The coconut derivatives market was valued US$ 14 billion in 2022, it is expected to grow at a CAGR of 9.2% between 2022 and 2028.
Coconut derivatives include coconut milk, coconut oil, coconut flour, coconut water, and coconut chips. These products have multiple applications in food & beverages, pharmaceuticals & nutraceuticals, personal care, animal nutrition, and other industries. Coconut has high nutritional benefits. It is rich in minerals, vitamins, dietary fibres, carbohydrates, proteins, and medium chain triglyceride. It helps in controlling blood sugar level by improving insulin resistance. It has anti-inflammatory and anti-bacterial effects.
The rising demand for natural and plant-based ingredients in various end-use industries such as food & beverages and personal care is driving the demand for coconut derivatives. Consumers are highly concerned about synthetic ingredients used in food and beverages. Therefore, they are replacing synthetic products with all-natural products. Coconut derivatives such as coconut milk, coconut flour, and coconut oil are widely used to manufacture plant-based or vegan-friendly food and beverages. This factor is expected to drive the growth of the coconut derivatives market over the forecast period.
MARKET DYNAMICS
Over the past few years, the dietary preferences of consumers have changed dramatically. Consumers are including all-natural, clean, and plant-based products in their diet and eliminating highly processed products.
Consumers are highly inclined toward plant-based or vegan-friendly products due to increasing health concerns and growing awareness of animal welfare. The rising health consciousness among people due to the prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than animal-derived products. Coconut derivatives such as coconut milk, coconut flour, and coconut oil are excellent plant-based ingredients that increase the nutritional value of products and offer a wide range of health benefits. Thus, the rising veganism trend and growing awareness of nutritional benefits of coconut derivatives are the key factors driving the market growth.
Coconut derivatives are also witnessing significant demand in the personal care industry. Coconut-based soaps, moisturizers, lotions, body washes, and shampoos, among others, are gaining huge traction among consumers due to their hydrating and moisturizing benefits. Thus, the rising demand for coconut derivatives in the personal care industry is also driving the coconut derivatives market.
MARKET SCOPE
The "Global Coconut Derivatives Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the coconut derivatives market with detailed market segmentation. The report provides key statistics on the market status of leading market players and offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global coconut derivatives market is segmented into product type, category, and application. Based on product type, the market is segmented into coconut milk, coconut oil, coconut flour, and others. By category, the market is divided into organic and conventional. In terms of application, the market is categorized into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others.
REGIONAL FRAMEWORK
The report provides a detailed market overview, including qualitative and quantitative information. It provides an overview and forecast of the global coconut derivatives market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 for 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The coconut derivatives market by each region is later sub-segmented by respective countries. The report covers an analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in these regions.
From the regional perspective, Asia Pacific dominated the coconut derivatives market in 2021. The dominance of Asia Pacific on the market is majorly due to the high production of coconut and its derivatives in Asia Pacific countries such as Indonesia, India, and Philippines. Indonesia is the world’s largest coconut-producing countries and according to the Food and Agriculture Organization, coconut production in Indonesia accounted for 16.8 million tons in 2020. Moreover, there is a high demand for coconut-based products in the region due to rising awareness of health benefits with the use of coconut and its derivatives. These factors are driving the growth of coconut derivatives market across Asia Pacific.
Source: The Insight Partners Analysis
The report analyzes the factors influencing the coconut derivatives market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, impacting the market during the forecast period. The report also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the coconut derivatives market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic brought unprecedented challenges to many sectors, including the food & beverage industry. Lockdowns, border restrictions, travel bans, shutdown of manufacturing units, and other safety protocols under the guidelines by governments of different nations negatively impacted the operations of manufacturing companies. Moreover, supply chains were completely disrupted due to nationwide lockdown and border restrictions, which affected the production and distribution of various products. The coconut derivatives market also witnessed similar impacts of the pandemic. The exports of coconut derivatives were negatively impacted as well. Moreover, the shortage of raw materials caused spike in prices of coconut derivatives, thereby hampering the demand.
However, the dietary preferences of consumers changed significantly post pandemic with many consumers switching to plant-based diets. Many consumers shifted to plant-based diets as they perceived vegan products to be healthier than animal-derived products. Moreover, as people were confined in their homes, they focused on self-care and invested in natural personal care products. All these factors created strong growth potential for the coconut derivatives market.
Further in 2021, the governments of various countries relaxed the previously imposed restrictions and permitted manufacturers to operate with full capacity. Currently, the global supply chains have improved, and manufacturers are boosting their production to overcome the demand and supply gap. This factor is further expected to drive the coconut derivatives market in the coming years.
MARKET PLAYERS
The reports cover key organic and inorganic growth strategies in the coconut derivatives market. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and market players' customer base. Market players are anticipated to witness lucrative growth opportunities in the near future with the rising demand for coconut derivatives.
The report also includes key coconut derivatives market companies' profiles, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components, and services offered, financial information of the last 3 years, and key development in the past 5 years. Below is the list of companies operating in the coconut derivatives market.
- Cargill, Incorporated
- Barry Callebaut
- Lovenature Superfoods
- ConnOils LLC
- Red V Foods Corp.
- Rosun Groups
- Brusco
- Naturz Organics
- DAVIDSUN COCONUT PRODUCTS
- Fiesta Ingredients Australia Pty Ltd
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.