Coconut Products Market Report by Size and Share 2027

Coconut Products Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Coconut Cream, Coconut Milk, Coconut Water, Coconut Sugar, Coconut Oil, Coconut Grated/Shredded, Coconut Desiccated and Others); Application (Food, Beverage and End Consumers); Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Online Retail, and Others); and Geography

Publication Month : Jul 2020

  • Report Code : TIPRE00012326
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 298
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[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.

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.

Coconut Products Market

Coconut Products Market
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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.

Coconut Products Market, by Application – 2018 and 2027

Coconut Products Market, by Application – 2018 and 2027
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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.

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Coconut Products Market: Strategic Insights

Market Size Value inUS$ 10,627.83 Million in 2018
Market Size Value byUS$ 30,587.53 Million by 2027
Growth rateCAGR of 12.5% from 2019-2027
Forecast Period2019-2027
Base Year2019
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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.

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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, Distribution Channel, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Brazil, Canada, France, Germany, Ghana, India, Indonesia, Israel, Italy, Japan, Kenya, Malaysia, Mexico, Pakistan, Russian Federation, Saudi Arabia, Singapore, South Korea, Sri Lanka, Tanzania, Thailand, Turkey, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Based on type, why the coconut oil segment accounted for the largest share in the global coconut products market?

The growth of the coconut oilsegment is primarily attributed to its unique characteristics such as saturated fat content, high stability, and biodegradability, and it provides long shelf life to fried products. Moreover, the oil is characterized by a high smoke point compared to other options. Also, as it is solid at room temperature, coconut oil can be used in baking recipes, for frying, and for greasing baking pans.

Can you list some of the major players operating in the globalcoconut products market?

The major players operating in the globalcoconut 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 others.

Which region held the largest share of the global coconut products market?

In 2018,the coconut products marketwas predominantinAsia Pacificat theglobal level.. This growth is primarily attributed to wide utilization of coconut products such as coconut cream, coconut milk, coconut water, coconut sugar, coconut oil, grated/shredded coconut, and desiccated in various regional cuisines and recipes. The growing production of coconut in Southeastern parts of Asia, along with the easy availability of coconuts as a raw material, further propels the market in Asia Pacific.

The List of Companies - Coconut Products Market

  1. Marico
  2. PepsiCo, Inc.
  3. The Coca-Cola Company
  4. The Coconut Company
  5. Nexpo Conversion
  6. Danone S.A.
  7. Nestle S.A.
  8. Sambu Group
  9. THAI Agri Food Plc.
  10. Thaicoconut

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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