by The global Coconut Products Market is estimated to be valued at US$ 7.32 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut products are derived from the coconut palm tree. It includes coconut oil, coconut water, coconut milk, shredded coconut, and desiccated coconut. Coconut products are used across various industries such as food & beverages, cosmetic, pharmaceutical, and others due to their health beneficial properties.
Market key trends:
One of the major trends in the coconut products market is the introduction of innovative products by companies. Manufacturers are focusing on developing novel product formulations with coconut ingredients. For instance, companies offer coconut milk-based yogurt, coconut creamer, coconut ice-cream, coconut spreads, and others. These innovative coconut products attract more health-conscious consumers driving the market growth. Companies also offer organic certified coconut products to cater to the rising demand for clean-label and natural products. One of the key trends in the coconut products market is the rising popularity of coconut oil as a superfood. Coconut oil is seeing increased demand due to various health benefits such as containing beneficial fatty acids for heart health, weight loss properties, being good for brain and bone health. Manufacturers are innovating with coconut oil by incorporating it in various food products like spreads, cooking oils, and others which is fueling the growth of this market.
SWOT Analysis
Strengths:
– Diverse product segments like coconut water, cream, milk offering opportunities for growth.
– Health benefits of coconut products creating demand.
Weaknesses:
– Dependency on climatic conditions for production can impact supply.
– Price volatility of coconut affects profitability of manufacturers.
Opportunities:
– Rising health consciousness driving innovations in coconut-based food and beverages.
– Growing demand from personal care industry for ingredients obtained from coconut.
Threats:
– Competition from alternate plant-based foods and beverages.
– Natural calamities can hurt coconut cultivation.
Key Takeaways
The Global Coconut Products Market Size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing health consciousness among consumers. The market size for 2023 is estimated to be US$ 7.32 Bn.
Regional analysis:
The Asia Pacific holds the major share in coconut products market owing to major coconut producing countries like Philippines, Indonesia and India located in the region. Countries like Sri Lanka and Thailand are also witnessing rise in coconut production contributing to market growth.
Key players operating in the coconut products market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
