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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut products are derived from coconuts harvested from coconut palms. Coconut products include coconut oil, coconut water, coconut milk powder, and desiccated coconut. Coconut products offer numerous health benefits such as containing high levels of fiber, vitamins, minerals, and antioxidants. They are used in various applications like food & beverage, cosmetic industry, and pharmaceuticals.
Market key trends:
Coconut products market is witnessing high growth owing to trends towards healthier food options. Consumers are increasingly preferring natural and plant-based products over processed foods due to rising health awareness. Coconut products are considered superfoods due to their nutritional composition. Coconut water acts as an isotonic drink and helps to replenish electrolytes during physical activity. Also, coconut oil is used as a cooking medium and in cosmetic products due to its hydrating and antibacterial properties. Coconut milk provides dairy-free milk alternative for lactose intolerant consumers. Furthermore, demand for desiccated coconut is increasing in bakery and confectionery industry for use in biscuits, cakes and chocolates. The versatile uses and nutritional benefits of coconut products are expected to drive their demand significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the coconut products market is low as it requires large investment and technical know-how to compete against established players. Bargaining power of buyers: The bargaining power of buyers in the market is high as coconut products have substitutes and buyers can switch to alternatives if prices are increased. Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials can be sourced from various geographies by producers. Threat of new substitutes: The threat of new substitutes is moderate as consumers are experimenting with new products made from almonds and cashews. Competitive rivalry: high due to presence of many domestic and international players.
SWOT Analysis
Strength: Wide availability of raw materials and growing health awareness among consumers. Weakness: Seasonal dependence of raw material production and price volatility. Opportunity: Emerging new product innovations and growth in online retail market. Threats: Strong competition from substitutes and stringent regulations on exports.
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. Asia Pacific dominates the coconut products market with India and Philippines accounting for over 70% of global production due to favorable climatic conditions.
Regional analysis: The Asia Pacific region dominates the global coconut products market with over 70% share due to countries like India, Philippines, and Indonesia being the major producers of coconuts. The region is also witnessing rapid growth in coconut product consumption.
Key players operating in the coconut products market 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.
Read more
https://www.ukwebwire.com/coconut-products-market-size-share-growth-outlook-2023/
