IMARC Group has recently released a new research study titled “Coconut Products Market Report by Product Type, Form, Distribution Channel, Application and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the coconut products market?
The global coconut products market size reached US$ 19.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 48.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.53% during 2024-2032.
Global Coconut Products Market Trends:
The growing demand for coconut products represents one of the key factors influencing the growth of the coconut products market across the globe. This is primarily due to their health benefits, such as high nutritional value and the presence of natural antioxidants which is propelled by the rising health consciousness among consumers globally, thus boosting the market growth.
The market is witnessing an expansion in the variety of coconut-based products, including coconut oil, milk, water, sugar, and flour. This diversification caters to a wide range of dietary preferences and uses, from culinary to cosmetic applications. The surge in veganism and plant-based diets is fueling the popularity of coconut products as a dairy alternative, particularly coconut milk and water. There's an increasing focus on sustainable and organic farming practices in coconut cultivation, driven by consumer preference for eco-friendly and ethically produced goods.
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Factors Affecting the Growth of the Coconut Products Industry:
Rising Health and Wellness Awareness: The growth of the coconut products market is significantly driven by the increasing global awareness of health and wellness. Coconut products, known for their health benefits such as high nutritional content, anti-inflammatory properties, and metabolism-boosting qualities, have gained popularity among health-conscious consumers. This trend is further supported by the growing research and media coverage highlighting the health benefits of coconut oil, water, and other derivatives. The shift towards natural and healthy food options has made coconut products a preferred choice in diets, influencing market growth.
Surge in Vegan and Plant-Based Diets: The rise in veganism and plant-based dietary preferences significantly influences the coconut products market. As more consumers adopt vegan or plant-based diets, the demand for dairy and animal product alternatives increases. Coconut products, particularly coconut milk and oil, have become popular substitutes due to their nutritional profile and versatility in cooking and baking. They offer a lactose-free, natural, and vegan-friendly alternative that aligns with the dietary restrictions and ethical considerations of these consumers. This shift is not only evident in food consumption but also extends to the demand for plant-based ingredients in cosmetics and personal care products, further expanding the market for coconut-derived products.
Versatility and Application in Various Industries: The versatility of coconut products and their applications across different industries is a key driver of market growth. In the food and beverage industry, coconut is used in various forms like oil, milk, and water. Its application extends to the cosmetic industry as well, where coconut oil and derivatives are used in skincare and haircare products due to their moisturizing properties. Furthermore, the use of coconut products in the pharmaceutical and nutraceutical industries for their medicinal properties broadens the market scope. This multifaceted utility of coconut products across diverse sectors contributes significantly to their global demand and market growth.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Ayam Sarl (Denis Group Holding Sa)
- Coco Colima
- Cocotana Coconut Products
- Klassic Coconut
- Marico Limited
- Metshu Exports (Pvt) Ltd.
- NDC Exports (Pvt.) Ltd.
- Nestlé S.A.
- Pulau Sambu Singapore Pte. Ltd.
- Renuka Foods PLC
- S & P Industries Sdn Bhd
- Thai Coconut Public Company Limited
- The Vita Coco Company Inc.
- ZICO Rising Inc. (The Coca-Cola Company)
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Coconut Products Market Report Segmentation:
By Product Type:
- Coconut Oil
- Coconut Water
- Coconut Milk
- Desiccated Coconut
- Others
Coconut oil dominates the market due to its wide-ranging applications in cooking, health and wellness products, and the cosmetic industry, coupled with its health benefits and versatility.
By Form:
- Solid
- Liquid
- Powder
The liquid form, encompassing products like coconut water and milk, leads the market owing to its growing popularity as a healthy beverage option and dairy alternative, favored for its natural hydration and nutrient content.
By Distribution Channel:
- Business to Business
- Business to Consumer
- Hypermarkets and Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
The business-to-consumer channel is the largest due to the direct accessibility it offers to consumers through supermarkets, hypermarkets, and online platforms, facilitating wider reach and convenience in purchasing coconut products.
By Application:
- Cosmetics
- Food and Beverage
- Others
In the cosmetics segment, coconut products, especially coconut oil, are prevalent due to their natural moisturizing and nourishing properties, making them a popular ingredient in skincare and haircare products.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Asia Pacific leads the global coconut products market, attributed to the region's favorable climate for coconut cultivation, widespread usage in traditional cuisine, and the presence of key market players.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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