Coconut Products Market Outlook On The Basis Of Product (Coconut Oil, Coconut Milk/Cream, Coconut Water), By Application (Cosmetics, F&B), By Region, And Segment Forecasts, 2023 - 2030
San
Francisco, 18 June 2024: The Report
Coconut Products Market Size, Share & Trends Analysis Report By
Product (Coconut Oil, Coconut Milk/Cream, Coconut Water), By Application
(Cosmetics, F&B), By Region, And Segment Forecasts, 2023 - 2030
The global coconut products market
size is expected to reach USD 38.58 billion by 2030, expanding at 8.4% CAGR
from 2023 to 2030, according to a new report by Grand View Research,
Inc.Coconut milk products are growing in popularity across the globe as a
result of growing consumer concern over animal health and the rise in the
number of people who cannot tolerate lactose. Increased awareness, the impact
of the pandemic, expanding product portfolios, and increased research &
development are factors propelling the global coconut products industry.
Moreover, coconut oil is increasingly
being used by cosmetic industries to create soaps & oils for hair and skin
care. Due to its moisturizing properties, coconut oil-based personal care
products are gaining popularity in the personal care industry. The market for
coconut products is expected to grow over the coming years as a result of the
massive demand for coconut oil in cosmetics and its increasing popularity in
food applications.
Consumers are increasingly shifting
towards fitness and wellness trends, which has resulted in the growing demand
for natural energy drinks such as coconut beverages over-caffeinated and
sugar-based ones. Due to the nutritional qualities offered by drinks such as
coconut water, it is becoming increasingly popular as a natural energy drink.
Moreover, the increasing preference toward a plant-based diet is also
influenced by environmental issues, ecological concerns, ethical or religious
beliefs, health consciousness, and movements like veganism. This is expected to
play a major role in the adoption of coconut products.
In addition, coconut products are
increasingly used in the healthcare sector, due to their growing utilization in
the treatment of irritable UV ray protection, bowel syndrome, and obesity
treatment. Similarly, the use of coconut oil, which is a component of several
traditional medicinal systems like Ayurveda medicine, has grown in popularity
as these practices become more widespread in Western nations. As a result of
the therapeutic benefits of traditional medicine and their growing emphasis on
natural healing techniques, their demand is rising, fueling market revenue
growth.
The Asia Pacific region is expected to
account for the largest market share over the forecast period due to various
factors. These factors include cheap labor availability, humid & equatorial
climate, and availability of processing facilities. According to International
Coconut Community, coconut oil volume exported by the Philippines rose from
840,073 metric tons in 2020 to 881,086 metric tons in 2022. Moreover, India has
a specialized agricultural authority to support and maintain exports and
domestic output. The Indian Coconut Development Board strives to promote the
integration, diversification, and sector productivity of coconut products. As a
result, the Asia Pacific region continues to drive market revenue growth due to
climatic advantages and development resources.
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Increased
awareness about the benefits of coconuts coupled with the growing demand for
coconut-based products in major developed countries is expected to drive the
demand for these products over the forecast period. In the post-COVID pandemic
era, consumers across the globe have become increasingly conscious about the type
of food they consume. This has resulted in the rising demand for a plant-based
diet. The trend is expected to result in rising demand for coconut products
across the globe, offering key manufacturers and food processing companies an
opportunity to expand their product portfolio and enhance their consumer
outreach.
Coconut Products
Market Report Highlights
- The coconut water product segment is
expected to register the fastest growth over the forecast period, owing to
the tremendous growth in healthy and nutritional drinks to adopt a healthy
lifestyle
- The food & beverages application
segment is expected to register the highest CAGR, owing to the rise in
awareness about the benefits and functional properties of coconut products
in the food and beverages industry
- The Europe regional segment is likely to
witness the highest growth over the forecast period. The expansion of the
region’s coconut products industry is significantly influenced by consumer
willingness to spend more on fitness and nutritional products including
coconut products
According to a report published by
Plant Based Foods Association in 2023, 68% of the surveyed consumers from the
age group 35-44 stated that excessive additives and additive ingredients in the
food supply are some of the major issues related to food globally. Currently, a
large consumer base continues to turn toward plant-based diets as awareness
about the issue rises.
The demand for coconut and
coconut-derived products is anticipated to increase in the coming years as a
result of rising consumer concerns about the use of conventional dairy-based
beverages and food products. The adoption of vegan diets is also on the rise
due to increased health awareness, especially among millennials. The demand for
foods and beverages made with components obtained or produced organically has
grown as the organic industry continues to expand. Food products manufactured
from organic coconut have a much higher nutritious value than conventional
agricultural food products due to the presence of genetically modified
elements. Coconut oil, desiccated coconut, cream, milk, and water from organic
coconut are also witnessing strong demand in various application areas
including food and beverages, cosmetics, and pharmaceuticals.
The increased variety of coconut
products coupled with their health benefits has positively affected the market.
Increasing applications of major coconut derivatives like coconut oil and milk
are positively impacting product demand. Global manufacturers of food &
beverages and cosmetic products are investing in research & development to
extract the complete benefits of coconuts to enhance their product offering.
Coconut Products Market Report Scope
Report
Attribute |
Details |
Market size value in 2023 |
USD 21.79 billion |
Revenue forecast in 2030 |
USD 38.58 billion |
Growth rate |
CAGR of 8.4% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2017 - 2021 |
Forecast period |
2023 - 2030 |
For instance, in February 2022, with
the introduction of goods based on coconut milk, No Apologies, a flagship brand
of Niam International Private Limited, expanded the scope of its product line.
The company launched coconut milk shampoo, conditioner, and hair masks that
offer antimicrobial & restorative care for the scalp and hair. Such initiatives
by leading players that incorporate the use of coconut-based products such as
milk and oil are expected to make constructive addition to the market growth
over the forecast period.
This is pushing consumers to shift
from the conventional utilization of coconut oil as a food ingredient to its
use as a personal care or beauty product. Similarly, as an alternative to
coconut milk, dairy milk continues to gain popularity among people who strictly
follow vegan diets. The rising demand for lactose-free food among consumers
along with the ever-growing demand for natural ingredients in food, bakery, and
the confectionery market is expected to offer lucrative growth opportunities
for key market players.
List of Key
Players in the Coconut Products Market
- Vita Coco
- Pepsico
- Coca-Cola (Zico)
- Eco Biscuits
- Dutch Plantin
- Coconut Dream
- Koh Coconut
- PECU
- UFC Coconut Water
- Taste Nirvana
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