Indonesia and Philippines are the two major coconut producers all across the globe and India captured the third place. The annual coconut production in India is around 2,044 crore from 19.8 lakh hectare area. In India, Kerala is the largest producer with the contribution of around 40% of country’s total coconut production. The coconut oil which is extracted from coconut has significant usage in toiletry, food and various industrial sectors. Apart from this, it is also utilized in pharmaceutical industry especially by diabetic patients as it helps in valuable utilization of blood glucose. Besides ordinary coconut oil which is extracted from coconut, there has been an inclination in the demand for virgin coconut oil over the past few years. The virgin coconut oil (VCO) is generally extracted from fresh coconut milk procured from 12 months of pollination of coconut either by natural or by mechanical techniques. The VCO is rich in fatty acid and includes vitamin, minerals and antioxidants. The VCO does not experience chemical processing, or bleaching. It has been notified that the product is gaining traction all over the world as nutraceutical food oil and is getting popular amongst health conscious people. The VCO market is anticipated to expand at a rapid pace over the next few years due to rising public awareness and inclining investment by manufacturers for this product.
Market size and forecast
The global virgin coconut oil market captured significant revenue in 2016 and is expected to expand at a CAGR of around 11% over the forecast period. Virgin coconut oil is predicted to experience high demand from consumers with higher health consciousness and as well as aging population. By distribution channel, the online segment is anticipated to achieve higher market value over the forecast period due to rising internet penetration and availability of large variety of products at a discounted price.
Asia Pacific accounted the largest revenue share in virgin coconut oil market globally and is estimated to be the dominant region in virgin coconut oil market during the forecast period i.e. 2016-2023. The region is the largest producer and exporter of virgin coconut oil to other geographical zones.
The virgin coconut oil market is highly fragmented with large number of small and local manufactures in the product segment. The key vendors are anticipated to invest on research and development due to huge popularity and rise in the competition in future.
Growth Drivers and challenges
Increasing consumer spending on functional food and beverages as well as rising health consciousness of people in terms of proper nourishment of skin and hair is anticipated to strengthen the demand for virgin coconut oil over the period 2016-2023. The market is expected to intensify at a rapid pace over the next few years due to rising medical treatment and preventive healthcare which is anticipated to impel the demand for nutraceutical based products. Besides this, the increasing interest in nourishing lifestyle and increasing intake of omega fatty acid will create more demand and more opportunities for coconut oil manufacturers to enter into this business. Insufficient production of coconut oil and well as lack of demand from industrial sectors may likely to hamper the growth of the market in future.
By Region
Global virgin coconut oil Market is further classified on the basis of region as follows:
• North America (United States /U.S. & Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
• Middle East and North Africa (MENA)
• Rest of World

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