The Coconut Products Market was valued at US$ 6.7 Billion in 2022, according to Coconut Products Market Report, by Form (Solid and Liquid), by Products (Coconut Powder, Coconut Water, Coconut Milk/Cream, Coconut Oil, Desiccated Coconut, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The coconut products market is projected to reach US$ 13.6 Billion by 2030, exhibiting a CAGR of 9.25% during the forecast period. Increasing preference for lactose-free products, vegan products, and natural ingredients in the confectionary market is leading to high demand for coconut sugar, coconut milk, and coconut milk powder. Health benefits offered by coconut products are an important driver for the growth of the market. For instance, coconut milk powder prevents anemia, regulates heart functioning and breathing, and offers anti-bacterial and anti-viral benefits. However, fluctuating prices of coconut oil and coconut are expected to negatively impact the growth of the market.
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Browse 25 market data tables* and 15 figures* on "Coconut Products Market” – Global forecast to 2030.
Key Trends and Analysis of the Coconut Products Market:
- Among products, coconut oil segment is expected to witness a major share in the market. Coconut oil is used in food, toiletry, and industrial sectors as it is saturated, stable, and biodegradable and provides long shelf life to fried products, which is expected to drive the growth of the coconut products market during the forecast period.
- Coconut products market is establishing a new trend of organic products due to increasing consumer preference towards organic and healthy food products. According to Organic Trade Association, organic product sales in the U.S. totaled around US$ 47 billion in 2016, with an increase of around US$ 3.7 billion from 2015.
- Desiccated coconut is widely used in confectionary products. Increasing demand for confectionary products is boosting the growth of the coconut products market during the forecast period. For instance, according to the Department of Agriculture and Agri-Food Canada under the Government of Canada, the confectionery market in United States Emirates (UAE), was valued at US$ 481.9 million in 2016, and it is expected to reach US$ 800 million by 2021.
- Players operating in the market are focused on enhancing their market share through various strategies such as partnerships and expansion of distribution channels. For instance, in December 2016, Pure Nutrition launched its e-commerce portal in Dubai to offer plant-based products such as organic raw virgin coconut oil.
- New product launches of coconut-based confectionery are propelling the growth of the coconut products market. For instance, Mirzam Chocolate Makers introduced confectionary consisting of dark chocolate, dates, dried fruits, spices, nuts, and flavors including coconut, orange cinnamon, pumpkin seed, pistachio, and caramelized cacao nibs in April 2018.
Key Takeaways of the Market:
- Among region, Asia Pacific is expected to be the fastest-growing market during the forecast period. Coconut is an important ingredient in South Asian cuisines. Coconut products find its uses while preparing rice, curries, bakery products, confectionaries, and beverages. Coconut milk powder is particularly helpful while cooking curry as the powder has improved capability to bind to spices.
- According to Food and Agricultural Organization (FAO), Asia Pacific accounted for 82.6% of global coconut products production in 2022. Therefore, the abundant production of coconut and the widespread uses of coconut milk in various cuisines is contributing to the growth of the coconut products market in the region.
- Major players operating in the global 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.