Technavio, a tech-focused market research firm, has published a new report on the global virgin coconut oil market, which is expected to grow at a CAGR of close to 10% during the forecast period, 2017-2021.
Based on geographical segmentation, Technavio’s market research analyst categorizes the global virgin coconut oil market into the following key regions: The Americas, APAC, Europe, and MEA.
Source: Technavio
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Top three contributors for the global virgin coconut oil market are elaborated below
Virgin coconut oil market in APAC: APAC is the largest producer of virgin coconut oil, with a majority of the produce being exported to regions across the globe. The Philippines is the largest producer of virgin coconut oil, followed by Indonesia. The players in the market are exporting their products to the mainly countries such as the US, the UK, Canada, and other countries in Europe and the Americas.
According to Manjunath Reddy, a lead analyst at Technavio, specializing in research on food, “Most vendors in the market are trying to increase their production capabilities to meet the surge in demand. The Coconut Development Board, under the Ministry of Agriculture is extending technological support to the production centers in Kerala, India, to improve the production capabilities of these centers.”
Virgin coconut oil market in Europe: Increased focus on healthy diets is the primary driving force behind the demand for virgin coconut oil in Europe. The distribution of virgin coconut oil is shifting from specialist stores to mainstream supermarkets in Europe. Europe imports its supply of virgin coconut oil primarily from the Philippines, Sri Lanka, Indonesia, India, Thailand, Malaysia, and Papua New Guinea.
Virgin coconut oil market in Americas: Virgin coconut oil is gaining traction in the Americas owing to rising awareness about its health benefits. The trend is especially prominent in countries such as the US, Canada, and Brazil, where the consumption of virgin coconut oil is witnessing an upsurge.
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Leading vendors operating in the global virgin coconut oil market are:
- Barlean’s
- Hain Celestial Group
- Nutiva
- Tropical Traditions
Other prominent vendors in the market include C20 Pure Coconut Water, C Coconut Water, Chi, Edward & Sons, H2coco, iTi Tropicals, Jax Coco, and Zumi Natural (Coco Zumi).
A more detailed analysis is available in the Technavio report titled, ‘Global Virgin Coconut Oil Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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