According to TechSci Research report, Global Virgin Coconut Oil Market By Type, By Application, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024”, global virgin coconut oil market is projected to grow at a CAGR of over 9% during 2019-2024, on the back of rising health consciousness among consumers and rising consumer expenditure on functional food and beverages. Increasing investments that are aiding market players to boost their production capabilities and cater to growing demand for coconut oil from consumers are expected to push global virgin coconut oil market during the forecast period.
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Asia-Pacific dominates global virgin coconut oil market and is expected to remain the dominant region during the forecast period as well, backed by huge production of coconut in the region. Favorable climatic condition in the region is one of the key factors resulting in huge production of organic virgin coconut in the region. Store-based retail and internet retail are the two distribution channels in virgin coconut oil market. The store-based retail segment dominated the market in 2018 and is expected to continue to lead the market in coming years, owing to the rapid penetration of supermarket retail chains in developing economies. However, internet retail channel is likely to witness healthy growth over the next five years, backed by growing popularity of the e-commerce segment. Moreover, e-commerce and technology are transforming this category with new user experiences, where big brands and small start-ups alike are racing to embrace e-commerce, making this channel even stronger.
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“Growing interest of consumers towards natural beauty products is driving demand for virgin coconut oil across the globe, as virgin coconut oil provides proper nourishment to skin and hair. Moreover, virgin coconut oil is gaining huge traction as a nutraceutical food oil and is getting popular among health conscious people.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Virgin Coconut Oil Market By Type, By Application, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global virgin coconut oil market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global virgin coconut oil market.
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