Organic virgin coconut oil is defined as a certified virgin coconut oil that is produced by traditional means without using any fertilizers or pesticides. A new report on the global organic virgin coconut oil market, published by Market Research Future (MRFR), infers that this market could notice a surge at 10.98% CAGR during the during the Assessment Period. In terms of value, the market can be worth USD 1.28 bn by the end of the forecast period.
The most crucial market drivers for the global organic virgin coconut oil market growth are rising demand for functional food oils higher shelf-life and increasing demand for personal care products. Other market drivers contributing to the market growth include rising health consciousness and increasing awareness about organic as well as natural food ingredients among the consumers. However, poor productivity and limited access to quality organic planting material can restrain market growth. Challenges that can further slowdown the market growth are high prices of oil, high cost of production as well as refining, and concerns regarding sanitation in the processing area.
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Latest Industry Updates
Dec 2017 CIB General Manager Yvonne Burns stated that coconut production for 2017 has improved significantly due mainly to improved weather and a distribution of more than $10 million worth of fertiliser to coconut farmers over the past 24 month.
Dec 2017 The head of the Philippine Coconut Authority (PCA) has urged various stakeholders of the coconut industry in Quezon province “to put their acts together” to achieve a full resurgence of the industry and contribute more to the country’s economy.
Aug 2017 According to Datin Farah, referring to the American Heart Association (AHA) guidelines and what most of the dietitians out there know – coconut oil is a saturated fat. It all depends on the type of coconut oil. They all drink coconut oil for one reason.
March 2017 Coconut prices rise as shortage sees one supermarket run out of supplies. The coconut porridge is not out of stock because of a global shortage, but due to a delayed shipment of a coconut ingredient.
Key Players
Big players in the global organic virgin coconut oil market include Celebes Coconut Corporation (the Philippines), Earth Born Co. Ltd. (Thailand), Farm Direct Coconuts (USA), Greenville Agro Corporation (the Philippines), Nutiva, Inc. (USA), Parker Biotech Private Ltd. (India), and Vita Coco (USA).
Market Segmentation
The global organic virgin coconut oil market segmentation is based on application. MRFR’s take on the market explores various facets of the market in-depth.
The application-based segmentation of this market covers food & beverages, health care products, personal care products, and others. During the forecast period, the personal care products segment is expected to control the lion’s share in the global market, which is 45%. The main reason for the higher growth of personal care products segment compared to other segments includes, diverse application of coconut oil in skin and hair care products as organic virgin coconut oil has higher nutritional value compared to conventional coconut oil.
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Regional Segmentation
A geographical outlining of the global organic virgin coconut oil market covers the Asia Pacific, The Americas (North America & South America), Africa, and Rest of the World (RoW).
The Asia Pacific region can dominate the maximum global market during the forecast period, with more than 90% of the market share. Its market worth is more than USD 660 Mn. The production, as well as consumption of organic virgin coconut oil, is high in this region. Some of the key market players have operations in the Asia Pacific region. The major country-specific markets in this region are Bangladesh, Cambodia, India, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Thailand, and Vietnam.
In the Americas region, the production of organic virgin coconut oil can grow during the forecast period at 15.33% CAGR due to the rising production capacity of organic virgin coconut oil in Mexico and Venezuela. In North America, the USA is an important country-specific market as most of the important market players are based in this country. However, their investments and manufacturing operations are concentrated in South America. Other important country-specific markets in this region are Brazil, Ecuador, El Salvador, Guyana, and Suriname. As a market for organic virgin coconut oil, Europe is very limited as a consumer market, that also to powerful economies in this region.
In Africa, the production of organic virgin coconut oil is high due to the availability of natural resources. In this region, the important country-specific markets are Benin, Cote d’Ivoire, Comoros, Ghana, Guinea, Guinea-Bissau, Kenya, Madagascar, Mozambique, Nigeria, Togo, and Tanzania.
The RoW segment covers Dominican Republic, Fiji, French Polynesia, Jamaica, Kiribati, Micronesia, Papua New Guinea, Samoa, Solomon Islands, Tonga, Trinidad & Tobago, and Vanuatu.
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