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.
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.
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.
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 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.
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.
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