Market Research Future (Food and Beverages) Virgin Coconut Oil Market 2017: Industry Review, R | Page 3

Virgin Coconut Oil Market Research Report- Forecast to 2023
2 Market Analysis
The global virgin coconut oil market is expected to be driven by the rising prevalence of diseases among the
consumers both in the developed and developing economies which is enforcing consumers to shift towards healthy
and nutritional food consumption. Virgin coconut oil is expected to experience high demand from consumers with
higher health consciousness and as well as aging population. Also, increasing consumer expenditure on functional
food and beverages as well as health benefits in terms of proper nourishment of skin and hair is estimated to
strengthen the demand for virgin coconut oil over the forecast period. Increasing consumption of omega fatty acid
will generate more demand for virgin coconut oil, thus increasing the growth of this market. The market players are
responding to these new opportunities by expanding their service offerings and product lines, which has fueled up
the share of virgin coconut oil in the global market. High nutritional benefits such as vitamins, minerals, antioxidants,
and others obtained from this product are also supporting the sale of virgin coconut oil globally. Additionally, the
augmentation of the product development together with research advancements is other significant reasons for the
increasing growth of virgin coconut oil market. Hence, along with changing consumer preferences, the growth of
global virgin coconut oil market is significantly increasing during the forecast period of 2017-2023.
Regional Analysis:
The global virgin coconut oil market is regionally segmented into North America, Europe, Asia Pacific, and Rest of
the World (RoW). Asia Pacific accounted for the largest revenue share in virgin coconut oil market globally and is
estimated to retain its dominance in this market during the forecast period i.e. 2016-2023. The region is the largest
producer and exporter of virgin coconut oil to other geographical regions. There is about 60%-70% of value addition
in coconut oil happening in Philippines which will help the market grow over the forecast period. Asia Pacific is
followed by North America due to the new product development by the key manufacturers of virgin coconut oil which
is projected to be one of the significant reasons for the rising growth of virgin coconut oil products. However, Asia
Pacific region is estimated to witness a maximum growth in the global virgin coconut oil market over the forecast
period 2017-2023.
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