VCO is being used more often in pharmaceutical products and medical supplies to maintain excellent health because of its many health benefits. Healthy fats, vitamins, minerals, and antioxidants are abundant in VCO. The product type is reportedly becoming more and more popular among people who are health-conscious as well as gaining popularity as a nutraceutical ingredient globally. Aside from that, because it facilitates the effective use of blood sugar, it is also used in the pharmaceutical industry, especially by patients with diabetes.
According to SPER market research, ‘Virgin Coconut Oil Market Size –By Type, By End User, By Packaging – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Virgin Coconut Oil Market is predicted to reach USD 2.16 Billion by 2033 with a CAGR of 8.92%.
Drivers:Â VCO has gained popularity as an alternative in response to the growing need for functional meals because of its rich flavor and delicate aroma. It has become more well-known in a number of diet fads, including paleo and keto. Growing consumer knowledge of healthy eating and regular activity has also affected the foods they choose to eat because selecting healthy cooking oil can provide extra benefits. Consequently, consumers are starting to recognize this oil as functional oil. It is also anticipated that consumer demand for functional foods will propel the market.
Challenges:Â The finest possible care for one’s skin and hair is the main priority for individuals these days. Globally, women make up the majority of consumers of cosmetics and personal hygiene goods. Customers’ tastes have shifted in recent years away from products with artificial chemicals and toward those with natural ingredients. Because more people are using natural and organic products, the market for coconut oil is anticipated to grow throughout the projected period. Organic product adoption is greatly influenced by social media platforms. Manufacturers are concentrating on scents and color cosmetics, although growth objectives are still impacted by natural skincare and hair products.
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Globally, the COVID-19 pandemic has significantly altered many marketplaces, including this one. The global response to the corona virus pandemic, which included closures and security measures, had a significant impact on agriculture. Both the early and late harvest seasons were impacted by limitations on movement and the cessation of farming activity. This had an effect on 2020’s total coconut production, which further hampered the expansion of the VCO market. Numerous manufacturing facilities have closed as a result of the epidemic and the ensuing lockdown, which has affected the production and sales of a variety of products. The lockdown also had an impact on the supply chain, which decreased imports and exports worldwide and hindered market expansion in numerous areas.
Key Players & Regions:
Furthermore, the report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. The market for virgin coconut oil will be dominated by North America since there is a growing need for dietary supplements to improve overall wellness.
Furthermore, the region’s high disposable income and rising demand for beauty and personal care products support market expansion. Additionally, some of the market key players are Barlean’s Organic Oils, Celebes Coconut Corporation, Forest Essentials, Garden of Life, Healthy Traditions, MaxCare, Nature’s Way Brands, and Nutiva Inc.
For More Information, refer to below link:-
Virgin Coconut Oil Market Scope
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SPER Market Research
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