Preliminary research of Fairfield Market Research indicates a promising growth outlook for global coconut products market during the course of next few years.
Rising Demand for Vegan Diet to Influence Coconut Products Market Growth
The veganism trend has been proliferating since past several years as consumers seek healthy diet backed by growing health awareness. Sedentary lifestyles of individuals have resulted in increasing health complications related to diabetes, obesity, and cardiovascular disorders. This has fuelled the demand and consumption of healthy, and nutrition-dense food products that facilitate weight management while meeting daily nutrition requirement of the body. Apart from maintaining timely diets, individuals are switching towards vegan food products due to their health benefits. Vegan food products support health by reducing weight, fat content, enhancing blood flow and maintaining the body pH to its optimum. In addition, vegan food also provides fibrous nutrition, minerals and vitamins that are required for body cell development. Furthermore, individuals are more inclined towards plant based food such as coconut products and are drifting away from meat products, thus pushing the vegan trend. According to Vegetarian Resource Group, more than 2% of the total population in the United States is vegan and this count is likely to increase going forward. That said, rising veganism trend and demand for vegan diet is expected to augur well for the coconut products market worldwide.
Rising Sales of Plant Based Food Products to Complement Revenue Growth of the Coconut Products Market
Rapid penetration of alternatives to dairy products backed by the vegan trend continues to bolster the growth of the coconut products market. This is mainly owing to factors such as negative perception towards animal based products coupled with demand for health, variety, and taste. Moreover, health-promoting low-calorie food products are gaining traction, thus giving an impetus to the consumption of plant based food products. This is again fuelled by the rise in the flexitarian consumers worldwide. For instance, according to the Institute of Food Technologists, over 36% of the total population in the United States is flexitarian and the count is projected to increase worldwide in the forthcoming years. Flexitarian consumers mostly prefer plant based food due to the associated health benefits and nutritional value. Furthermore, the sales of plant based products have surged significantly. For instance, according to US Plant-Based Foods Association, retail sales of plant-based food products have grown by 6.2% in 2021 while reaching a valuation of US$7.4 Bn and the association estimates that over next three years, the growth will be around 54% in the United States. In this backdrop, the demand for plant-based products is expected to swell, thus giving an impetus to the growth of the coconut products market.
Use of Coconut Derivatives in Skincare and Cosmetic Applications Boosts Coconut Products Market Growth
Apart from associated benefits from a food perspective, the coconut products market remains influenced by the use of coconut derivatives in the skincare and cosmetic applications. Coconut products are being widely used in the formulations of cosmetic creams owing to their perceived benefits. Coconut oil in particular has been the most sought after ingredient in the manufacturing of cosmetics and skincare lotions. According to the United States Department of Agriculture and Foreign Agricultural Services (FAS), the coconut oil consumption in the skincare and cosmetic sector has risen from around 1.5 million metric tonnes to 1.79 million metric tonnes. This is mainly due to the functional properties of coconut oil that offer anti-aging, anti-bacterial and antioxidant properties. Given this background, the demand for coconut derivatives in the cosmetic sector is increasing at a momentous rate and is contributing towards the growth of the coconut products market.
Higher Demand for Young Coconut Derivatives to Augur Well for Coconut Products Market
Typically, coconuts come in two categories, viz., mature coconuts, and young coconuts. Of these, mature coconut sales have been higher as compared to their young counterparts. This can be contributed towards low pricing and high flesh content. On the other hand, the demand for young coconuts has been witnessing a significant increase since past few years owing to their health benefits. For instance, according to the Centre for the Promotion of Imports from Developing Countries (CBI), the demand for young coconuts in Europe is increasing rapidly and they are mainly sold for their liquid. In addition, young coconuts have softer and thinner flesh and their USP is coconut water. That said, young coconut sales could exceed those of mature coconuts in line with the perceived coconut water benefits. This is likely to influence demand for young coconut products and derivatives, thus contributing towards coconut products market growth.
With Higher Growth Visibility, Asia Pacific Likely to Reign Supreme in Coconut Products Market
Emerging economies in Asia Pacific are expected to showcase high lucrativeness apropos to sales of coconut products. This can be attributed towards increasing consumer demand for coconut derivatives such as coconut milk, coconut water, coconut oil, and coconut milk powder backed by several health benefits. Moreover, coconut production has been rampant across emerging economies. For instance, according to India Brand Equity Foundation (IBEF), India is the largest producer of coconuts globally and accounts for around 31.45% of the global coconut production as of 2022. This has paved potential pathways of growth for the extraction of coconut derivatives. Also, coconut demand and supply has been increasing, thus giving high growth visibility for the coconut products market in the region. Other prominent macro economic factors that are driving the growth of the coconut products market include high consumer pool, stable growth in GDP per capita, rising end-use industries, and growing vegan population
Coconut Products Market: Competitive Scenario
A few of the major players in the coconut products market include Zico Beverages, PT. Pulau Sambu, Ducoco Alimentos SA, Coco Do Vale, The Vita Coco Company Inc., McCormick & Company Inc., DANONE SA, and Agrim Pte Ltd.
The Global Coconut Products Market is Segmented as Below:
By Type
By Derivative Product Type
By End User
By Distribution Channel
By Region
Key Elements Included In The Study: Global Coconut Products Market
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