Demand for Coconut Syrup on Rise as Millennials Take Healthy Route

In the current scenario, the food & beverages sector is increasingly being influenced by evolving consumer preferences. Owing to the growing awareness pertaining to the negative effects of sugar, the sugar-free wave has caught up with health-conscious consumers across the world. Due to mounting concerns over the consumption of conventional sugar, natural sweeteners have started to gain noteworthy popularity in the past few years. The gradual shift toward the usage of natural sweeteners has opened up abundant opportunities for stakeholders operating in the coconut syrup market. Coconut syrup, which is typically made from coconut milk or coconut water, has started to gain considerable amount of popularity in the past few years, particularly in the Asia Pacific region, owing to a range of factors.

Several studies have also revealed the benefits of coconut sugar syrup for obese and diabetic patients, which, in turn, is likely to fuel the demand for coconut syrup during the forecast period (2019-2027). Coconut syrup contains traces of antioxidants and phytonutrients due to which the demand for the same is expected to increase at a steady pace in the coming years. Favorable functional properties of coconut syrup and growing consumer awareness regarding the benefits of the same are expected to be some of the key factors that would accelerate the growth of the coconut syrup market during the assessment period. Due to these factors, the global coconut syrup market is projected to reach a market value of ~US$ 354 Mn by the end of 2027, as per the findings of Transparency Market Research.

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Growing Demand for Low Glycemic Index Food Products to Drive Coconut Syrup Market

As the millennial population continues to sway toward the consumption of healthier food products and beverages, interest for coconut syrup is on the rise. The processing of coconut syrup is unique and is free from preservatives and bleaching agents due to which, consumer demand for the same is set to witness steady growth in the near future. Moreover, stakeholders in the coconut syrup market are of the opinion that with additional research & development coupled with impactful marketing strategies, coconut syrup has immense potential to replace common sugar.

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One of the leading factors that are expected to accelerate the popularity of coconut syrup over the course of the forecast period is its low glycemic index. According to the research conducted by the University of Sydney, the consumption of food products with a low glycemic index plays a key role in preventing chronic diseases, including type 2-diabetes. As coconut syrup contains essential ingredients, including vitamin C, amino acids, and vitamin B complex, consumer demand continues to move in an upward trajectory. Although conventional coconut syrups are likely to remain popular, the demand for organic coconut syrup is expected to gain momentum in the latter half of the forecast period. Coconut syrup is increasingly being used as a flavor enhancer and as a topping for desserts– a trend that has gained significant traction in some parts of the Asia Pacific and North America.

Food Manufacturers Launch New Coconut-based Products to Expand Product Portfolio

Food and beverage manufacturers are expected to develop and innovate with evolving consumer preferences. Sensing the soaring interest levels for coconut-based products, brands are introducing new coconut-based products and coconut syrup. In addition, due to the growing demand for organic products, stakeholders in the coconut syrup market are expected to capitalize on this trend to gain an advantage. While some brands are focusing on introducing new coconut-based products, other brands are launching coconut syrup in convenient and attractive packaging designs.

For instance, in October 2019, Marico extended its product portfolio by launching an array of coconut spreads under their vegan food range. The brand has revealed that the newly launched products are made using 100% natural ingredients, including coconut syrup and coconut milk, and are free-form preservatives. In the past decade, the demand for niche gourmet products has increased due to which increasing number of brands are launching new products such as coconut syrup. Stakeholders in the current coconut syrup market are increasingly focusing on enhancing the aroma and taste of their products and offering an authentic flavor profile. In addition, as the demand for coconut syrup continues to grow across food service outlets, gourmet food stores, coffee shops, and others, the coconut syrups market is expected to witness steady growth during the forecast period.

coconut syrup market segmentation

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Analysts’ Viewpoint

The global coconut syrup market is expected to grow at an impressive CAGR of ~8% during the forecast period. Evolving consumer preferences, growing number of health-conscious consumers, ascending popularity of niche food trends, including veganism and rising awareness regarding the benefits of coconut syrups, are some of the leading factors that will propel the growth of the coconut syrup market during the forecast period. Stakeholders in the current coconut syrup market should focus on improving the authenticity of their products and invest resources toward research and development to improve the overall quality of the products.

Coconut Syrup Market: Overview

  • The global coconut syrup market value was estimated to reach ~ US$ 161 Mn in 2019, finds Transparency Market Research (TMR) in a recent study. According to the report, the coconut syrup market is anticipated to reach ~US$ 354 Mn by 2027, at a CAGR of ~8%.
  • Coconut syrup is a rich source of minerals, protein and vitamins such as B1, B2, B3, and C. The number of health-conscious consumers is increasing rapidly across the globe due to which the consumption of gluten-free and healthy products is increasing, which propels the coconut syrup market. Furthermore, the usage of coconut syrup in vegan food products is increasing. This will bode well for the market, considering the rising prevalence of veganism around the world.

Coconut Syrup: Market Frontrunners

  • By form, liquid coconut syrup was the leading segment in 2019 and accounted for approximately 73% of the market. Furthermore, the liquid coconut syrup segment accounts for 27% of the market in terms of value.
  • The conventional segment was leading in terms of nature with market share of 81.8% in 2019 and the organic coconut syrup has market share 18.2% in terms of value
  • In terms of flavor, original coconut syrup emerged as the leading segment in 2019, accounting for approximately 76% market share. Furthermore, the flavored segment accounts for ~27% of the market in terms of value.
  • On the basis of function, sweetening segment emerged dominant with a market share of ~34%. After sweetening, flavoring emerged as the second-leading segment with a market share of ~27%. The texturizing and preserving segment had market share of ~21% and 17%, respectively in 2019.
  • Based on application, the food segment led the market with a share of ~ 59% in 2019. The food segment is expected to remain dominant during the forecasted period. The beverage and other applications segments are expected to hold ~ 43% and 12% of the market, respectively by 2029.
  • The direct segment is leading with market among sales channels. It accounted for a dominant share of ~60% in the market in 2019 and indirect sales channel held ~39% of the market in 2019
  • Asia Pacific leads the global coconut syrup market followed by North America and Europe. The Asia Pacific market is expected to continue leading the global coconut syrup market. By the end of 2029, it is expected to hold nearly ~26% of the overall market.

Coconut Syrup Market: Trends

  • An increasing number of consumers are turning into vegan or avoiding eating animal-based products day by day, owing to the growing awareness towards animal welfare. There are multiple NGOs who are working to prevent the exploitation of animals. Millennials are actively in various movements launched by NGOs. Also, there are numerous programs that are organized by NGOs that promote veganism. Veganism is going mainstream, and this factor is helping boost the sales of coconut syrup. Manufacturers are focusing on launching various unique and innovative vegan food products due to which the usage of coconut syrup is increasing rapidly.
  • Coconut syrup is made available in attractive and convenient packaging. Different sizes of bottles are made from plastic as well as glass. Even small and big pouches and sachets are available, which are easy to carry while travelling. Consumers can purchase a product as per their needs and requirements. Availability of coconut syrup in attractive and convenient packaging is driving the coconut syrup market.

Rising Demand for Sugar-free and Gluten-free Food Products Will Propel Growth

  • Consumers nowadays have become health-oriented, and are limiting the consumption of food products that are perceived to have high levels of sugar, fat, calories, and sodium. The sales of healthier varieties should continue to rise, amid rising health-conscious population. The demand for gluten-free and sugar-free products continues to rise, as celiac disease and gluten intolerance become more visible and widely diagnosed. Organic coconut syrup is gluten-free and can be used widely as non-sugar sweetener. Due to the gluten-free and minimal percentage of sugar, coconut syrup is used widely in the food products such as fruits, snacks, pastries, jams, desserts, bakery products such as biscuits, muffins, baked apples, donuts, and others. Coconut syrup is also used in pancake, waffle, hot bread, and French bread toast. Coconut syrup is used in beverages such as fruit juice, shakes, tea and coffee, and some alcoholic beverages. The increasing consumption of bakery, confectionery products, tea, and coffee will boost the demand of coconut syrup. 

Coconut Syrup Market: Strategies

  • Key players operating in the global coconut syrup market are focusing on acquisition, mergers, and joint ventures to expand their geographical presence, product portfolio, and consumer base
  • Companies are investing in research and development as well adoption of advanced technology to launch innovative and unique products using coconut syrup as well as to increase the production capacity  

Target Region for Coconut Syrup Market

  • In terms of value, countries in Asia Pacific are likely to represent the largest share in the market, and are expected to remain strong in the forecast period. Due to the increasing number of health-conscious and vegan consumers, the North America market is expected to grow rapidly with the CAGR ~11% during the forecast period.

Coconut Syrup Market: Players

  • Key players operating in coconut syrup market, as profiled in the study, include
    • Wichy Plantation Company (Pvt) Ltd
    • Bali Nutra Ltd
    • Tradin Organic Agriculture B.V.
    • Holos Integra
    • Wholesome Sweeteners Inc.
    • Benevelle Corporation
    • Coconut Secret
    • Coconut Merchant Ltd
    • Treelife Coco Sugar
    • Andy Alabo Corporation
    • Singabera

Coconut Syrup Market - Scope of the Report

Transparency Market Research (TMR) has recently published a market study on the coconut syrup market. It provides a detailed assessment of key market dynamics, including the drivers, trends, opportunities & restraints, and detailed information about the coconut syrup market structure. The market study presents exclusive information about how the coconut syrup market will grow during the forecast period of 2019-2029.

Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the coconut syrup market during the forecast period.

The study is intended to offer a holistic market overview to stakeholders in the coconut syrup manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the coconut syrup market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the coconut syrup market. Furthermore, small businesses and new entrants in the coconut syrup market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market. 

Key Questions Answered in TMR’s Coconut Syrup Market Report

  • Which region will continue to remain the most profitable regional market for coconut syrup market players?
  • Which factors will induce a change in the demand for coconut syrup during the assessment period?
  • How will the changing trends impact the coconut syrup market?
  • How can market players capitalize on the low-hanging opportunities in the coconut syrup market in developed regions?
  • Which companies are leading the coconut syrup market?
  • What are the winning strategies of stakeholders in the coconut syrup market to catapult their position in the forefront?

Coconut Syrup Market: Research Methodology

In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the coconut syrup market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts for compiling the coconut syrup market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.

Information acquired from primary resources and secondary resources is compiled in a comprehensive manner. This also acts as a validation from companies in the coconut syrup market, which makes TMR’s projections more accurate and reliable.

Coconut Syrup Market – Segmentation 

TMR’s studies the coconut syrup market in terms of a few important segments. These are form, nature, flavor, function, application, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Form

  • Liquid
  • Powder

Nature

  • Organic
  • Conventional

Flavor

  • Original/Unflavored
  • Flavored

Function

  • Sweetening
  • Texturizing
  • Preservative
  • Flavoring

Application

  • Food
    • Bakery & Confectionary
    • Dairy Products
    • Breakfast Cereal
    • Sauces & Salads
    • Other Food Products
  • Beverages
    • Alcoholic Beverages
    • Tea & Coffee
    • Other Beverages
  • Other Applications

Sales Channel

  • Direct Sales
  • Indirect Sales
    • Modern Trade
    • Convenience Store
    • Departmental Store
    • Online Retailers
    • Traditional Grocery Store
  • Other Sales Channels

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Oceania
  • MEA
  • Japan

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