Global Coconut Products Market – Insights
Coconut flesh is highly nutritious and offers fibers, vitamins E, C, B1,B3, B5, and B6, and minerals such as iron, sodium, calcium, magnesium, selenium, and phosphorous. Coconut products offer multiple health benefits such as improvement in cardiovascular health, reduction of digestive problems, and aid in weight loss. Coconut water provides cardio-protective effect, boosts kidney health, aids in diabetes management, offers rehydrating effect post exercise, and aids in maintaining blood pressure levels. Increasing health awareness coupled with advantages of coconut products is driving growth of the global coconut products market.
Among products types, coconut oil segment is expected to witness significant market share during the forecast period. This is owing to its unique characteristics such as saturated fat content, stability, and biodegradability and it provides long shelf life to fried products.
Increasing demand for organic food products due to absence of chemicals used across the supply chain is providing new opportunities for coconut products. According to Organic Trade Association, sales of organic food increased by 6.4% in 2017, with respect to 2016, and reached US$ 45.2 billion. Therefore, advantages offered by organic coconut products are expected to boost growth of the coconut products in the market during the forecast period. Players operating in the global coconut products market are adopting various growth strategies such as product development and new product launches to cater to increasing demand for coconut milk powder and enhance their market share. For instance, the Coconut Company offers organic vegan coconut milk powder and vegan coconut milk powder to focus on the group of customers that prefer vegan and organic products.
However, fluctuating prices of coconut and its products is expected to hinder growth of the market. Price of coconut milk powder is majorly dependent on source of the coconut and transportation charges. Damage to plantation due to natural disasters also impacts the prices of coconut oil. According to World Bank, worldwide coconut prices in 2013, were US$ 939.47 per MT, which increased to US$ 1103.51 per MT, and US$ 1000.72 per MT in 2015 and 2018, respectively. This is attributed to fluctuating price of coconut oil, which depends on the demand and supply of coconut and other vegetable oils including palm oil and soy oil.
The global coconut products market was valued at US$ 5.7 billion in 2018, and is expected to register a CAGR of 9.9% in terms of revenue, over the forecast period (2019 – 2027), to reach US$ 13.14 billion by 2027.
Figure 1. Global Coconut Products Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific held the largest market share in the global coconut products market in 2018, and is projected to be the dominant region over the forecast period. This is owing to abundant production of coconut and widespread uses of coconut milk in various cuisines is popular in Asian countries. For instance, according to Food and Agricultural Organization (FAO), Asia accounted for 82.6% of the global coconut production in 2016.
Key players dealing in coconut products in Middle East are focused on presenting their products in various trade shows such as Middle East Organic & Natural Products Expo, Gulfood, and other events to increase public awareness on coconut products. For instance, products such as Protein Bar with coconut by Earth Origin for General Trading LLC and Coconut Water by Celebes Coconut Corporation will be promoted in Gulfood 2019.
Figure 2. Global Coconut Products Market Share, By Product, 2018
Source: Coherent Market Insights, 2018-19
Major players operating in the global coconut products market include The Coconut Company (UK) Ltd., Marico Ltd., Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
Coconut products provide multiple health benefits such as improvement in cardiovascular health, reduction of digestive problems, and weight loss. Coconut water provides cardio protective effect, boost kidney health, aid in diabetes management, provide rehydrating effect post exercise, and aid in maintaining blood pressure levels. Health benefit of the coconut water such as regulation of internal fluids and ability to replenish and rehydrate the body are driving growth of the market.
By product type, coconut oil segment is expected to witness significant growth, owing to various advantages associated with it. Coconut oil is widely used in food, toiletry, and industrial sectors as it is saturated, stable, and biodegradable as well as enhances the shelf life of produced prepared using coconut oil. Moreover, refined coconut oil is used in the manufacturing of biscuits, chocolates, confectionery items, ice cream, pharmaceutical products, and paints.
Among region, Asia Pacific is expected to hold a significant market share during the forecast period. This is owing to substantial demand for coconut products from South Asian countries. Increasing lactose intolerant population in the region increases demand for coconut milk. According to U.S. National Library of Medicine, lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting over 90% of adults in some of these communities. Coconut milk is largely used as a substitute for milk, which contains lactose.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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