PUBLISHER: Grand View Research | PRODUCT CODE: 1404629
PUBLISHER: Grand View Research | PRODUCT CODE: 1404629
The global virgin coconut oil market size is expected to reach USD 1,606.1 million by 2030, expanding at a CAGR of 8.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market expansion is anticipated to be fueled by the rising health awareness among consumers, and the increasing consumer expenditure on functional foods and beverages are key drivers of this growth.
The market has experienced notable expansion due to increased health consciousness among consumers. Virgin Coconut Oil (VCO) has gained prominence for its numerous health benefits, leading to its wider adoption in medical consumables and pharmaceutical products aimed at maintaining well-being. Enriched with beneficial fatty acids, vitamins, minerals, and antioxidants, VCO has garnered attention as a sought-after nutraceutical ingredient on a global scale. Its popularity is notably rising among health-conscious individuals who appreciate its positive impact. Moreover, the pharmaceutical sector utilizes VCO, particularly among diabetes patients, aiding in efficient blood sugar utilization. The significant prevalence of diabetes, as indicated by the International Diabetes Federation (IDF), underscores the immense growth potential for the VCO industry.
As the demand for functional foods increases, VCO has emerged as a preferred option, characterized by its delightful flavor and mild aroma. Its integration into popular dietary trends like keto and paleo diets further cements its position. Consumers, now more informed about proper nutrition and physical activity, make informed choices about their food. Opting for healthful cooking oil, such as VCO, promises added benefits. Consequently, it has earned recognition as a functional oil among discerning consumers.