The coconut derivatives market was valued US$ 14 billion in 2022, it is expected to grow at a CAGR of 9.2% between 2022 to 2031.
Coconut derivatives include coconut milk, coconut oil, coconut flour, coconut water, and coconut chips. These products have multiple applications in food & beverages, pharmaceuticals & nutraceuticals, personal care, animal nutrition, and other industries. Coconut has high nutritional benefits. It is rich in minerals, vitamins, dietary fibres, carbohydrates, proteins, and medium chain triglyceride. It helps in controlling blood sugar level by improving insulin resistance. It has anti-inflammatory and anti-bacterial effects.
The rising demand for natural and plant-based ingredients in various end-use industries such as food & beverages and personal care is driving the demand for coconut derivatives. Consumers are highly concerned about synthetic ingredients used in food and beverages. Therefore, they are replacing synthetic products with all-natural products. Coconut derivatives such as coconut milk, coconut flour, and coconut oil are widely used to manufacture plant-based or vegan-friendly food and beverages. This factor is expected to drive the growth of the coconut derivatives market over the forecast period.
MARKET DYNAMICS
Over the past few years, the dietary preferences of consumers have changed dramatically. Consumers are including all-natural, clean, and plant-based products in their diet and eliminating highly processed products.
Consumers are highly inclined toward plant-based or vegan-friendly products due to increasing health concerns and growing awareness of animal welfare. The rising health consciousness among people due to the prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than animal-derived products. Coconut derivatives such as coconut milk, coconut flour, and coconut oil are excellent plant-based ingredients that increase the nutritional value of products and offer a wide range of health benefits. Thus, the rising veganism trend and growing awareness of nutritional benefits of coconut derivatives are the key factors driving the market growth.
Coconut derivatives are also witnessing significant demand in the personal care industry. Coconut-based soaps, moisturizers, lotions, body washes, and shampoos, among others, are gaining huge traction among consumers due to their hydrating and moisturizing benefits. Thus, the rising demand for coconut derivatives in the personal care industry is also driving the coconut derivatives market.
MARKET SCOPE
The "Global Coconut Derivatives Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the coconut derivatives market with detailed market segmentation. The report provides key statistics on the market status of leading market players and offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global coconut derivatives market is segmented into product type, category, and application. Based on product type, the market is segmented into coconut milk, coconut oil, coconut flour, and others. By category, the market is divided into organic and conventional. In terms of application, the market is categorized into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others.
The report provides a detailed market overview, including qualitative and quantitative information. It provides an overview and forecast of the global coconut derivatives market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 for 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The coconut derivatives market by each region is later sub-segmented by respective countries. The report covers an analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in these regions.
From the regional perspective, Asia Pacific dominated the coconut derivatives market in 2021. The dominance of Asia Pacific on the market is majorly due to the high production of coconut and its derivatives in Asia Pacific countries such as Indonesia, India, and Philippines. Indonesia is the world’s largest coconut-producing countries and according to the Food and Agriculture Organization, coconut production in Indonesia accounted for 16.8 million tons in 2020. Moreover, there is a high demand for coconut-based products in the region due to rising awareness of health benefits with the use of coconut and its derivatives. These factors are driving the growth of coconut derivatives market across Asia Pacific.
Source: The Insight Partners Analysis
The report analyzes the factors influencing the coconut derivatives market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, impacting the market during the forecast period. The report also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the coconut derivatives market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic brought unprecedented challenges to many sectors, including the food & beverage industry. Lockdowns, border restrictions, travel bans, shutdown of manufacturing units, and other safety protocols under the guidelines by governments of different nations negatively impacted the operations of manufacturing companies. Moreover, supply chains were completely disrupted due to nationwide lockdown and border restrictions, which affected the production and distribution of various products. The coconut derivatives market also witnessed similar impacts of the pandemic. The exports of coconut derivatives were negatively impacted as well. Moreover, the shortage of raw materials caused spike in prices of coconut derivatives, thereby hampering the demand.
However, the dietary preferences of consumers changed significantly post pandemic with many consumers switching to plant-based diets. Many consumers shifted to plant-based diets as they perceived vegan products to be healthier than animal-derived products. Moreover, as people were confined in their homes, they focused on self-care and invested in natural personal care products. All these factors created strong growth potential for the coconut derivatives market.
Further in 2021, the governments of various countries relaxed the previously imposed restrictions and permitted manufacturers to operate with full capacity. Currently, the global supply chains have improved, and manufacturers are boosting their production to overcome the demand and supply gap. This factor is further expected to drive the coconut derivatives market in the coming years.
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The reports cover key organic and inorganic growth strategies in the coconut derivatives market. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and market players' customer base. Market players are anticipated to witness lucrative growth opportunities in the near future with the rising demand for coconut derivatives.
The report also includes key coconut derivatives market companies' profiles, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components, and services offered, financial information of the last 3 years, and key development in the past 5 years. Below is the list of companies operating in the coconut derivatives market.
- Cargill, Incorporated
- Barry Callebaut
- Lovenature Superfoods
- ConnOils LLC
- Red V Foods Corp.
- Rosun Groups
- Brusco
- Naturz Organics
- DAVIDSUN COCONUT PRODUCTS
- Fiesta Ingredients Australia Pty Ltd
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Category, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
1. Barleans Organic Oils L.L.C.
2. Celebes Coconut Corporation
3. Coca-Cola(Zico)
4. McCormick and Company, Inc.
5. Nestlé S.A.
6. PACIFIC FOODS OF OREGON, LLC
7. Pepsico
8. Taste Nirvana
9. The Hain Celestial Group
10. Vita Coco
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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