Coconut Products Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type ; Application ; Distribution Channel ; and Geography
- July 2020 •
- 298 pages •
- Report ID: 5950843 •
- Format: PDF
The global coconut products market was valued at US$ 10,627.8 million in 2018 and is projected to reach US$ 30,587.5 million by 2027; it is expected to grow at a CAGR of 12.5% during the forecast period.
Coconuts are highly nutritious as they are high on fibers; vitamins C, E, B1, B3, B5, and B6; and minerals such as sodium, iron, calcium, magnesium, phosphorous, and selenium. Coconut products, i.e., products extracted or derived from coconuts, improve cardiovascular health, promote blood sugar control, aid in weight loss, and boost brain function in Alzheimer’s disease. Coconut water boosts kidney health, provides a cardio-protective effect, offers rehydrating effect post-exercise, aids in maintaining blood pressure levels, and aids in diabetes management. Additionally, increase in demand for coconut products such as coconut milk, coconut water, and desiccated coconut in the food & beverages industry is one of the major factors driving the market. Food and beverage manufacturers worldwide have invested heavily in research and development to utilize coconut products to enhance the characteristics, taste, or nutritional value of their products. Consumers in developed countries are focused on fitness and health. Active and health-conscious consumers have shifted their preference toward natural alternatives to caffeinated and sugar-based energy drinks. Thus, the demand for coconut water as a natural energy drink is growing rapidly due to its nutritional properties, such as electrolytes and nutrients. Therefore, increasing health awareness, coupled with the advantages of coconut products, is driving the growth of the global coconut products market.
Based on type, global coconut products market is segmented into coconut cream, coconut milk, coconut water, coconut sugar, coconut oil, coconut grated/shredded, coconut desiccated, and others.The coconut oil segment accounted for the major share in 2018 and is expected to continue this supremacy in the coming years.
Coconut oil is a colorless and tasteless product, which is extracted from the kernel of mature coconuts.Based on extraction, it is divided into two types, unrefined and refined or virgin coconut oil.
According to the report published by the National Center for Biotechnology Information (NCBI), coconut oil has been reported to have positive impact on people suffering from Alzheimer’s disease as it reduces the cognitive deficiencies related to the disorder.Further, a study by the University of Cambridge revealed that coconut oil lessens the risk of acquiring cardiovascular diseases.
Coconut oil increases the high-density lipoproteins (HDL), i.e., good cholesterol, levels, reducing the risk of heart diseases. Moreover, the fatty acids present in coconut oil facilitate burning of harmful body fats, thereby providing energy for brain and body functioning.
Geographically, the global coconut products market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.The Asia Pacific contributed to the largest share in the global coconut products market in 2018.
This growth is primarily attributed to the wide utilization of coconut products such as coconut cream, coconut milk, coconut water, coconut sugar, coconut oil, and grated/shredded coconut, and desiccated in various regional cuisines and recipes.The growing production of coconut in Southeastern parts of Asia, along with the easy availability of coconuts as a raw material, further propels the growth of the market in Asia Pacific.
The Philippines, Indonesia, India, Thailand, and Malaysia, among others, are the leading producers of coconut and coconut products.Indonesia and the Philippines are the major global exporters of coconut products.
Additionally, Asia Pacific is leading the market in terms of consumption owing to the increasing demand for coconut products as an ingredient in the food & beverages industry. Also, the enhanced distribution systems, with the increasing demand for coconut chips, candy, biscuits, and barfi, among others, is another reason driving the growth of the coconut products market in this region.
COVID-19 outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the world.As of March 2020, China, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths.
According to the latest WHO figures, there are ~14,872,722 confirmed cases and 613,680 deaths globally.The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
The global food & beverage industry is one of the major industries that is facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America and Middle East and Africa is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods.
Additionally, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnership opportunities. All these factors are anticipated to affect the food & beverage industry, which is negatively impacting the growth of various markets related to this industry in the coming months.
Marico, PepsiCo Inc., The Coca-Cola Company, The Coconut Company, Nexpo Conversion, Danone S.A, Nestle S.A, Sambu Group, Thai Agri Food PLC, and Thai coconut are among the major players in the global coconut products market.
Overall size of the global coconut products market has been derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global coconut products market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global coconut products market.