Global Virgin Coconut Oil Market - 2023-2030

Global Virgin Coconut Oil Market - 2023-2030

Market Overview

The global virgin coconut oil market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 7.23% during the forecast period (2023-2030).

Virgin coconut oil is an unrefined, organic product made from fresh coconuts. It is a natural oil with many health benefits and has been used for centuries in tropical countries. The oil is extracted from the coconut flesh without using heat or chemicals. All the nutrients and enzymes are preserved, making it one of the most nutritious oils available. Virgin coconut oil is also high in lauric acid, which has antiviral, antibacterial, and antifungal properties.

Moreover, rising consumer awareness about proper nutrition and adequate physical activity has also affected their food choices. Opting for a healthy cooking oil makes a difference in promoting additional benefits. Hence, this oil has started getting recognition as a functional oil amongst consumers. Consumer demand for functional foods is also expected to drive the market.

Market Dynamics Growing awareness about the health benefits of virgin coconut oil drives the market

Increasing health consciousness among consumers has significantly driven the growth of the market. Numerous health benefits associated with VCO have contributed to widening its application in medical consumables and pharmaceutical products to maintain good health. VCO is rich in healthy fatty acids and contains vitamins, minerals, and antioxidants. The product type has been reported to be gaining traction as a nutraceutical ingredient around the world and is increasingly gaining popularity among health-conscious individuals. Apart from that, it is also used in the pharmaceutical industry, especially by patients who have diabetes, as it helps with the efficient utilization of blood sugar. According to the International Diabetes Federation (IDF), in 2019, approximately 463 million adults were living with diabetes, which showcases a huge growth potential for the virgin coconut oil industry. For instance, in March 2020, Dr. Bronner’s, a family-owned company in North America, launched its first regenerative organic certified product, virgin coconut oil. The oil achieved a silver level of certification working in close partnership with Serendipol, the company’s coconut oil supplier in Sri Lanka.

However, abundant substitute oils, such as virgin olive oil, sunflower oil, almond oil, canola oil, and others, possess similar nutritional properties as VCO, which is likely to hinder market growth. Various manufacturers' fortification of canola and olive oils to retain their essential nutrients has also shifted consumers' interest toward replacements. Moreover, the smoke point of virgin coconut oil is high in the aforementioned oils, making them a better choice for baking and cooking. In addition, the high dependence on imported coconut and coconut oils in Europe is further expected to hamper the market growth.

Market Segmentation

The cosmetics and personal care segment accounted for the highest share of the global virgin coconut oil market

The cosmetics and personal care segment hold the major market share. Virgin coconut oil hair and skin care products are being widely purchased and have paved the way for the segment's growth due to their moisturizing, anti-bacterial, and cleansing properties. Furthermore, hair conditioners often contain coconut oil because it easily penetrates the strands and can prevent protein loss. Virgin coconut oil has been widely used for the preparation of hair oil. It hydrates and softens the hair. The presence of fatty acids, vitamins, and minerals in virgin coconut oil nourishes and naturally restores hair. It has multi-benefits that include moisture retention, smoothing, and protection.

Additionally, the incorporation of this oil in cosmetics, such as makeup primer, highlighters, and tinted lip gloss, is increasing due to its hydrating property, which is deeply absorbed into the skin. Thus, the properties listed above of the oil make it a key ingredient in several beauty products, thereby driving the growth of this segment. For instance, on February 28, 2022, Dabur India Ltd. announced the launch of ""Virgin Coconut Oil,"" further strengthening its presence in the coconut oil market. Dabur Virgin Coconut Oil is 100% natural. It can be used for cooking and is traditionally used for skin and hair health and as a massage oil.

Geographical Penetration: Asia Pacific is the dominant region in the virgin coconut oil market during the forecast period

In terms of sales, Asia Pacific led the global market in 2021. The increased acceptance of VCO in the region's rising markets, combined with the growing number of coconut plantations and high domestic consumption, drives market expansion. This region contributes the most in terms of both production and consumption. Raw coconut oil is mostly produced in the Philippines and India. The substantial increase in coconut production in India led to more extraction of VCO in the country. According to the Government of India, coconut production is 9500,000 metric tons, and the coconut plantation area in the country is around 1.78 million hectares. In addition, the Government of India has also been highlighting the health benefits of this oil by organizing various campaigns, which are further expected to boost the regional virgin coconut oil market's growth.

Furthermore, the market in the Asia Pacific is likely to exhibit impressive growth in the forthcoming years due to the growing demand for nutritional supplements to support overall health. Further, the rising demand for personal care and beauty products and the high disposable income in the region contribute to the market's growth. The incorporation of VOC in beauty products is surging in the region as the fatty acid present in the oil helps restore overall skin health. For instance, in January 2021, International Islamic University of Malaysia researchers developed a dental varnish and mouthwash made from virgin coconut oil to help prevent oral health problems. The product is developed as a natural alternative to chemical mouthwash, suitable for all age groups without any side effects. In addition, the demand for health supplements infused with the oil is rising due to its antimicrobial effects and fat-burning properties, which is expected to drive market growth further.

Europe is the second largest market and has grown rapidly in recent years, owing to the growing consumer awareness of healthier diets. Originally, the oil was only available in health food stores, but it has become popular in various supermarkets. Furthermore, its use in various industrial products such as cosmetics, food and beverages, and pharmaceuticals is growing. The health and wellness trend has led the European food industry to use oil in high-end products. Currently, its main industrial application is in high-quality, healthy snacks. Europeans’ growing attention toward maintaining a healthy balance between diet and lifestyle has significantly increased the demand for healthier foods. Thus, the product has become one of the most iconic ingredients in health and wellness products, propelling its growth in the European market.

Competitive Landscape

Leading players are focusing on launching innovative products to address their rising demand among consumers. The market is highly fragmented due to numerous small and large suppliers. Furthermore, the market is subject to rapidly changing consumer demands and preferences. Some of the major players in the global VCO market are Edward & Sons Trading Co, Greenville Agro Corporation, The Coconut Company (UK) Ltd., Healthy Traditions, Inc., Nutiva Inc., The Hain Celestial Group, MaxCare VCO, Celebes Coconut Corporation, SC Global Coco Products Inc. and Barlean's. Leading players are focusing on launching innovative products to address their rising demand among consumers. For instance, on February 18, 2020, QNET launched a new Nutriplus Virgin Coconut Oil (VCO) under its health and wellness category. The premium virgin coconut oil is cold-pressed, unrefined, pure, and naturally extracted from Kerala's fresh milk of high-quality organic coconuts.

On April 9, 2019, Marico Limited launched a range of vegan gourmet products under ""Coco Soul."" The selection includes Coco Soul Foods, coconut spreads, coconut chips, and 100% organic coconut sugar, all made with the superfood coconut. It also includes 100% natural virgin coconut, 100% natural virgin coconut oil, and 100% naturally infused varieties of cold-pressed virgin coconut oil. The organic variants mark Marico's first foray into the organic products space.

COVID-19 Impact: Negative impact on the global virgin coconut oil market

COVID-19 has caused a remarkable change in various global markets, including this market. Closures and security measures taken worldwide in response to the coronavirus outbreak profoundly affected the agricultural sector. Mobility restrictions and the suspension of farming activities impacted early and late harvest cycles. It impacted the total coconut production in 2020, further obstructing the VCO market's growth. According to the Union Ministry of Agriculture, in 2020–2021, coconut production in India fell to 21.21 billion nuts, a decline of 10.88% compared to 2018–19 production, i.e., 23.80 billion nuts. The pandemic and the consequent lockdown have impacted the production and sales of various products, with the closure of various manufacturing facilities. Furthermore, the lockdown also affected the supply chain, reducing global exports and imports and impeding market growth in many regions.

The global virgin coconut oil market report would provide access to approximately 61 market data tables, 56 figures and 170 pages


1. Scope and Methodology
1.1. Research Methodology
1.2. Scope of the Market
2. Key Trends and Developments
3. Executive Summary
3.1. Market Snippet by Type
3.2. Market Snippet by Packaging
3.3. Market Snippet by End-User
3.4. Market Snippet by Distribution Channel
3.5. Market Snippet by Region
4. Market Dynamics
4.1. Market impacting factors
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.2. Impact analysis
5. Industry Analysis
5.1. Porter's five forces analysis
5.2. Supply Chain Analysis
5.3. Patent Analysis
5.4. Regulatory Analysis
6. COVID-19 Analysis
6.1. Analysis of Covid-19 on the Market
6.1.1. Before COVID-19 Market Scenario
6.1.2. Present COVID-19 Market Scenario
6.1.3. After COVID-19 or Future Scenario
6.2. Pricing Dynamics Amid Covid-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During the Pandemic
6.5. Manufacturers Strategic Initiatives
7. By Type
7.1. Introduction
7.1.1. Market size analysis, and y-o-y growth analysis (%), By Type Segment
7.1.2. Market attractiveness index, By Type Segment
7.2. Organic*
7.2.1. Introduction
7.2.2. Market Size Analysis, US$ Million, 2020-2029 And Y-O-Y Growth Analysis (%), 2021-2029
7.3. Coventional
8. By Packaging
8.1. Introduction
8.1.1. Market size analysis, and y-o-y growth analysis (%), By Packaging Segment
8.1.2. Market attractiveness index, By Packaging Segment
8.2. Bottles and Jars*
8.2.1. Introduction
8.2.2. Market Size Analysis, US$ Million, 2020-2029 And Y-O-Y Growth Analysis (%), 2021-2029
8.3. Pouches
8.4. Others
9. By End-User
9.1. Introduction
9.1.1. Market size analysis, and y-o-y growth analysis (%), By End-User Segment
9.1.2. Market attractiveness index, By End-User Segment
9.2. Food and Beverages*
9.2.1. Introduction
9.2.2. Market Size Analysis, US$ Million, 2020-2029 And Y-O-Y Growth Analysis (%), 2021-2029
9.3. Pharmaceuticals
9.4. Cosmetics and Personal Care Products
10. By Distribution Channel
10.1. Introduction
10.1.1. Market size analysis, and y-o-y growth analysis (%), By Distribution Channel Segment
10.1.2. Market attractiveness index, By Distribution Channel Segment
10.2. Supermarkets/Hypermarkets*
10.2.1. Introduction
10.2.2. Market Size Analysis, US$ Million, 2020-2029 And Y-O-Y Growth Analysis (%), 2021-2029
10.3. Convenience Stores
10.4. Online Sales
11. By Region
11.1. Introduction
11.1.1. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Region
11.1.2. Market Attractiveness Index, By Region
11.2. North America
11.2.1. Introduction
11.2.2. Key region-specific dynamics
11.2.3. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Type
11.2.4. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Packaging
11.2.5. Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User
11.2.6. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel
11.2.7. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
11.2.7.1. U.S.
11.2.7.2. Canada
11.2.7.3. Mexico
11.3. South America
11.3.1. Introduction
11.3.2. Key Region-Specific Dynamics
11.3.3. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Type
11.3.4. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Packaging
11.3.5. Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User
11.3.6. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel
11.3.7. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
11.3.7.1. Brazil
11.3.7.2. Argentina
11.3.7.3. Rest of South America
11.4. Europe
11.4.1. Introduction
11.4.2. Key Region-Specific Dynamics
11.4.3. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Type
11.4.4. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Packaging
11.4.5. Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User
11.4.6. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel
11.4.7. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
11.4.7.1. Germany
11.4.7.2. U.K.
11.4.7.3. France
11.4.7.4. Spain
11.4.7.5. Italy
11.4.7.6. Rest of Europe
11.5. Asia Pacific
11.5.1. Introduction
11.5.2. Key Region-Specific Dynamics
11.5.3. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Type
11.5.4. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Packaging
11.5.5. Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User
11.5.6. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel
11.5.7. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
11.5.7.1. China
11.5.7.2. India
11.5.7.3. Japan
11.5.7.4. Australia
11.5.7.5. Rest of Asia Pacific
11.6. Middle East and Africa
11.6.1. Introduction
11.6.2. Key Region-Specific Dynamics
11.6.3. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Type
11.6.4. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Packaging
11.6.5. Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User
11.6.6. Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel
12. Competitive Landscape
12.1. Competitive scenario
12.2. Competitor strategy analysis
12.3. Market positioning/share analysis
12.4. Mergers and acquisitions analysis
13. Company Profiles
13.1. Edward & Sons Trading Co.*
13.1.1. Company Overview
13.1.2. TypePortfolio and Description
13.1.3. Key Highlights
13.1.4. Financial Overview
13.2. Greenville Agro Corporation
13.3. The Coconut Company (UK) Ltd.
13.4. Healthy Traditions, Inc.
13.5. Nutiva Inc.
13.6. The Hain Celestial Group
13.7. MaxCare VCO
13.8. Celebes Coconut Corporation
13.9. SC Global Coco Products Inc.
13.10. Barlean's
14. DataM
14.1. Appendix
14.2. About us and services
14.3. Contact us

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