The 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 include coconut water, coconut oil, coconut cream, coconut flakes etc. Coconut products are used in various food and beverage applications like bakery, confectionery, dairy and frozen desserts. Regular consumption of coconut helps to maintain cholesterol levels, boost immunity and aid in weight loss due to presence of fiber, vitamins and minerals.
Market Dynamics:
The global coconut products market is driven by increasing health consciousness among consumers and shifting preference towards plant-based diet. Coconut water contains essential electrolytes like potassium and is a good rehydrating drink. Similarly, coconut oil is rich in MCTs which helps boost metabolism and energy levels. Moreover, rising usage of coconut products in cosmetic and personal care industries is also fueling the market growth. However, unfavorable weather conditions resulting from climate change affects coconut production in certain regions, which remains a limiting factor.
SWOT Analysis
Strength: Coconut products have high nutritional value and various health benefits. The products are widely used in food and beverages industries. Increased awareness about health benefits is driving the market growth. Many new product launches catering to evolving consumer preferences is another key strength.
Weakness: Fluctuations in coconut prices depending on climatic conditions can affect the production cost of coconut products. Developing diverse product portfolio requiring continuous research and development increases operational costs for companies.
Opportunity: Growing popularity of plant-based, organic, and natural products among health-conscious consumers present an opportunity. Expanding applications of coconut products in cosmetics and personal care segments also offers scope for market growth. Emerging markets of Asia and Latin America with rising spend capacity of consumers is a key opportunity area.
Threats: Availability of substitute plant-based products poses competition in the market. Stringent government regulations pertaining to health claims can restrict new product launches. Impact of climate change on coconut production is a threat faced.
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 among consumers globally. Coconut products are considered superfoods due to various nutritional and medicinal properties.
Regional analysis
Asia Pacific dominates the global coconut products market, accounting for around 50% market share in 2023. India and Philippines are the major coconut producing countries in the world. Increasing domestic consumption driven by large population, rising incomes, and nutritional awareness augments growth of coconut products market in Asia.
Key players
Key players operating in the coconut products 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 players are focusing on new product launches, adopting sustainable harvesting practices and engaging in strategic partnerships to strengthen their foothold in the market.
Read more
https://www.rapidwebwire.com/coconut-products-market-size-share-growth-outlook-2023/
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