Portland, February 12, 2024 (GLOBE NEWSWIRE) — Allied Market Research has released a report titled: “Extra Virgin Coconut Oil Market By Type (Organic and Conventional)), Packaging (Metal Cans, Plastic Bottles and Pouches) and End Use (B2B and B2C): Global Opportunity Analysis and Industry Forecast, 2023-2032 ». According to the report, the global extra virgin coconut oil market was valued at $2,523.5 million in 2022 and is expected to reach $5,731.8 million by 2032, registering a CAGR of 8.6%. from 2023 to 2032.
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Main determinants of growth
The growth of the extra virgin coconut oil market is driven by several factors, including the growing global awareness of health and wellness, coupled with a growing preference for natural and organic products. This has increased the demand for extra virgin coconut oil as a perceived superfood with various health benefits. Increasing health-conscious consumer behaviors have led to a shift away from traditional cooking oils, further boosting the market. Additionally, the versatility of extra virgin coconut oil, not only as a cooking agent but also as an ingredient in cosmetics and personal care products, is broadening its appeal, promoting market growth. The cultural familiarity and historical use of coconut oil in regions such as Asia-Pacific are significantly contributing to its market expansion.
Additionally, continuous innovation in extraction processes and product formulation, along with emphasis on sustainable and eco-friendly practices, is driving the market growth. Strategic marketing of extra virgin coconut oil as a premium and high quality product further amplifies its presence in the market. Furthermore, the growing middle class population, increasing disposable incomes, and the trend towards healthier food choices in emerging economies are contributing to the overall growth of the extra virgin coconut oil market, making it a dynamic and promising industry, poised for sustained growth in the future. future.
Report Coverage and Details:
|Year of reference
|Market size in 2022
|Market size in 2032
|Number of pages in the report
|Type, packaging, end use and region
The organic segment maintain its leading status during the forecast period
By type, the organic segment held the highest market share in 2022, accounting for two-thirds of the global extra virgin coconut oil market revenue, and is expected to maintain its leading status during the forecast period. However, the conventional segment is expected to achieve the highest CAGR of 9.0% between 2023 and 2032.
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The metal can segment maintain its leading status throughout the forecast period
In terms of packaging, the metal can segment held the highest market share in 2022, accounting for more than two-fifths of the global extra virgin coconut oil market revenue, and is expected to maintain its leading status during of the forecast period. However, the sachets segment is expected to achieve the highest CAGR of 9.8% from 2023 to 2032.
The B2B segment Maintain its leading status during the forecast period.
In terms of end use, the B2B segment held the highest market extra virgin coconut oil market share in 2022, accounting for two-thirds of the global extra virgin coconut oil market revenue and is expected to maintain its leading status during the forecast period. However, the B2C segment is expected to achieve the highest CAGR of 9.0% between 2023 and 2032.
Asia-Pacific to maintain its domination by 2032
Regionally, Asia Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global extra virgin coconut oil market revenue. Furthermore, the Middle East and Africa region is also expected to witness the fastest CAGR of 11.1% from 2023 to 2032 and is expected to dominate the market during the forecast period.
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Main market players:-
- Nutiva Inc.
- Forest essentials
- Barlean Organic Oils, LLC
- Nature’s Way Brands
- SPECTRUM ORGANIC PRODUCTS, LLC
- Celebes Coconut Society
- Universal Society
- Healthy traditions
- Garden of Life
The report provides a detailed analysis of these key players in the global extra virgin coconut oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable as it highlights the business performance, operating segments, product portfolio, and strategic actions of the market players to present the competitive scenario.
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