Coconut Products Market will manage to achieve USD 31.7 billion by 2030 : GreyViews
Coconut Products Market Size by Type (Copra, Coconut Milk, Coconut Oil, Coconut Meat, Coconut Water and Others), By Form (Powder, Solid and Liquid), By End-User (Food & Beverages, Cosmetics, Bakery Products and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the coconut products market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the coconut products market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, form, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global coconut products market are Koh Coconut, Eco Biscuits, UFC Coconut Water, Vita Coco, PECU, Coconut Dream, Dutch Plantin, Taste Nirvana, Coca-Cola, Pepsico among others. To achieve a substantial market share in the worldwide coconut products market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Coconut products are in huge demand among consumers due to their nutritional value and the advantages to use them as an alternative to animal-based products. Coconut products are available in various types such as coconut oil, coconut milk, copra, coconut powder etc. Due to increased consumer awareness about animal health and the increasing number of lactose-intolerant people around the globe, coconut milk products are becoming more popular globally. Therefore, the market has a brighter outlook. A number of novel products are also stimulating the growth of the market. Coconut products are packed with essential nutrients. There are a number of other factors that will drive the market, including extensive marketing campaigns by celebrities and athletes to encourage the consumption of vegetarian products in order to maintain a healthy lifestyle and the ease of product availability through growing online retail channels. Cosmetic companies use coconut oil to manufacture hair and skin care products, including hair oils and soaps. Due to their moisturizing properties, coconut oil-based personal care products are gaining more popularity in the personal care industry. The coconut oil market is expected to continue to grow due to a huge demand for coconut oil in cosmetics and increasing popularity in food applications. There are some factors which are hampering the market’s growth such as the fluctuating price of coconut products, lack of awareness about the benefits of plant-based products and natural disasters.
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Scope of Coconut Products Market Report:
Market Share Unit
Type, Form, End-User, and Regions.
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Koh Coconut, Eco Biscuits, UFC Coconut Water, Vita Coco, PECU, Coconut Dream, Dutch Plantin, Taste Nirvana, Coca-Cola, Pepsico among others
Coconut oil is expected to be the fastest-growing segment in 2022.
The type segment includes copra, coconut milk, coconut oil, coconut meat, coconut water and others. The coconut oil segment is expected to witness the highest growth rate during the forecast period. It contains a high amount of healthy saturated fat that boosts fat loss and restores energy levels, as well as raising the good cholesterol levels in the body, which helps lower heart disease risk. Coconut oil is also widely used as an excellent hair care oil that promotes health, and hair growth.
The liquid is expected to be the fastest-growing segment in 2022.
The form segment includes powder, solid and liquid. The liquid segment is expected to witness the highest growth rate during the forecast period. This is an excellent alternative to traditional sports drinks because coconut water is rich in electrolytes and does not contain sugar. It can also be used as a refreshment drink because it contains many antioxidants that help to neutralize stress. As consumers become more aware of the health risks associated with conventional dairy-based foods and beverages, the coconut product market is expected to grow.
Cosmetics are expected to be the fastest-growing segment in 2022.
The end-user segment includes food & beverages, cosmetics, and others. The cosmetics segment is expected to witness the highest growth rate during the forecast period. In many skin and hair care products, coconut oil or milk is used as a main ingredient. Anti-ageing creams and homemade hair and skin packs can benefit from the antioxidant properties of these products, so the market is expected to grow over the forecast period.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the coconut products market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Because coconut products are in high demand, the North American market is growing rapidly. Due to its lactose-free characteristics, coconut milk is growing in popularity. With its long shelf life and convenient packaging, coconut milk appeals to consumers more than cow's milk. A number of factors contribute to the demand for coconut milk, including its additional health benefits.
Germany's coconut products market size was valued at USD 1.05 billion in 2022 and is expected to reach USD 2.36 billion by 2030, at a CAGR of 10.7% from 2023 to 2030.
In the country, coconut water is already used as a nondairy alternative. As a result of increasing awareness of its benefits, this product has gained a great deal of popularity, propelling the growth of the market in the country.
China’s coconut products market size was valued at USD 1.10 billion in 2022 and is expected to reach USD 2.5 billion by 2030, at a CAGR of 11% from 2023 to 2030.
During the forecast period, coconut derivatives such as oil and milk are expected to further fuel the overall market owing to their health benefits.
India's coconut products market size was valued at USD 0.85 billion in 2022 and is expected to reach USD 1.9 billion by 2030, at a CAGR of 10.9% from 2023 to 2030.
These products can be used in many food preparations and bakeries, as well as cosmetics and personal care products. In the coming years, these factors will drive the demand for coconut milk and cream, which will boost the growth of the coconut products market.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising awareness among consumers about the health benefits associated with coconut products.
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