Coconut Products Market Research Report - Segmented By Product (Coconut Oil, Coconut Water, Coconut Milk, Coconut Sugar, Other Coconut Products), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others), By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa) - Analysis of Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities, and Key Insights from 2021 to 2030
Published date -30th Jan 2024
Formats -PDF, CSV
1. What is the Market Size & CAGR of the Coconut Products market in 2021?
The global coconut products market had a market value of USD 10.72 billion in 2021. The market is expected to grow at a compound annual growth rate (CAGR) of 5.62% from 2021 to 2028. With this growth rate, the market is projected to reach USD 16.75 billion by 2028.
2. COVID-19 Impact on the Coconut Products Market
The COVID-19 pandemic had a mixed impact on the coconut products market. On one hand, the market experienced a decrease in demand due to supply chain disruptions and reduced consumer purchasing power. Lockdown measures imposed by governments also affected the production and distribution of coconut products.
On the other hand, the market witnessed an increase in demand for coconut-based immunity-boosting products, as consumers sought healthier alternatives during the pandemic. Coconut water, coconut milk, and coconut-based snacks experienced a surge in sales.
Overall, the coconut products market is expected to recover and witness steady growth in the post-pandemic period, driven by increasing consumer awareness about the health benefits of coconut products and the growing popularity of plant-based diets.
3. Coconut Products Dynamics
The coconut products market is influenced by various factors including changing consumer preferences, increasing health consciousness, and the growing demand for natural and plant-based products.
Coconut products offer several health benefits, such as providing essential nutrients, promoting heart health, aiding digestion, and supporting weight loss. These health benefits, coupled with the versatile application of coconut products in the food and beverage industry, drive the demand for coconut-based products.
Furthermore, the rising popularity of vegan and vegetarian diets, coupled with the increased focus on sustainable and eco-friendly products, has boosted the demand for coconut-based alternatives to animal-derived products such as dairy and meat.
The market also faces challenges such as price fluctuations of raw materials, supply chain complexities, and the presence of alternative plant-based products. However, advancements in technology and innovative product developments are expected to drive market growth.
4. Segments and Related Analysis
The coconut products market can be segmented based on product type, distribution channel, and end-use.
4.1 Product Type:
The coconut products market includes segments such as coconut water, coconut oil, desiccated coconut, coconut milk, and others. Coconut water is the largest segment, accounting for the highest market share.
4.2 Distribution Channel:
The distribution channels for coconut products include supermarkets and hypermarkets, convenience stores, online retail, and others. Supermarkets and hypermarkets are the dominant distribution channels for coconut products.
The end-use segments of the coconut products market include food and beverages, cosmetics and personal care, and others. Food and beverages are the major end-use segment, driven by the increasing use of coconut products in the food industry.
5. By Region Analysis
The coconut products market is analyzed across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
5.1 North America:
In North America, the coconut products market is driven by the growing demand for natural and plant-based products, along with the increasing consumer awareness of the health benefits of coconut products. The United States is the major market in this region.
Europe is witnessing a significant growth in the coconut products market due to the rising popularity of vegan and vegetarian diets and the increasing demand for healthy and natural food products. The United Kingdom is a key market in this region.
5.3 Asia Pacific:
Asia Pacific is the largest market for coconut products, driven by the extensive use of coconut in traditional cuisines and the abundant availability of coconuts in the region. Countries like India, Indonesia, and the Philippines are major contributors to the market growth in Asia Pacific.
5.4 Latin America:
Latin America is witnessing steady growth in the coconut products market, fueled by the high consumption of coconut-based products in countries like Brazil, Mexico, and Colombia. The region also benefits from its proximity to major coconut-producing countries.
5.5 Middle East and Africa:
The Middle East and Africa region is experiencing a growing demand for coconut products due to the increasing health consciousness and the rising popularity of plant-based diets. Countries like Saudi Arabia and South Africa are the major markets in this region.
6. Key Market Players and Competitive Landscape
The key players in the coconut products market include companies such as Cocomi Bio Organic, The Coca-Cola Company, Tropical General Investments (TGI) Group, P.T. Coco Sugar, Cargill Incorporated, Nutiva Inc., Marico Limited, and Vita