Coconut Products Market Share and Forecast by 2027

[Research Report] The coconut products market was valued at US$ 10,627.83 million in 2018 and is projected to reach US$ 30,587.53 million by 2027; it is expected to grow at a CAGR of 12.5% from 2019 to 2027.

Coconuts are highly nutritious as they are high on fibers; vitamins C, E, B1, B3, B5, and B6; and minerals such as sodium, iron, calcium, magnesium, phosphorous, and selenium. Coconut products, i.e., products extracted or derived from coconuts, improve cardiovascular health, promote blood sugar control, aid in weight loss, and boost brain function in Alzheimer's disease. Coconut water boosts kidney health, provides a cardio-protective effect, offers rehydrating effect post-exercise, aids in maintaining blood pressure levels, and aids in diabetes management.

The coconut products market in North America is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region is mainly attributed to higher consumer inclination toward a healthy foodstuff and ingredients such as coconut products. Consumers in countries such as the US, Canada, and Mexico have become more conscious regarding their diet and food intake. Also, surging demand for coconut products such as coconut milk, cream, and water in alcoholic drinks further bolsters the demand for coconut products in North America. The US is the primary market in the region, followed by Canada and Mexico. North America is positioned to be an attractive market for investments in coconut products as these products are highly utilized by food & beverages and food service industries.

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Coconut Products Market: Strategic Insights

Impact of COVID-19 Pandemic on Coconut Products Market

The COVID-19 outbreak adversely affects economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Due to the global pandemic crisis and the indefinite lockdown across nations, the food & beverage industry witnessed high demand for household staples, healthy food items, and food products with longer shelf lives. Therefore, thedemand for national and shelf-stable coconut products such as coconut powder, coconut oil, coconut milk, and cream, among other products, is also increasing. Presently, major coconut producers in the market are faced with supply chain challenges and low consumption of their products. The major players are focusing on modifying and altering their supply chains in order to reinforce their online presence and delivery measures in an attempt to adapt to the present

business scenario. The changes in consumer buying behavior, food habits, and the significant shifts towards online distribution channels may have serious implications on the growth of the coconut products market over the forecast period.

Market Insights

Rise in Use of Coconut Derivatives in Food Recipes and Other Foodstuff  Is Expected to Fuel Coconut Products  Market Growth

Coconut and coconut derivatives have become a major ingredient used in several food recipes and products. Products such as coconut oil, milk, flour, water, cream, and sugar; grated or shredded coconut; and desiccated coconut are extensively used in various food and beverages. In Asia countries, virgin coconut oil is extensively used as edible oil. Coconut oil is unique cooking oil as it contains short and medium-chain saturated fatty acids. It finds extensive use in the food industry due to its easy melting behavior, pleasing flavor, good digestibility, and oxidative rancidity resistance. It can also be used for margarine production. Coconut oil is a preferred fat source in infant milk powder, filled milk, ice-cream and confectionery, and bakery product preparations. Dehydrated coconut is mainly used in the confectionery and other food industries. Dehydrated coconut is also used as a substitute to grated coconut in various household food preparations. Coconut milk is an instant product that can be used directly or diluted with water to prepare curries, sweets, desserts, fish and meat dishes, cookies, cocktails, puddings, cakes, ice creams, coconut jam, etc. The demand for coconut products has also increased in the production of convenience food products. Coconut biscuits are gaining high popularity in the ready-to-eat snack products category, and they mainly constitute all-purpose flour and coconut powder, along with other ingredients such as butter, cocoa, and ginger that enhance the taste. The coconut biscuits have a shelf life of three months under ambient conditions. These biscuits are delicious and highly nutritious with low calorie and high fiber content and are highly popular in the US and in the countries in Asia Pacific, Europe, and Middle East and Africa. Also, coconut candy is another coconut-based product prepared from coconut milk mixed with grated coconut. It is a new snack product mainly produced in Asia Pacific countries. Coconut chocolates are prepared from the crux containing grated coconut sugar and milk butter, coated with chocolate. The product has a shelf life of three months under refrigerated conditions. It has extensive demand in Europe, Australia, North America, Middle East, and China.

Type Insights

Based on type, the coconut products market is bifurcated into coconut cream, coconut milk, coconut water, coconut sugar, coconut oil, coconut grated/shredded, coconut desiccated and others. The coconut oil segment accounted for a larger market share in 2019. Coconut oil is a colorless and tasteless product, which is extracted from the kernel of mature coconuts. Based on extraction, it is divided into two types, unrefined and refined or virgin coconut oil. According to the report published by the National Center for Biotechnology Information (NCBI), coconut oil has been reported to have positive impact on people suffering from Alzheimer’s disease as it reduces the cognitive deficiencies related to the disorder. Further, a study by the University of Cambridge revealed that coconut oil lessens the risk of acquiring cardiovascular diseases. Coconut oil increases the high-density lipoproteins (HDL), i.e., good cholesterol, levels, reducing the risk of heart diseases. Moreover, the fatty acids present in coconut oil facilitate burning of harmful body fats, thereby providing energy for brain and body functioning. Coconut oil is used for cooking in Asian countries such as India and China. The Indian government has conducted campaigns to emphasize the health benefits of coconut oil to rejuvenate the domestic coconut industry. Furthermore, owing to its anti-aging, antioxidant, and antibacterial properties, the oil is also used in the cosmetics industry.

Application Insights

Based on application, the coconut products market is segmented into food, beverages, and end consumers. The food segment accounted for the largest market share in 2019. Coconut products are used in curries, confectionery, bakery, snacks, and many others. Increasing demand for healthier dairy substitutes is anticipated to raise the application of coconut products in food items. Coconut water, coconut oil, and coconut milk are heavily used in Asian and Thai culinary. The sweet and nutty flavor of coconut products is suitable for a wide range of food products, from roasted sweet potatoes to candy bars. Growing health-consciousness among consumers also escalates the demand for foodstuff with coconut products. Coconut products are rich in minerals, vitamins, manganese, calcium, phosphorous, and many other nutrients. Coconut milk contains high calories, and 93% of its calories are from medium-chain triglycerides (MCTs). MCTs aid in weight loss and healthy metabolism and enhance body functions. Moreover, a considerable amount of manganese in coconut is necessary for bone health and for enhanced metabolism. Consumption of virgin coconut oil leads to reduction of belly fat, which is a one of the main causes of diabetes and heart diseases. Coconut milk and yogurt are replacing the traditional use of milk in many preparations and delicacies. Moreover, the tremendous rate of rise in prevalence of lactose intolerance among the populace increases the use of coconut milk.

A few players operating in the Coconut Products market are Marico, PepsiCo Inc., The Coca-Cola Company, The Coconut Company, Nexpo Conversion, Danone S.A., Nestle S.A., Sambu Group, THAI Agri Food Plc., and Thai Coconut Public Company Limited, among many others. The key companies implement the mergers and acquisitions, and research and development strategies to expand customer base and gain significant share in the global market, which also allows them to maintain their brand name globally.

The regional trends and factors influencing the Coconut Products Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Coconut Products Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Coconut Products Market Report Scope

Coconut Products Market Players Density: Understanding Its Impact on Business Dynamics

The Coconut Products Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Report Spotlights 

• Progressive industry trends in the coconut products market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the coconut products market from 2019 to 2027
• Estimation of global demand for coconut products
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the coconut products market
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the coconut products market size at various nodes
• Detailed overview and segmentation of the market, as well as the coconut products industry dynamics
• Size of the coconut products market in various regions with promising growth opportunities

Coconut Products Market- by Type

• Coconut Cream
• Coconut Milk
• Coconut Water
• Coconut Sugar
• Coconut Oil
• Coconut Grated/Shredded
• Coconut Desiccated
• Others

Coconut Products Market – by Application

• Food
• Beverage
• End Consumers

Coconut Products Market- by Distribution Channel

• Hypermarkets and Supermarkets
• Convenience Stores
• Online Retail
• Others

Company Profiles

• Marico
• PepsiCo Inc.
• The Coca-Cola Company
• The Coconut Company
• Nexpo Conversion
• Danone S.A.
• Nestle S.A.
• Sambu Group
• THAI Agri Food Plc.
• Thai Coconut Public Company Limited