Global Virgin Coconut Oil Market 2017-2021
About Virgin Coconut Oil
Virgin coconut oil is different from normal coconut oil primarily in terms of the extraction process. Virgin coconut oil is extracted from coconut milk obtained from fresh coconut while normal coconut oil is extracted by cold compression with a moisture content of around 6%. The extraction of virgin coconut oil does not involve heat treatment. Virgin coconut oil tastes and smells like fresh coconuts and is not refined. Virgin coconut oil is effective as a moisturizing agent as its antioxidant properties are far better than those of normal coconut oil.
Technavio’s analysts forecast the global virgin coconut oil market to grow at a CAGR of 9.75% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global virgin coconut oil market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of virgin coconut oil to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Virgin Coconut Oil Market 2017-2021
Technavio recognizes the following companies as the key players in the global virgin coconut oil market: Barlean's, Hain Celestial Group, Nutiva, and Tropical Traditions
Other Prominent Vendors in the market are: C20 Pure Coconut Water, C Coconut Water, Chi, Edward & Sons, H2coco, iTi Tropicals, Jax Coco, and Zumi Natural (Coco Zumi)
Commenting on the report, an analyst from Technavio’s team said: “The players in the market are coming up with new value-added products from virgin coconut oil. Such products will increase the consumer interest in the market and will also help the farmers to gather more return on their products. Only 8% of value addition in coconut oil is happening in India, while it is about 60%-70% in the Philippines. The value-added products will help the market grow during the forecast period. The Central Plantation Crops Research Institute of the Indian Council of Agricultural Research has developed a technology to make capsules of virgin coconut oil. The product is expected to be launched during the forecast period. The lauric acid present in virgin coconut oil is used by the body to make the fatty acid derivative monolaurin, which has disease-fighting properties.”
According to the report, the players are launching new products to stay competitive in the market and also to keep the interest of the consumers alive in the market. In October 2016, Dash Organics launched 100% raw extra virgin coconut oil. The new product is Fairtrade and certified 100% organic by Soil Association. In January 2016, Tiana Fair Trade Organics introduced its raw virgin coconut oil under the brand name CocoPacific. The product launch is backed by $0.61 million marketing campaign and the company has also roped in Aldo Zilli, celebrity chef and restaurateur, as the brand ambassador. In July 2015, FAL Food and Beverages launched its virgin coconut oil under the brand name Coco Joy. In December 2014, GraceKennedy Limited launched its virgin coconut oil after spending about $5 million on researches for the new product.
Further, the report states that the product recalls of virgin coconut oil due to various reasons is one of the challenges to the growth of the market. The product recalls will create a negative impression among the consumers. The product recalls will also cause the consumers to lose trust in the products in the market. In March 2016, Nisshin OilliO Group issued a voluntary recall of its coconut oil products including Nisshin Extra Virgin Coconut Oil due to the presence of Aspergillus, a type of fungus, in the products. The company recalled about 1.6 million products. In April 2015, Earth's Choice issued a recall for its organic virgin coconut oil due to possible spoilage by microbiological activity. In 2015, Alishan Organic Center issued recall of its extra virgin coconut oil due to the possibility of mold in the product. In 2016, it again issued a second recall for the product over the same issue.
Barlean's, Hain Celestial Group, Nutiva, Tropical Traditions, C20 Pure Coconut Water, C Coconut Water, Chi, Edward & Sons, H2coco, iTi Tropicals, Jax Coco, Zumi Natural (Coco Zumi).