Global virgin coconut oil market is anticipated to showcase a tremendous CAGR of 11 % over the forecast period i.e. 2016-2023. Additionally, the market is riding on the back of growing geriatric population along with higher health consciousness. Moreover, the global virgin coconut oil market is projected to account exponential revenue by the end of 2023.
The organic segment by type is estimated to account the biggest market of virgin coconut oil in 2015. Likely, the main reason for this despaired share is due to the numerous advantages offered by organic coconut oil over the inorganic coconut oil. In terms of geography, the Asia-Pacific countries such as Indonesia, Philippines and India are known for producing virgin coconut oil products. The Asia-Pacific is expected to continue to play a leading role in producing virgin coconut oil. These factors are expected to propel the growth of virgin coconut oil market during the forecast period i.e. 2016-2023.
Rising Health Awareness
Increasing adoption of virgin coconut oil by the consumers on the back of increasing interest in nourishing lifestyle and increasing intake of omega fatty acid is believed to be one of the factors fuelling the growth of virgin coconut oil market. Moreover, increasing usage of virgin coconut oil due to its various properties such as it helps to control the cholesterol level, promotes the effective utilization of blood glucose and others are also expected to bolster the market of virgin coconut oil.
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Increasing Consumer Spending
Increasing consumer spending on functional food and beverages coupled with rising health consciousness of people in terms of proper nourishment of skin and hair is predicted to supplement the growth of virgin coconut oil market. Moreover, growing popularity of virgin coconut oil in countries like Canada, U.K. and Japan is expected to be a major growth driver for the virgin coconut oil market.
On the contrary, many regions are having insufficient production of coconut due to various factors such as weather conditions and others. These regions are unable to meet the demand for virgin coconut oils which is curbing the growth of global virgin coconut oil market.
The report titled “Virgin Coconut Oil Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global virgin coconut oil market in terms of market segmentation by type, by price range, by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global virgin coconut oil market which includes company profiling of MaxCare VCO, Nutriva Organic Coconut Oil, Hain Celestial Group, Barlean’s Organic Oils LLC, Tropical Traditions America, Zumi Naturals Ltd, Edward and Sons Trading Company and iTi Tropicals Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global virgin coconut oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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