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Extra Virgin Coconut Oil Market Trends, Outlook, Insights, Overview 2024-2033
Extra Virgin Coconut Oil Market Trends
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According to The Business Research Company's, 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 ktogenic 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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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Extra Virgin Coconut Oil Market 2024 Key Insights:
• 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%.
• Increasing Adoption Of Plant-Based Diets And Lifestyles Drives Growth Of The Extra Virgin Coconut Oil Market
• Organic Unrefined Extra Virgin Coconut Oil Gaining Popularity
• Asia-Pacific was the largest region in the extra virgin coconut oil market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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