barlean's Organic Oils LLC
• Bioriginal Food & Science Corp
• Jax Coco
• Nutriorg
• Healthy Traditions Inc.
• iTi Tropicals Inc.
• Celebes Coconut Corporation
• Sun Bionaturals Private Ltd
• Spectrum Organic Products LLC
• SC Global Coco Products Inc.
• Greenville Agro Corporation
• Viva Naturals
• PT. Harvard Cocopro
• Growrich Manufacturing Inc.
• WOW Skin Science
• KLF Nirmal
Asia-Pacific was the largest region in the virgin coconut oil market in 2024. The regions covered in the virgin coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.