Global Organic Virgin Coconut Oil Market Anticipated to Reach USD 814.2 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Organic Virgin Coconut Oil Market by Packaging, Application and Distribution Channel: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 514.8 Million in 2019 and is expected to grow at a moderate growth rate of 6.2% by the year 2027. Improving consumer understanding of nutritious products across the globe is contributing to an increase in demand for organic goods, which is also leading to an increase in demand for organic virgin coconut oil. The large population is vulnerable to organic virgin coconut oil for culinary use. The growth of the retail sector in developing nations is also enhancing the sales of organic virgin coconut oil with increased product availability. The recent outbreak of COVID-19 has had a huge impact on the overall market. Many companies operating in the production and extraction of coconut extracts are adopting strategies to sustain in the market. Although the overall demand of organic virgin coconut oil has remained strong during the pandemic, several end-use industries such as consumer goods food & Beverage industries are struggling with dramatically decreased consumption and fragmented supply chains.

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“Organic virgin coconut oil is the most unrefined and the purest version of coconut oil with a more pronounced coconut flavor. It is basically extracted from coconut meat that is obtained from fresh coconuts. Fresh coconuts then go through cold extraction right after they are harvested. The fresh meat inside each coconut produces a pure and smooth oil while avoiding deodorizing, bleaching, or refining”

As per GMR industry analyst Rajat Verma, “The global organic virgin coconut oil market is anticipated to witness significant growth during the forecast period (2020-2027), as several nations are eagerly adopting organic farming practices by promoting legislations and standards. This is anticipated to significantly boosts the popularity for organic food products including organic virgin coconut oil, especially in North America and Europe, where sales were up by 90%. Moreover, strong marketing efforts by leading brands, evolving customer tastes and preferences, and consumption patterns to branded organic virgin coconut oil products are leading to increasing demand.”

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Key Takeaways from the Study:

• On the basis of extraction methods, the market is categorized as cold extraction, heat extraction, and others. The cold extraction segment accounts for a major share of the market and is anticipated to expand at a high CAGR during the forecast period.
• The growth of the cold extraction segment is attributed to high purity of oil offered by the process. Since, this process preserves the natural characteristics such as purity, flavor, aroma, and nutritional value of the oil as compared to other processes, it is fuel the growth of the segment at a significant pace during the forecast period.
• The heat extraction segment is anticipated to expand at a significant CAGR during the forecast period, as this process offers higher productivity as compared to cold extraction process. Moreover, heat extraction processes offer consistency and uniformity in terms of quality of production.
• The Asia Pacific region dominated the global market in 2019 with a share of over 60%. This Due to high demand of organic virgin coconut oil from food & beverages and cosmetics industries, due to a growing number of healthy customers, an increasing population and a changing standard of living, combined with the presence of major palm oil producing nations in the region.
• The global virgin coconut oil market is highly fragmented in nature with the majority of the competition concentrated in Asia Pacific. The threat for new entrants is expected to remain low to moderate during the forecast period due to the presence of several upcoming players in the market. Improvements in product quality, growing demand for organic virgin coconut oil in industries such as food and beverages, beauty & cosmetics, and pharmaceuticals is facilitating in the development of a large number of small-scale producers.
• The players operating in the global market include The Hain Celestial Group, Inc., Dr. Bronner’s Magic Soaps, Nature’s Way Products LLC, La Tourangelle, Inc., Barlean’s, Nutiva Inc, Celebes Coconut Corp, SC Global Coco Products, Inc., Viva Naturals and Source Naturals, Inc.

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Report Scope:

Target Audience:

• Supply-side: Organic virgin coconut oil processors, raw material suppliers, distributors.
• Demand Side: Food & Beverages Companies, Pharmaceutical Companies, Consumer Good Manufacturers

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