Portland, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Extra Virgin Coconut Oil Market By Type (Organic and Conventional), Packaging (Metal Cans, Plastic Bottles, and Pouches), and End Use (B2B and B2C): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global extra virgin coconut oil market was valued at $2,523.5 million in 2022 and is projected to reach $5,731.8 million by 2032, registering a CAGR of 8.6% from 2023 to 2032.
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Prime determinants of growth
The growth of the extra virgin coconut oil market is propelled by several factors, including the increasing global awareness of health and wellness, coupled with a growing preference for natural and organic products. This has elevated the demand for extra virgin coconut oil as a perceived superfood with various health benefits. Rise in health-conscious consumer behaviors has led to a shift away from traditional cooking oils, further boosting the market. In addition, the versatility of extra virgin coconut oil, not only as a cooking medium but also as an ingredient in cosmetics and personal care products, broadens its appeal, fostering the market growth. The cultural familiarity and historical use of coconut oil in regions such as Asia-Pacific contribute significantly to its market expansion.
Moreover, continuous innovation in extraction processes and product formulations, along with a focus on sustainable and eco-friendly practices, drives the market growth. The strategic marketing of extra virgin coconut oil as a premium and high-quality product further amplifies its market presence. Also, the expanding middle class population, rise in disposable incomes, and the trend towards healthier dietary choices in emerging economies contribute to the overall growth of the extra virgin coconut oil market, making it a dynamic and promising industry poised for sustained growth in the foreseeable future.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2,523.5 million |
| Market Size in 2032 | $5,731.8 million |
| CAGR | 8.6% |
| No. of Pages in Report | 432 |
| Segments covered | Type, Packaging, End Use, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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The organic segment to maintain its leadership status during the forecast period
By type, the organic segment held the highest market share in 2022, accounting for two-third of the global extra virgin coconut oil market revenue, and is estimated to maintain its leadership status during the forecast period. However, the conventional segment is projected to attan the highest CAGR of 9.0% from 2023 to 2032.
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The metal cans segment to maintain its leadership status throughout the forecast period
By packaging, the metal cans segment held the highest market share in 2022, accounting for more than two-fifth of the global extra virgin coconut oil market revenue, and is estimated to maintain its leadership status during the forecast period. However, the pouches segment is projected to attan the highest CAGR of 9.8% from 2023 to 2032.
The B2B segment to maintain its leadership status during the forecast period.
By end use, the B2B segment held the highest market extra virgin coconut oil market share in 2022, accounting for two-third of the global extra virgin coconut oil market revenue and is estimated to maintain its leadership status during the forecast period. However, the B2C segment is projected to attan the highest CAGR of 9.0% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global extra virgin coconut oil market revenue. In addition, the Middle East and Africa region is also expected to witness the fastest CAGR of 11.1% from 2023 to 2032 and is likely to dominate the market during the forecast period.
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Leading Market Players: -
- Nutiva Inc
- Forest Essentials
- MaxCare
- Barlean's Organic Oils, LLC
- Nature's Way Brands
- SPECTRUM ORGANIC PRODUCTS, LLC
- Celebes Coconut Corporation
- Universal Corporation
- Healthy Traditions
- Garden of Life
The report provides a detailed analysis of these key players in the global extra virgin coconut oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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