Coconut Products Market Forecast and CAGR
Coconut product market is segmented as coconut oil market, coconut water market, coconut milk market, desiccated coconut, coir, and copra. These products find a wide range of applications in food & beverages and cosmetic & personal care industries Combined
According to latest research by Transparency Market Research, Coconut Products market is set to witness rapid growth during 2021-2031. Increasing awareness regarding the benefits associated with the products coupled with growing demand from major developed countries such as Europe and North America is expected to drive the market with the significant CAGR.
What is Driving Demand for Coconut Products?
Coconut oil is widely consumed by the cosmetics industry for manufacturing products, for hair and skincare applications such as hair oils and soaps. Coconut oil-based personal care products have gained higher traction in the personal care industry due to its emollient properties. Huge demand for coconut oil in the cosmetics industry and an increase in its popularity in food applications are likely to drive the coconut oil market.
Active and health-conscious consumers have shifted their preference toward natural alternatives to caffeinated and sugar-based energy drinks. Hence, the demand for coconut water as a natural energy drink is growing rapidly due to its nutritional properties such as electrolytes and nutrients.
Coconut milk is also gaining popularity as an alternative to dairy milk, especially among the vegan population. Other derivatives like coconut water, sugar, and chips, and cookies are gaining popularity due to the health benefits associated with them. Such diverse uses are anticipated to further fuel the demand in the forthcoming years.
Furthermore, due to its rich flavor with a mild aroma, it has become a popular choice of fat in various food products. Coconut oil, dried coconut powder are being used by many manufacturers in packaged food products, and many consumers use it for cooking products, such as sweets, fried foods, and smoothies, etc. Due to some of the key characteristics possessed by coconut oil, coupled with strong demand from cosmetics and food & beverages industries, coconut oil accounted for a higher value share in the global coconut products market.
Health Benefits of Coconut Likely to Augment the Coconut Products Sales
Coconut products are gaining popularity in the market majorly among health-conscious consumers. Unlike many other fruits that are high in carbs, coconuts provide mostly fat. They also contain protein, several important minerals, and small amounts of vitamin B. However, they’re not a significant source of most other vitamins. The Health Benefits of coconut milk are the major factor owing to this demand for the product.
Coconut milk is a high-calorie food. About 93% of its calories come from fat, including medium-chain triglycerides (MCTs). MCT fats in coconut milk benefit weight loss, body composition, and metabolism. Similarly, coconut meat is high in fat and calories while moderate in carbs and protein. Coconut meat is rich in several important minerals, especially manganese and copper supports enzyme function and fat metabolism, copper assists bone formation and heart health. Likewise, coconut water is another product with a higher acceptance among the consumers, as drinking coconut water may be helpful to reduce heart disease risk.
US and Canada Coconut Products Market Outlook
North America holds the largest coconut products market share globally. The United States is one of the major importers of coconut products owing to high demand. Due to increasing health awareness related to obesity, coconut products find applications in weight loss smoothies and no-sugar energy drink, driving the regional growth.
Asia Pacific and Central and South America also contribute significantly to the product consumption as the major plantations are found in countries like Indonesia, Philippines, India, Brazil, Sri Lanka, and Vietnam. These countries are the major suppliers to North America and Europe. Philippines and Indonesia are the major exporters of coconuts and coconut oil in the world.
Europe Demand Outlook for Coconut Products
Europe is expected to growing with significant CAGR over the forecast period, owing to increase in adoption of coconut water and milk. The milk is already being used as a non-dairy alternative in many European countries. However, due to increasing awareness regarding the benefits of coconut water, there has been a huge increase in the demand for these products. Netherlands is the major importer of coconut oil after China and the U.S.
Who are the Key Manufacturers and Suppliers of Coconut Products?
The key players which are connected with the manufacturing and supplying of the coconut products are Sambu Group, Organic Life, Marico, ATC Worldwide Enterprise, Cocotana, Cocomate, Nutrix, Bulk Apothecary, Dream, Danone, Superior Supplement Manufacturing, The Peermade Marketing Co Operative Society Limited, Vita Coco, Royal Forest, PT. Pacific Eastern Coconut Utama., UNITED SPICES, LTD, Universal Coco Indonesia, and Klassic Coconut, etc.
- Coconut water
- Coconut oil
- Coconut milk
- Dried coconut products
- Coconut Meat
By End-use Industry
- Food & Beverage Industry
- Confectionary Food Products
- Convenience Food Products
- Bakery Products
- Cosmetics Industry
By Distribution channel
- Business to Business
- Business to Consumer
- Convenience stores
- Specialty stores
- Online retail
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.