Extra Virgin Coconut Oil Market Report 2024

The extra virgin coconut oil market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historical period can be linked to an increase in culinary diversity, a rising preference for cold-pressed and virgin coconut oils, heightened research and development efforts, a growing demand for sustainable and ethically sourced ingredients, and the increasing popularity of ketogenic and low-carb diets.

The extra virgin coconut oil market size is expected to see strong growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth can be attributed to the increasing adoption of plant-based diets and lifestyles, a greater consumer awareness of the oil's health benefits, rising demand for cosmetics, and higher disposable incomes. Key trends during the forecast period include innovations in product formulations, the integration of extra virgin coconut oil into functional foods, advancements in processing, packaging, and logistics, and the potential for new product development.

The increasing adoption of plant-based diets is expected to drive the growth of the extra virgin coconut oil (EVCO) market. Plant-based diets emphasize foods derived from plants and are gaining popularity due to health considerations, environmental concerns, ethical beliefs, cultural shifts, and advancements in food technology. EVCO is a versatile ingredient favored in plant-based diets for its flavor, nutritional benefits, and cooking properties. It enhances the taste and nutritional profile of meals, making it a popular choice among vegans and vegetarians. For example, in December 2021, the Plant Based Foods Association reported that sales of plant-based foods increased by 6.6% in 2022, reaching $8 billion, compared to 5.9% growth in 2021. Thus, the rise in plant-based diets is fueling the EVCO market.

Leading companies in the extra virgin coconut oil market are focusing on developing innovative products, such as organic extra virgin unrefined coconut oil, to meet the growing consumer demand for natural and minimally processed options for both dietary and personal care uses. This type of coconut oil is made from organically grown coconuts without synthetic chemicals and is extracted using methods such as cold pressing to retain its natural nutrients and flavors. It remains unrefined to preserve its original aroma, taste, and health properties. For instance, in October 2022, Natural Grocers, a US-based company specializing in natural groceries and supplements, introduced Organic Extra Virgin Unrefined Coconut Oil as part of its Natural Grocers Brand Products. This coconut oil is sourced from organically grown coconuts and is free from synthetic pesticides and fertilizers. The cold-pressing extraction method ensures the preservation of natural nutrients and flavors, making it ideal for both culinary and personal care applications.

In August 2021, Nutiva, a US-based company specializing in organic plant-based foods, acquired Coconut Secret from Leslie’s Organics LLC for an undisclosed sum. This acquisition was intended to broaden Nutiva's range of organic and natural food offerings, particularly expanding into coconut-based products. Coconut Secret, also based in the US, is known for its line of coconut-based products, including extra virgin coconut oil.

Major companies operating in the extra virgin coconut oil market are Trader Joe's, Spectrum Essentials, Kirkland Signature, Nature's Way Products LLC, Swanson Health Products Inc., Vitacost.com Inc., NOW Foods, E.T. Browne Drug Co. Inc., Fresh Thyme Farmers Market, Garden of Life LLC, Dr. Bronner's, SheaMoisture, Jarrow Formulas Inc., BetterBody Foods & Nutrition LLC, Nutiva Inc., Banyan Botanicals, Desert Essence, Barlean's Organic Oils LLC, Bioriginal Food & Science Corp., Kelapo, Forest Essentials, Nature's Flavors Inc.

Asia-Pacific was the largest region in the extra virgin coconut oil market in 2023. The regions covered in the extra virgin coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the extra virgin coconut oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Extra virgin coconut oil (EVCO) is a premium coconut oil obtained from fresh, mature coconut kernels using a mechanical process that avoids heat and chemicals. It is high in medium-chain fatty acids, especially lauric acid, which is associated with various health benefits. Extra virgin coconut oil is widely used in cooking, baking, skin and hair care, and as a dietary supplement due to its antioxidant, antimicrobial, and moisturizing qualities.

There are two main types of extra virgin coconut oil organic and conventional. Organic extra virgin coconut oil comes from coconuts grown without synthetic pesticides or fertilizers, adhering to organic farming standards. It is processed in a way that preserves the natural ingredients. The oil is available in various packaging options, including metal cans, plastic bottles, and pouches, and is distributed through channels such as supermarkets, hypermarkets, convenience stores, retail stores, and online platforms. It is used in diverse applications such as food and beverages, beauty and cosmetics, and pharmaceuticals, catering to both business-to-business (B2B) and business-to-consumer (B2C) markets.

The extra virgin coconut oil market research report is one of a series of new reports that provides extra virgin coconut oil market statistics, including extra virgin coconut oil industry global market size, regional shares, competitors with an extra virgin coconut oil market share, detailed extra virgin coconut oil market segments, market trends, and opportunities, and any further data you may need to thrive in the extra virgin coconut oil industry. This extra virgin coconut oil research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The extra virgin coconut oil market consists of sales of cold-pressed extra virgin coconut, expeller-pressed extra virgin coconut, centrifuge extracted extra virgin coconut, and unrefined extra virgin coconut. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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