Extra Virgin Coconut Oil Market to Reach $5,731.8 Million, Globally, by 2032 at 8.6% CAGR: Allied Market Research

Rise in demand for organic and sustainable products drives the growth of the extra virgin Coconut oil market. Consumers are increasingly seeking organic and sustainably sourced products, driven by environmental concerns and a desire for healthier options.

Portland, Feb. 12, 2024 (GLOBE NEWSWIRE) — Allied Market Research published 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 projected to reach $5,731.8 million by 2032, registering a CAGR of 8.6% from 2023 to 2032. 

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Prime determinants of growth 

The growth of the extra virgin coconut oil market is propelled by several factors, including the increasing global awareness of health and wellness, coupled with a growing preference for natural and organic products. This has elevated the demand for extra virgin coconut oil as a perceived superfood with various health benefits. Rise in health-conscious consumer behaviors has led to a shift away from traditional cooking oils, further boosting the market. In addition, the versatility of extra virgin coconut oil, not only as a cooking medium but also as an ingredient in cosmetics and personal care products, broadens its appeal, fostering the market growth. The cultural familiarity and historical use of coconut oil in regions such as Asia-Pacific contribute significantly to its market expansion. 

Moreover, continuous innovation in extraction processes and product formulations, along with a focus on sustainable and eco-friendly practices, drives the market growth. The strategic marketing of extra virgin coconut oil as a premium and high-quality product further amplifies its market presence. Also, the expanding middle class population, rise in disposable incomes, and the trend towards healthier dietary choices in emerging economies contribute to the overall growth of the extra virgin coconut oil market, making it a dynamic and promising industry poised for sustained growth in the foreseeable future. 

Report coverage & details: 

Report Coverage  Details 
Forecast Period  2023–2032 
Base Year  2022 
Market Size in 2022  $2,523.5 million 
Market Size in 2032  $5,731.8 million  
CAGR  8.6%      
No. of Pages in Report  432 
Segments covered  Type, Packaging, End Use, and Region  
Drivers  
  • Growing Health Consciousness  
  • Versatility and Diverse Applications 
Opportunities 
  • Innovation in Product Development  
  • Sustainable and Ethical Sourcing 
Restraints 
  • Limited Geographic Availability of Coconuts   

The organic segment to maintain its leadership status during the forecast period 

By type, the organic segment held the highest market share in 2022, accounting for two-third of the global extra virgin coconut oil market revenue, and is estimated to maintain its leadership status during the forecast period. However, the conventional segment is projected to attan the highest CAGR of 9.0% from 2023 to 2032. 

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The metal cans segment to maintain its leadership status throughout the forecast period 

By packaging, the metal cans segment held the highest market share in 2022, accounting for more than two-fifth of the global extra virgin coconut oil market revenue, and is estimated to maintain its leadership status during the forecast period. However, the pouches segment is projected to attan the highest CAGR of 9.8% from 2023 to 2032. 

The B2B segment to maintain its leadership status during the forecast period. 

By end use, the B2B segment held the highest market extra virgin coconut oil market share in 2022, accounting for two-third of the global extra virgin coconut oil market revenue and is estimated to maintain its leadership status during the forecast period. However, the B2C segment is projected to attan the highest CAGR of 9.0% from 2023 to 2032.         

Asia-Pacific to maintain its dominance by 2032 

Region-wise, 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. In addition, the Middle East and Africa region is also expected to witness the fastest CAGR of 11.1% from 2023 to 2032 and is likely to dominate the market during the forecast period. 

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Leading Market Players: – 

  • Nutiva Inc 
  • Forest Essentials 
  • MaxCare 
  • Barlean’s Organic Oils, LLC 
  • Nature’s Way Brands 
  • SPECTRUM ORGANIC PRODUCTS, LLC 
  • Celebes Coconut Corporation 
  • Universal Corporation 
  • 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 in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

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About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.   

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