Global Organic Virgin Coconut Oil Market Analysis 2023
The production of organic virgin coconut oil can witness the best rate of 15.33% throughout the given amount thanks to rising production capability of organic virgin coconut oil. Rising consumer’s awareness regarding the health advantages of consumption of chemical-free organic virgin coconut oil is additionally anticipated to be one among the key reasons for its exaggerated market share within the region. the worldwide marketplace for organic virgin coconut oil is projected to achieve a value of USD 1.28 billion at a CAGR of 10.98% by 2022.
Owning to the high nutritional value and diverse application majorly across the personal care industry, the demand for organic virgin coconut oil is experiencing a surge. The global market for organic virgin coconut oil is projected to reach a market value of USD 1.28 billion at a CAGR of 10.98% by 2023. Asia Pacific is anticipated to account for a major market share of more than 95% during the forecast period. Favorable climatic condition in the region is one of the key factors for the increased production of organic virgin coconut in the region which further facilitates the growth of organic virgin coconut oil in Asia Pacific region. Asia pacific is projected to account for a value of more than USD 660 million in the year 2016.
The production of organic virgin coconut oil will witness the highest growth rate of 15.33% during the given period owing to rising production capacity of organic virgin coconut oil in various Mexico and Venezuela. Rising consumer’s awareness about the health benefits of consumption of chemical-free organic virgin coconut oil is also anticipated to be one of the key reasons for its increased market share in the region.
On the basis of application, personal care products is evaluated to dominate the market and is projected to hold a major share of more than 45% in the global market organic virgin coconut oil market. Diverse application of coconut oil in skin and hair care products is supporting the escalating share of organic virgin coconut oil based on its high nutritional value than the conventional coconut oil.
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Some of the leading players in the global organic virgin coconut oil market are: Nutiva, Inc. (U.S.), Celebes Coconut Corporation (the Philippines), Greenville Agro Corporation (the Philippines), Earth Born Co.,Ltd. (Thailand), Vita Coco (U.S.), Farm Direct Coconuts (U.S.), Parker Biotech Private Ltd (India)
- Organic virgin coconut oil manufacturers
- Personal care product manufacturers
- Pharmaceutical Industry
- Retailers and wholesalers
- Traders, importers and exporters
- Global organic virgin coconut oil market is projected to reach USD 1.28 billion by 2023 at a growth rate of 10.98%
- America will experience the highest growth at a rate of 15.33% during the given forecast period
- Application of organic virgin coconut oil in health care sector is projected to have a high growth rate of 5.14%
Regional and Country Analysis of Organic Virgin Coconut Oil market Development and the Demand Forecast till 2023 Market
As per the MRFR analysis, the global market for organic virgin coconut oil has been witnessing continued demand during the forecast period owning to rising population of consumers adopting organic and healthy food consumption trends. In terms of value and volume both, Asia Pacific is estimated to dominate the organic virgin coconut oil market holding the lion’s share of more than 90%. Also, Africa will hold the second largest share in the global organic virgin coconut oil market and is projected to grow at a rate of 14.4%.
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by: Sandhya Nair