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Extra Virgin Coconut Oil Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Extra Virgin Coconut Oil Market
As per the report, 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 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%.
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Increasing Adoption Of Plant-Based Diets And Lifestyles Drives Growth Of The Extra Virgin Coconut Oil Market
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.
Organic Unrefined Extra Virgin Coconut Oil Gaining Popularity
Major companies operating in the extra virgin coconut oil market focus on developing innovative products, such as organic extra virgin unrefined coconut oil, to meet the growing consumer demand for natural and minimally processed dietary and personal care options. Organic extra virgin unrefined coconut oil is derived from organically grown coconuts without synthetic chemicals. It is extracted through methods like cold pressing to maintain its natural nutrients and flavors, remaining unrefined to preserve its original aroma, taste, and health properties. For instance, in October 2022, Natural Grocers, a US-based company that offers natural groceries and supplements, launched Organic Extra Virgin Unrefined Coconut Oil into its range of Natural Grocers Brand Products. This coconut oil is sourced from organically grown coconuts, ensuring it is free from synthetic pesticides and fertilizers. The oil is extracted using cold-pressing methods to preserve its natural nutrients and flavors, making it suitable for culinary and personal care applications.
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)
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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.
Contents of the report:
1. Executive Summary
2. Extra Virgin Coconut Oil Market Report Structure
3. Extra Virgin Coconut Oil Market Trends And Strategies
4. Extra Virgin Coconut Oil Market - Macro Economic Scenario
5. Extra Virgin Coconut Oil Market Size And Growth
…..
27. Extra Virgin Coconut Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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