It's a Moisturizer! It's a Furniture Polish! It's a Dog Treat!
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Can coconut oil be the next coconut water? Vita Coco is betting it can and the bet has little to do with using it as a food product.
The brand that dominates the fast-growing coconut water business is turning its attention to coconut oil, mainly as a skincare and hair-care product. Citing company research, Vita Coco VP-Marketing Charles van Es estimates U.S. coconut oil sales at around half the size of the coconut water category (pegged at $400 million last year per Euromonitor) and growing 25% annually, with only about a third of that consumption for food. Vita Coco research suggests another third of consumption is for skincare, and another third for hair care.
Last week, the brand made its biggest foray yet into marketing behind its year-old entry into coconut oil, enlisting model Chrissy Teigen on Snapchat, wearing an animated coconut bikini top and talking about using the product as a moisturizer, makeup remover, furniture polish, diaper-rash cream for her two-month-old daughter Luna, dog treat and more conventionally as cooking oil and butter substitute.
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