The global coconut derivatives market size was USD 14 Bn in 2022 and is likely to reach USD 27.5 Bn by 2031, expanding at a CAGR of 10.51% during 2023–2031. The market growth is attributed to the rising demand for natural and organic-based personal care products.
Coconuts are exceptionally rich in manganese, which is efficient for bone health and the metabolism of carbohydrates, proteins, and cholesterol. A fresh piece of coconut provides about 150-160 calories, 1.5 grams of protein, 9 grams of fiber, and about 15 grams of fat.
Coconuts are called superfoods due to their immense composition of micro and macro nutrition found in them. It has anti-inflammatory properties which are good for the skin, hair, weight management, and bones. Virgin coconut oil is beneficial in improving slow digestion and helps in insulin resistance to regulate the blood sugar level.
Coconut derivatives are attained from coconut meat, coconut water, coconut flour, and shredded and desiccated coconut. These products have multiple applications food & beverages, pharmaceuticals, and personal care. According to the Plant-Based Food Association, U.S., sales of plant-based food and milk increased by 11% and 5% respectively.
COVID-19 negatively impacted the global coconut derivatives market due to the limited availability of raw materials, which affected the processing capacity, increased prices, and disrupted the supply chain. Post-pandemic increasing health concerns and awareness of coconut derivatives benefits, the demand for coconut derivatives increased at a substantial rate.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for plant-based and natural ingredients in various industries is driving the coconut derivatives market.
- Rising consumption of coconut oil for the cosmetic and skincare industry has increased the demand for coconut derivatives from 1.51 million metric tons to 1.79 million metric tons.
- Instabilities in coconut production due to climatic changes are hampering the growth of the coconut derivative market.
- Growing preference for vegan diets is fueling the growth of the coconut derivative market.
Scope of Coconut Derivates Market Report
The report on the global coconut derivates market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Coconut Derivatives Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2020 – 2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Young and Mature), Product Derivative (Coconut Oil, Coconut Water, Coconut Milk, and Desiccated Coconut), and End-user (Food & Beverages, Cosmetics, and Pharmaceuticals)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cargill, Incorporated; Barry Callebaut; Lovenature Superfoods; ConnOils LLC; Red V Foods Corp; Rosun Groups; Brusco; Naturz Organics; DAVIDSUN COCONUT PRODUCTS; Axelum ResourcesCorp.; Jaka Investments Corporation; Celebes Coconut Corporation; PT. Global Coconut; The Vita Coco Company, Inc.; Danone S.A.; Agrim Pte Ltd.; Hain Celestial Group, Inc.; and Superstar Coconut Products Co., Inc.
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Coconut Derivates Market Segment Insights
Based on type, the market is bifurcated into young and mature. The mature segment is expected to expand at a significant growth rate during the projection period and holds a major market share, owing to its high flesh content and low cost. Furthermore, mature coconuts are dried to extract coconut oil, which is highly in demand.
Based on product derivatives, the global market is segregated into coconut oil, coconut water, coconut milk, and desiccated coconut. The coconut water segment is projected to register a considerable CAGR during the forecast period, due to the rising demand for coconut water in emerging economies. Growing adoption of healthier drinks is one of the factors, driving coconut water in the food & beverage industry.
On the basis of end-user, the market is segmented into food & beverages, cosmetics, and pharmaceuticals. The cosmetics segment is expected to register a robust growth rate during the forecast period, owing to the high consumption of coconut derivatives such as coconut oil, coconut milk, and coconut cream to produce cosmetic products. Increasing consumer interest in sustainable products is boosting the cosmetic segment in the coconut derivatives market.
In terms of region, the global coconut derivatives market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia-Pacific is expected to dominate the market during the forecast period attributed to the increasing trade and export activities between Asian countries and other regions. The climate of Asian countries is quite suitable for coconut production, boosting the market in the region.
The market in Europe is likely to grow at a substantial growth rate, due to increasing health concerns and awareness towards plant-based food. Consumers in Europe are greatly inclined toward vegan and animal-friendly products, rising the demand for coconut derivatives such as coconut milk, coconut oil, and coconut cream propelling the growth of the coconut derivatives market.
Segments
The global market has been segmented on the basis of
Type
Product Derivatives
- Coconut Oil
- Coconut Water
- Coconut Milk
- Desiccated Coconut
End-user
- Food & Beverages
- Cosmetics
- Pharmaceutical
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Cargill, Incorporated
- Barry Callebaut
- Lovenature Superfoods
- ConnOils LLC
- Red V Foods Corp
- Rosun Groups
- Brusco; Naturz Organics
- DAVIDSUN COCONUT PRODUCTS
- Axelum ResourcesCorp.
- Jaka Investments Corporation
- Celebes Coconut Corporation
- PT. Global Coconut
- The Vita Coco Company, Inc.
- Danone S.A.
- Agrim Pte Ltd.
- Hain Celestial Group, Inc.
- Superstar Coconut Products Co., Inc.
Competitive Landscape
Key players in the global coconut derivative market are Cargill, Incorporated; Barry Callebaut; Lovenature Superfoods; ConnOils LLC; Red V Foods Corp; Rosun Groups; Brusco; Naturz Organics; DAVIDSUN COCONUT PRODUCTS; Axelum ResourcesCorp.; Jaka Investments Corporation; Celebes Coconut Corporation; PT. Global Coconut; The Vita Coco Company, Inc.; Danone S.A.; Agrim Pte Ltd.; Hain Celestial Group, Inc.; and Superstar Coconut Products Co., Inc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide.
- In September 2020, EVR Foods launched plant-based milk and creamers made from coconut water and pili nuts under its brand Lavva, which is best known for plant-based yogurts.
- In July 2020, Danone S.A. launched plant-based yogurt made using coconut milk. Rising the trend of coconut milk over dairy milk.