The virgin coconut oil market was valued at USD 2.54 billion in 2023 and is projected to grow from USD 2.72 billion in 2024 to USD 5.17 billion by 2032, with a compound annual growth rate (CAGR) of 8.33% during the 2024-2032 period. This information is provided by Fortune Business Insights™ in its report titled “Virgin Coconut Oil Market, 2024 to 2032.”

The market is expected to expand due to the rising therapeutic applications of virgin coconut oil, including its use in treatments for conditions such as cancer and Alzheimer’s disease. Additionally, the increasing demand for functional ingredients is anticipated to further enhance the market’s footprint over the forecast period.

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Segments

On the basis of type, the market is divided into organic and conventional.

By end-user, the market is branched into food & beverages, pharmaceuticals, and cosmetics & personal care.

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage

The study report offers a wealth of quantitative and qualitative data on various market segments and sub-segments. It thoroughly analyzes the market’s potential in terms of types, end users, size, and growth rate. The research employs a comprehensive methodology, emphasizing mergers and acquisitions, the regulatory landscape, and current industry trends. Additionally, the report highlights the impact of COVID-19 on the market, providing valuable insights for stakeholders.

Drivers & Restraints

Growing Knowledge and Demand for Functional Foods to Support Development

Market expansion for virgin coconut oil will be bolstered by increasing medical applications and rising public awareness of its health benefits. The product’s rich content of healthy fats, vitamins, minerals, and antioxidants is expected to further drive growth. Additionally, growing consumer interest in functional foods and popular diets like paleo and keto will contribute to market expansion. The pharmaceutical industry, in particular, stands to benefit from sustained product sales, especially among individuals with diabetes.

However, the rising availability of substitute products—such as canola oil, almond oil, sunflower oil, and virgin olive oil—that offer similar benefits may pose challenges to market growth. These substitutes are often preferred for baking and cooking due to their high smoking points.

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Regional Insights

Asia Pacific is expected to hold the largest market since VCO use is increasing.

Asia Pacific is anticipated to dominate the virgin coconut oil market throughout the forecast period, driven by the rapid expansion of coconut plantations and the region’s growing adoption of virgin coconut oil. The Philippines and India, recognized as the world’s largest producers and consumers of coconut oil, lead in raw coconut oil production. Government initiatives promoting the benefits of virgin coconut oil are expected to further strengthen the region’s market position.

Europe is projected to make a significant contribution to market revenue, fueled by increasing consumer awareness and greater availability of the product in health food stores and supermarkets. The market in Europe will also benefit from rising demand across various industries, including food and beverage, pharmaceuticals, and cosmetics.

Competitive Landscape

Leading Companies to Prioritize New Product Releases in Order to Promote Market Expansion

Industry leaders are continually working to introduce innovative and cutting-edge products to meet the demands of their expanding customer base. The market is expected to remain highly fragmented due to the ever-evolving needs of consumers. Many players are employing partnerships and mergers as strategies to maintain competitiveness. For instance, in February 2020, QNET launched Nutriplus Virgin Coconut Oil, which is renowned for its high concentration of medium-chain fatty acids (MCFAs), including lauric and capric acids, as well as its antioxidant properties. This product is also recognized for its wild and natural aroma.

Industry Development

  • April 2019: Under the Coco Soul brand, Marico Limited, a leading FMCG company in India, has launched a range of vegan gourmet products. The line includes three forms of virgin coconut oil: cold-pressed, 100% naturally infused, 100% organic, and 100% natural.

List of Key Players Present in the Market

  • Edward & Sons Trading Co (California, U.S.)
  • Greenville Agro Corporation (Cebu City, Philippines)
  • The Coconut Company (UK) Ltd. (London, U.K.)
  • Healthy Traditions, Inc. (Texas, U.S.)
  • Nutiva Inc. (California, U.S.)
  • The Hain Celestial Group (New York, U.S.)
  • MaxCare VCO (Karnataka, India)
  • Celebes Coconut Corporation (Butuan City, Philippines)
  • SC Global Coco Products Inc. (Mandaluyong City, Philippines)
  • Barlean’s (Washington, U.S.)

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