Virgin Coconut Oil Market Analysis With opportunity segments
Virgin Coconut Oil Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, July 4, 2024 /EINPresswire.com/ -- The virgin coconut oil (VCO) market has shown strong growth in recent years, with projections indicating further expansion. Starting from $2.25 billion in 2023, the market is poised to reach $2.45 billion in 2024, growing at a compound annual growth rate (CAGR) of 8.9%. It will grow to $3.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. This growth can be attributed to traditional uses, increasing health consciousness, research on medium-chain triglycerides, alternatives to trans fats, and rising demand in Western markets.
Rising Demand for Functional Foods Drives Market Growth
The growing demand for functional foods is a significant driver of the virgin coconut oil market. Functional foods, which offer health benefits and reduce disease risk, are increasingly incorporating VCO. This trend spans various applications such as functional beverages, nutritional spreads, dairy alternatives, baked goods, and snacks. For instance, the functional beverage market in Australia, valued at $451 million in early 2022, saw a 2.8% increase by year-end, highlighting the market's expansion.
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Virgin Coconut Oil Market Major Players Innovate with Advanced Technologies
Key players in the virgin coconut oil market, including Archer-Daniels-Midland Company, Dabur India Limited, and Marico Ltd., are leveraging advanced technologies like cold press extraction to enhance product offerings. Cold press technology preserves the oil's natural nutrients and antioxidants, making it a preferred choice for health-conscious consumers.
In a strategic move, Dabur India Ltd. introduced Virgin Coconut Oil in February 2022, emphasizing its natural health benefits and versatility in cooking, skin, and hair care. This product, extracted using cold press technology, retains essential nutrients and fragrant aroma, catering to diverse consumer needs.
Virgin Coconut Oil Market Segments
• Type: Organic, Conventional
• Distribution Channels: Offline, Online
• Application: Direct Consumption, Indirect Consumption, Food And Beverages, Cosmetics And Personal Care, Pharmaceuticals
Asia-Pacific Leads the Market
Asia-Pacific emerged as the largest region in the virgin coconut oil market in 2023 and is expected to continue its dominance. The region's robust growth is driven by increasing consumer awareness of health benefits associated with VCO and expanding applications across various industries.
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Virgin Coconut Oil Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Virgin Coconut Oil Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on virgin coconut oil market size, virgin coconut oil market drivers and trends, virgin coconut oil market major players, competitors' revenues, market positioning, and market growth across geographies. The virgin coconut oil market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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