Market Introduction
Organic virgin coconut oil is certified virgin coconut oil which is produced by traditional means without the use of fertilizers or pesticides. Major share of organic virgin coconut oil is procured from the Philippines which accounts for more than 65% of the organic virgin coconut oil production in Asia Pacific in the year 2016. Obtaining organic certification or virgin coconut oil is a difficult process and hence, even though farmers practice organic farming, they do not opt for organic certification based on lack of awareness and stringent process.
Consumers are becoming aware of all these beneficial properties of virgin coconut oil thus making it popular as a functional food oil. Rising consumers’ awareness backed up by increasing health consciousness are supporting the growth of this market.
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Market Forecast
The global market for organic virgin coconut oil is experiencing high demand during the last few years and is projected to reach 64,940 tons by 2022. Developing economy and consumers’ adoption of sustainable development trends are likely to drive the organic virgin coconut oil market share in the countries of the developed regions. Higher inclination of consumes towards chemical-free food ingredients has a positive impact on this market. Technological strides are found to facilitate agricultural productivity is also likely to have a positive impact on its market growth.
Based on application, share of virgin coconut oil in health care products is expected to witness the highest growth rate (~5.14%) on a global level. Personal care based application of organic virgin coconut oil will hold a significant share and will also witness a steady growth during the given forecast period. Health care based application of organic virgin coconut oil is likely to experience a high growth rate during the given period owning to the medicinal properties of organic virgin coconut oil.
By Downstream Analysis
Potential applications of organic virgin coconut oil in personal care industries have a positive impact on its market share growth. Based on the application, health care application segment will experience the highest growth rate followed by food & beverages. Personal and health care products application together accounts more than 82% of market share during the year 2016. Many key players are diversifying the product portfolio in health care application as virgin coconut oil due to its antibacterial, antifungal and anti-inflammatory properties. It also helps to prepare antibodies which boost the immune system.
Competitive Analysis
The major key players in organic Virgin Coconut Oil market are:
Nutiva, Inc. (U.S.)
Celebes Coconut Corporation (Philippines)
Greenville Agro Corporation (Philippines)
Earth Born Co.,Ltd. (Thailand)
Vita Coco (U.S.)
Farm Direct Coconuts (U.S.)
Parker Biotech Private Ltd (India)
Key players are focused majorly on acquisition of small players to expand their business and penetrate the global organic virgin coconut oil market. Expansion and R & D investments are also the major strategies followed by the players. Expansion will help in capturing the major market and increasing the production capacity to meet the rising demand from consumer’s end thereby further contributing to increasing revenue. Acquisition and expansions are evaluated to be contributing to more than 55% of strategy share and is facilitating the companies to penetrate the potential market across the globe.
Regional Analysis
Among the regions, Asia Pacific will dominate the organic virgin coconut oil market with more than 90% of the market share and it is projected to reach more than USD 1,247 million by 2022. America will witness the highest growth rate (~15.33%) during the forecast period 2016-2022. Growing popularity of organic virgin coconut oil owing to its widespread applications in personal care products and food and beverages is supporting its market growth on the global level. Rising health awareness and increasing health concerns have been playing a key role in the organic virgin coconut oil growth from the last few years.
Market Segmentation-
Global organic virgin coconut oil is segmented by application and regions.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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