“Global Extra Virgin Coconut Oil Market to reach a market value of USD 4.8 Billion by 2031 growing at a CAGR of 4.3%”
The Global Extra Virgin Coconut Oil Market size is expected to reach $4.8 billion by 2031, rising at a market growth of 8.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,146.59 hundred tonnes, experiencing a growth of 13.5% (2020-2023).
As consumers in the Asia Pacific region embrace their cultural heritage and traditional food ingredients, there is a growing preference for EVCO due to its superior quality and health benefits. Thus, the Asia Pacific region acquired 36.5% revenue share in the market 2023. In the terms of volume Asia Pacific region attained a volume of 438.19 hundred tonnes in the market 2023.Urbanization in China has led to changes in dietary preferences, with urban consumers increasingly seeking healthier and more diverse food options.
The increasing adoption of plant-based diets and lifestyles drives demand for plant-based alternatives to animal-derived products. EVCO, derived from coconuts, is a popular plant-based fat source used in cooking, baking, and frying.
Additionally, Consumers may be more open to trying and integrating EVCO-based products into their regular routines, leading to market diversity and expansion. Hence, higher level of disposable income has been a pivotal factor in driving the growth of the market.
However, Price volatility creates uncertainty for consumers, decreasing confidence in the EVCO. Fluctuating prices may deter consumers from purchasing EVCO products, as they may perceive them as less reliable or too expensive. Reduced consumer confidence can lead to lower demand for EVCO, negatively impacting market growth. Thus, high price volatility can slow down the growth of the market.
On the basis of end use, the market is segmented into B2B and B2C. The B2C segment covered a 33.4% revenue share in the market in 2023. In 2023, the B2C segment attained a volume of 359.83 hundred tonnes in the market. The increase in e-commerce platforms has facilitated consumer access to various EVCO products from suppliers and brands.
Based on packaging, the market is categorized into metal cans, plastic bottles, and pouches. In 2023, the metal cans segment captured 42.2% revenue share in the market with maximum revenue share. Metal cans provide excellent protection against light, air, and moisture, helping to preserve the freshness, flavor, and quality of EVCO.
By type, the market is bifurcated into organic and conventional. The conventional segment acquired 33.1% revenue share in the market in 2023. In the terms of volume, conventional segment attained a volume of 454.94 hundred toones in the market 2023. Conventional EVCO is prized for its culinary versatility and flavor profile, making it a staple ingredient in many cuisines and recipes.
Free Valuable Insights: Global Extra Virgin Coconut Oil Market size to reach USD 4.8 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region acquired 27.2% revenue share in the market. North American consumers increasingly prioritize health and wellness, leading to a growing interest in natural and organic products.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 2.5 Billion |
| Market size forecast in 2031 | USD 4.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.3% from 2024 to 2031 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 285 |
| Number of Tables | 650 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Packaging, End Use, Region |
| Country scope |
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| Companies Included | Nutiva, Inc., Nature's Way Products LLC (Dr. Willmar Schwabe GmbH & Co. KG), Garden of Life, Forest Essentials, MaxCare, Barlean's Organic Oils, LLC, Spectrum Organic Products LLC (Hain Celestial Group), Celebes Coconut Corporation, Healthy Traditions, Inc., PT. Universal Coco Indonesia |
By End Use (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Packaging (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Hundred Tonnes, USD Billion, 2020-2031)
The Market size is projected to reach USD 4.8 billion by 2031.
E-Commerce and direct-to-consumer sales are driving the Market in coming years, however, High price volatility in EVCO restraints the growth of the Market.
Nutiva, Inc., Nature's Way Products LLC (Dr. Willmar Schwabe GmbH & Co. KG), Garden of Life, Forest Essentials, MaxCare, Barlean's Organic Oils, LLC, Spectrum Organic Products LLC (Hain Celestial Group), Celebes Coconut Corporation, Healthy Traditions, Inc., PT. Universal Coco Indonesia
In the year 2023, the market attained a volume of 1,146.59 hundred tonnes, experiencing a growth of 13.5% (2020-2023).
The B2B segment is leading the Market by End Use in 2023; thereby, achieving a market value of $3 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,795.3 Million by 2031.
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