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Pages: 290 |
Aug 2023 |
Coconut Products Overview
Products made from coconut can be used for food, cosmetics, and even medicine. One can extract distinct food items from coconuts, such as milk, cream, flakes, oil, and coconut. The growth of coconut palms depends on warm weather; they cannot tolerate cold. In creams and butters, coconut products can be used in place of dairy. A delicious beverage and excellent source of electrolytes is coconut water. Additionally, coconut can be utilised in cooking, baking, and mixed drinks. In the tropics, coconuts are a substantial economic crop, and their copra, milk, kernel, and husk are all used in manufacturing. Ladles, forks, showpieces, and shell buttons are examples of coconut-related handicrafts. Furniture and wall panels made of coconut wood. Products made from coconut leaves include thatching, baskets, fences, and brooms.
Global Coconut Products Market Analysis
The global coconut products market size was $20,543.6 million in 2022 and is predicted to grow with a CAGR of 8.5%, by generating a revenue of $46,423.6 million by 2032.
COVID-19 Impact on Global Coconut Products Market
The pandemic resulted in a severe impact on the hospitality and culinary industries that caused a decline in the market for coconut goods. There was a reduction in demand for coconut-based products used in commercial food preparation as a result of restaurant closures and reduced operations at cafes, restaurants, hotels, and other eating places. The market experienced a brief negative impact as a result. Home cooking and baking gained popularity as restaurants were forced to close and more people adopted social withdrawal. Sales of goods containing coconut grew as a result of this trend.
Consumer awareness of the significance of maintaining good health has increased due to the pandemic. As a result, it is anticipated that there will continue to be a demand for natural, plant-based, and nutrient-rich goods like coconut products. Coconut-based goods are frequently viewed as healthier substitutes for traditional goods, and demand for them may increase after COVID-19.
Health and Wellness Awareness to Drive the Market Growth
The market for coconut-derived products is significantly influenced by the rising emphasis on health and wellness. Products made from coconut are frequently thought of as being healthy, natural, and generally useful. In the personal care and cosmetics sectors, substances with a coconut base have found widespread use. Coconut oil, coconut water, and coconut extracts are often used in soaps, cosmetics, skincare, and hair care products because of their moisturising, nourishing, and renewing properties. Further encouraging the use of coconut components in these formulations is the demand for natural and organic personal care products.
Supply Chain Vulnerability to Restrain Market Growth
The global supply chain for coconut goods is quite intricate and involves many different phases, from production to distribution. The availability and calibre of raw materials can be impacted by pests, natural catastrophes, and climate change that destroy coconut crops. The timely delivery of coconut products to markets can be impacted by supply chain disruptions, such as transportation problems and delays, which could result in shortages and higher prices. Products made from coconut, such coconut milk and oil, can have volatile costs. Prices are influenced by things including production levels, weather, and demand worldwide. Producers and consumers can be impacted by fluctuating prices, which makes it difficult to stabilise pricing methods and sustain steady profitability.
Demand for Natural Products to Drive Excellent Opportunities
The demand for healthy, natural food products is anticipated to increase in response to the increased emphasis on wellness and good health. Coconut products are well-positioned to satisfy this demand because of their numerous health advantages and useful qualities. Coconut products may continue to gain popularity and establish themselves as a mainstay in healthy diets as people place a higher priority on wellness and look for healthier substitutes. The market for coconut goods has plenty of space for innovation and product variety. Manufacturers can experiment with novel product formulations, such as dairy-free snacks, drinks, confections, and snacks made with coconut. Creating value-added products that are enriched with extra nutrients or specific functionality might broaden the market and meet niche consumer demands.
Global Coconut Products Market Share, by Product, 2022
The coconut oil sub-segment accounted for the highest share in 2022. Healthy saturated fats, such as those found in coconut oil, help increase metabolism and replenish energy levels in the body. Additionally, it increases the body's levels of "good" cholesterol, helping to lower the risk of heart disease. This item is also utilised as a fantastic hair oil that encourages lustrous, healthy growth. It is used in skin care because of its anti-aging, antibacterial, antioxidant, and anti-inflammatory qualities. Coconut oil is extensively used for cooking in significant developing nations like China and India. However, various alternatives like almond and soy milk are fiercely competing with this product due to its high saturated fat level.
Global Coconut Products Market Share, by Application, 2022
The cosmetics sector accounted for the highest market size in 2022. Cosmetics made with coconut oil fit in with trends since they come from a natural source—the coconut palm tree. The use of coconut products in the cosmetics sector has also been driven by the growing emphasis on sustainability and ethical sourcing practises. Consumers are growing more aware of how their purchases affect the environment and society. Coconut oil and other substances with coconut origins are frequently purchased from fair trade and sustainable vendors, assuring ethical manufacturing procedures and benefiting regional economies.
Global Coconut Products Market Share, by Region, 2022
The Asia-Pacific region accounted for the highest share in the global market in 2022. With nations like Indonesia, the Philippines, India, and Thailand leading in coconut cultivation, the Asia-Pacific region produces a significant amount of coconuts. The coconut palm trees can grow in these nations' favourable tropical conditions. The region's market for coconut goods is growing and developing as a result of the abundant supply of coconuts. There has been a trend in the beauty sector towards environmental responsibility and sustainability. Cosmetics made from coconuts are in line with these ideals because coconuts come from coconut palm plants that are both renewable and sustainable. Additionally, there are numerous environmentally beneficial ways to obtain coconut oil. Consumers who care about the environment will be drawn to businesses that emphasise ethical business practises, sustainable sourcing, and eco-friendly packaging in their coconut-based cosmetic goods.
Competitive Scenario in the Global Coconut Products Market
Product development and geographic expansion are major strategies in the highly competitive global coconut products market. For instance, Vita Coco became a Public Benefit Corporation (PBC) in July 2021 to bolster its dedication to producing superior goods. The company was founded with the goal of enhancing procurement through the use of this PBC structure to promote economic expansion and assist coconut producers with challenges related to sustainable development. Thus, Vita Coco's adoption of this structure led to a successful firm in terms of gaining public attention and increasing shareholder earnings.
Some of the leading coconut products market players are Vita Coco, Dutch Plantin, Pepsico, Coca-Cola (Zico), Eco Biscuits, Coconut Dream, UFC Coconut Water, Koh Coconut, Taste Nirvana, and PECU.
| Aspect | Particulars |
| Historical Market Estimations | 2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Product |
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| Segmentation by Application |
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| Key Companies Profiled |
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* Taxes/Fees, If applicable will be added during checkout. All prices in USD.
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