Large consumer base in Asia-Pacific region is creating huge opportunities for new market entrants
According to Goldstein Research, “Rising health consciousness among consumers and functional food and beverages are the major factors driving the growth of virgin coconut oil market.” Virgin coconut oil is mainly popular among female consumers owing to its various beauty benefits and the demand is growing mainly in developing countries such as China, India, Indonesia and Brazil.
The global virgin coconut oil market is segmented based on product, by application and by distribution channel. Distribution channel is further bifurcated into online and offline channel. By distribution channel, online segment is anticipated to achieve higher market growth over the forecast period owing to growing e-commerce business and availability of large variety of products at a discounted price.
The global virgin coconut oil market accounted for significant revenue in 2016 and is expected to expand at a CAGR of around 9.8% over the forecast period. Virgin coconut oil is predicted to incident high demand from consumers with higher health awareness and as well as aging population.
Asia-Pacific is the largest region for Virgin coconut oil market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific virgin coconut oil market valued USD 1.7 billion in 2016 and is estimated to reach USD 2.9 billion by 2024. Philippines is expected to dominate the virgin coconut oil market followed by India due to large coconut oil production in these countries. Growing demand for virgin coconut oil across the globe is expected to drive the growth of import of coconut oil from major coconut oil producing countries of Asia Pacific.
Impactful Government policies is driving virgin coconut oil market
In 2016, global virgin coconut oil market witnessed huge demand from the western countries and to fill the gap between productions and demand regional governments are taking measures to increase their coconut oil production. For instance, Sri Lankan government announced the Kapruka Ayojana loan scheme to provide loans and subsidies to the coconut producers to improve their productivity. In India, new virgin coconut oil production facility is being constructed at Indian Council of Agricultural Research-Central Coastal Agricultural Research Institute (ICAR-CCARI) Goa.
“Global Virgin Coconut Oil Market Outlook 2024” contains detailed overview of the global virgin coconut oil market in terms of market segmentation by product type, by application type and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Virgin Coconut Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Nutiva, Barlean's, Hain Celestial Group, Tropical Traditions, Edward & Sons, H2coco, iTi Tropicals, Jax Coco, Naturoca etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global virgin coconut oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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