The global coconut products market is estimated to be valued at US$ 7.32 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut products refers to various food items, ingredients and ingredients derived from coconut. It includes coconut oil, coconut water, coconut milk, coconut snaps, coconut flour and desiccated coconut among others. Coconut oil has applications across various industries such as food & beverage, personal care and healthcare due to its high nutritional value. Coconut water contains electrolytes and vitamins which make it a healthy thirst quencher. Coconut milk extracted from grated coconut is used in various cuisines across Asia and other regions.
Market key trends:
One of the key trends in the coconut products market is growing popularity of coconut oil as a superfood. Coconut oil contains medium chain fatty acids that provide several health benefits such as weight management, heart health and improved cognitive functions. Increasing health awareness among consumers has boosted the demand for coconut oil as a healthier cooking oil alternative to other refined oils. Moreover, expanding applications of coconut oil in personal care and cosmetic products has opened new growth opportunities. Coconut oil is used in production of soaps, lotions, creams and hair care products due to its moisturizing and anti-fungal properties. Rapid expansion of personal care and cosmetic industry is fueling the consumption of coconut oil.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the coconut products market is moderate. The market needs high capital investment for processing facilities and distribution channels to reach customers. Bargaining power of buyers: The bargaining power of buyers is high in the market. Buyers have many alternatives and options to choose from leading brands and private labels. Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many suppliers and coconut farming regions but brands have established long term relations with suppliers. Threat of new substitutes: The threat of new substitutes is moderate. Alternatives include nut butters, dairy and plant-based beverages but coconut products have distinguished health merits. Competitive rivalry: High due to presence of many domestic and international brands competing on quality, price, innovation.
Key Takeaways
The Global Coconut Products Market Size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing health consciousness and utilisation of coconut products in various food applications.
The Asia Pacific region dominates the coconut products market owing to high production and consumption of coconut in the Philippines, Indonesia, Sri Lanka and India. The region accounts for around 80% of global coconut production. Other major regions include North America, Europe and Latin America.
Key players operating in the coconut products market are The Coconut Company (UK) Ltd., Marico Ltd., Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd. These companies are focusing on bringing innovation, launching new products and using sustainability practices to cater to evolving demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it