Virgin Coconut Oil Market - Forecasts from 2023 to 2028

The global Virgin Coconut Oil (VCO) market was valued at US$163.935 million in 2021.

The virgin coconut oil market is anticipated to show strong growth during the forecast period. Virgin Coconut Oil (VCO) is a 100% natural and unbleached oil extracted from coconut through a cold-pressing process, resulting in a milky appearance. It is renowned for its delightful aroma, delicious taste, potent antioxidants, beneficial fatty acids, and essential vitamins. VCO finds versatile applications in the skincare, food and beverage, and pharmaceutical sectors. The booming demand for cosmetics and personal care is the prominent driver boosting the virgin coconut oil market size.

Growing consumer preference for organic food bolsters virgin coconut oil market growth.

Virgin coconut oil (VCO) is used in organic food due to its numerous health benefits and natural properties. It is extracted from fresh coconuts without any chemical processing or refining, making it a pure and unadulterated source of nutrition Additionally, the demand for organic food is driven by consumers' desire for healthier options, as they prioritize the absence of synthetic chemicals and genetically modified organisms in their diets. therefore, there is a positive shift expected in consumer preference for organic food.

Booming cosmetics sector drives the virgin coconut oil market expansion.

Virgin coconut oil is widely used in cosmetics due to its numerous beneficial properties for skincare and hair care. It is rich in natural antioxidants, vitamins, and fatty acids, which help nourish and moisturize the skin, promote hair growth, and provide protection against environmental damage. Growing consumer awareness of self-care, wellness, and natural beauty products has fuelled the significant growth of both the cosmetic sector and the market for virgin coconut oil. According to the International Trade Administration, the Canadian cosmetics market experienced revenue of around USD 1.24 billion in 2021, and by 2024 the industry's revenue is anticipated to reach USD 1.8 billion.

Emerging traditional medicine approaches accelerate virgin coconut oil market growth.

Virgin coconut oil finds applicability in traditional medicines as it contains high levels of lauric acid, which has antimicrobial and anti-inflammatory properties. Demand for traditional medicine is experiencing growth due to a shift towards natural and holistic approaches, increased awareness of traditional healing practices, and government initiatives to boost traditional medicine. For instance, in March 2022, the World Health Organization (WHO) and the government of India entered into a partnership to establish the WHO Global Center for Traditional Medicine in India, with a significant investment of USD 250 million made by the government of India. This global knowledge center is designed to unlock the potential of traditional medicine practices from around the globe.

Asia-Pacific is expected to dominate the market.

Asia-Pacific will hold a significant share of the Virgin coconut oil market as the region is home to major coconut-producing countries like the Philippines, Indonesia, and India, ensuring a steady supply of raw materials. Secondly, the Asia-Pacific region's increasing demand for beauty and cosmetic products, driven by growing skincare awareness, has further boosted the demand for virgin coconut oil.

Supply chain limitations restrain the virgin coconut oil market growth.

The growth of the virgin coconut oil industry can face hurdles due to the production and sourcing challenges associated with coconuts. Climate change, for example, can result in unpredictable weather patterns, affecting coconut tree growth and nut yields. Natural disasters such as hurricanes or typhoons can devastate coconut plantations, leading to a temporary or long-term disruption in the supply of coconuts. Additionally, pests and diseases can infest coconut trees, leading to a decline in coconut production and potentially impacting the quality of the nuts. These factors collectively create supply chain challenges, making it difficult for producers to ensure a consistent and reliable flow of coconuts for the production of virgin coconut oil.

Key Developments

• February 2022: Dabur India, a prominent Ayurvedic and Natural Health Care Company expanded its presence in the coconut oil market with the introduction of its new product, 'Virgin Coconut Oil.' This 100% natural oil is not only suitable for cooking but also holds traditional benefits for skin and hair health, as well as serving as a massage oil. Dabur's entry into the virgin coconut oil segment further reinforces its commitment to providing high-quality natural products that cater to various health and wellness needs.
• May 2020: Indonesian President Joko Widodo, unveiled 55 organic virgin coconut oil (VCO) products to combat the COVID-19 pandemic. This strategic move demonstrates the government's commitment to utilizing VCO's potential health benefits in the ongoing fight against the virus, showcasing Indonesia's dedication to exploring natural remedies and supporting the development of organic products for public health and well-being.
• February 2020: QNET, a prominent direct-selling company in Asia, expanded its health and wellness product category with the introduction of Nutriplus Virgin Coconut Oil (VCO). This premium oil is derived from high-quality organic coconuts in Kerala, ensuring its purity through a cold-pressed and unrefined extraction process. QNET's launch of Nutriplus VCO highlights its commitment to offering top-notch products that cater to the growing demand for natural and organic solutions in the health and wellness industry.

Company Products

Virgin Coconut Oil: Greenville Agro Corporation offers Certified Organic Virgin Coconut Oil, renowned for its exceptional qualities. Packed with antibacterial, antiviral, and antifungal properties, this oil provides a natural defense against harmful pathogens. It is rich in medium-chain fatty acids, known for their numerous health benefits. Additionally, the oil's delightful coconut flavor and aroma add an enticing touch to its overall appeal, making it a popular choice among consumers.

Segmentation

By Type

• Organic
• Conventional

By Application

• Cosmetics & Personal Care
• Skincare
• Soap & Bath Products
• Others
• Food & Beverage
• Pharmaceutical
• Others

By Geography

• Americas
• USA
• Canada
• Others
• Europe, Middle East, And Africa
• UK
• Germany
• France
• Others
• Asia Pacific
• China
• Japan
• India
• Others