Overview and Scope
Extra virgin coconut oil (EVCO) is a high-quality coconut oil extracted from the fresh and mature kernels of coconuts using a mechanical method that does not involve heat or chemicals. It is rich in medium-chain fatty acids, particularly lauric acid, known for its potential health benefits. Extra virgin coconut oil is commonly used in cooking, baking, skin and hair care, and as a dietary supplement due to its antioxidant, antimicrobial, and moisturizing properties.
Sizing and Forecast
The extra virgin coconut oil market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increasing culinary diversity, growth in preference for cold-pressed and virgin coconut oils, increasing research and development efforts, growth in demand for sustainable and ethically sourced ingredient, and increasing popularity of ketogenic and low-carb diets.
The extra virgin coconut oil market size is expected to see strong growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing adoption of plant-based diets and lifestyles, growing consumer knowledge of the oil’s health benefits, growing consumer knowledge of the oil’s health benefits, rising demand for cosmetics, and rising disposable incomes. Major trends in the forecast period include innovations in product formulations, integration of extra virgin coconut oil into functional foods, technological innovations in processing, packaging, and logistics, and potential for new product development.
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Segmentation & Regional Insights
The extra virgin coconut oil market covered in this report is segmented –
1) By Type: Organic, Conventional
2) By Packaging: Metal Cans, Plastic Bottles, Pouches
3) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, Retail Stores, Online, Other Distribution channels
4) By Application: Food And Beverages, Beauty And Cosmetics, Pharmaceuticals, Other Applications
5) By End Use: Business-To-Business (B2B), Business-To-Consumer (B2C)
Asia-Pacific was the largest region in the extra virgin coconut oil market in 2023. The regions covered in the extra virgin coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of plant-based diets is expected to propel the growth of the extra virgin coconut oil market. Plant-based diets refer to dietary choices that predominantly emphasize foods derived from plants. The adoption of plant-based diets is increasing significantly due to several factors, such as health considerations, environmental concerns, ethical beliefs, cultural shifts, and advancements in food technology. Extra virgin coconut oil (EVCO) is a versatile ingredient commonly used in plant-based diets for its flavor, nutritional benefits, and cooking properties. It enhances meals’ flavor and nutritional profile, making it a popular choice among those following vegan and vegetarian lifestyles. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, sales of plant-based foods rose 6.6% in 2022 to reach $8 billion, up from 5.9% growth in 2021. Therefore, increasing plant-based diets drive the extra virgin coconut oil market.
Key Industry Players
Major companies operating in the extra virgin coconut oil market are Trader Joe’s, Spectrum Essentials, Kirkland Signature, Nature’s Way Products LLC, Swanson Health Products Inc., Vitacost.com Inc., NOW Foods, E.T. Browne Drug Co. Inc., Fresh Thyme Farmers Market, Garden of Life LLC, Dr. Bronner’s, SheaMoisture, Jarrow Formulas Inc., BetterBody Foods & Nutrition LLC, Nutiva Inc., Banyan Botanicals, Desert Essence, Barlean’s Organic Oils LLC, Bioriginal Food & Science Corp., Kelapo, Forest Essentials, Nature’s Flavors Inc.
The extra virgin coconut oil market report table of contents includes:
1. Executive Summary
2. Extra Virgin Coconut Oil Market Characteristics
3. Extra Virgin Coconut Oil Market Trends And Strategies
4. Extra Virgin Coconut Oil Market – Macro Economic Scenario
5. Global Extra Virgin Coconut Oil Market Size and Growth
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32. Global Extra Virgin Coconut Oil Market Competitive Benchmarking
33. Global Extra Virgin Coconut Oil Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Extra Virgin Coconut Oil Market
35. Extra Virgin Coconut Oil Market Future Outlook and Potential Analysis
36. Appendix
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