LONDON--(BUSINESS WIRE)--The global virgin coconut oil market is expected to grow at a CAGR of close to 11% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global virgin coconut oil market for 2017-2021. By product type, this market is classified into organic and inorganic virgin coconut oil segments.
One of the most important factors driving the virgin coconut oil market is the wide range of health benefits associated with it. It helps in lowering cholesterol, aids to keep candida in check, reduces the risk of heart diseases, supports the immune system, and nourishes the brain.
Technavio’s research study segments the global virgin coconut oil market into the following regions:
- APAC
- Europe
- Americas
- MEA
APAC: largest virgin coconut oil market segment
“APAC is the largest producer and exporter of virgin coconut oil. The Philippines and Indonesia are the largest contributors to the virgin coconut oil market in the region, driven by the ever-increasing demand for the product,” says Manjunath Reddy, one of the lead analysts at Technavio for food research.
The virgin coconut oil produced in the region are mainly exported to the US, the UK, Canada, and other countries in Europe and the Americas. The players in the market are employing innovative and advanced farming techniques to increase their production capabilities to meet the growing demand.
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Europe: healthy lifestyle changes driving virgin coconut oil market in the region
The increasing attention of consumers towards healthy lifestyles and diets is driving the demand for virgin coconut oil in Europe. Health studies on virgin coconut oil, which has a large amount of lauric acid, is proven to reduce cholesterol levels, have resulted in increasing demand for virgin coconut oil in Europe.
The distribution channels for the product is snowballing and is widely available in large supermarkets in the region. The region imports its oil from the Philippines, Sri Lanka, Indonesia, India, Thailand, Malaysia, and Papua New Guinea.
Americas: insightful marketing of virgin coconut oil
“The popularity of virgin coconut oil is increasing among consumers in countries such as the US, Canada, and Brazil as consumers are becoming more aware of the health benefits associated with consumption of virgin coconut oil. The perception that virgin coconut oil helps in fighting obesity and overweight related issues among consumers is driving the demand for the market in the Americas,” says Manjunath.
The negative image that was associated with coconut oil is slowly being cast-off, with vendors undertaking insightful marketing activities for the promotion of virgin coconut oil. The Caribbean accounts for the maximum production of coconuts in the region and the rest are imported from APAC.
MEA: increased production of virgin coconut oil from Africa
The Middle East and Africa are not far behind the other regions in terms of demand created for virgin coconut oil. This demand in driving the introduction of new and interesting products that are attractive to the consumers in the region. For instance, Vita Coco introduced its virgin coconut oil product in the UAE market, which is organic, 100% raw, extra-virgin, and cold pressed.
Additionally, there is an increased production of virgin coconut oil in the African region. ROCAC Group from Kenya is the first company from Africa to successfully package and distribute virgin coconut oil, tender coconut water, and coconut milk. The production capacity is expected to increase over the forecast period, with vendors pushing to make maximum utility of Africa’s potential in the market in the coming years.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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