Market Research Future (MRFR)’s latest study projects that the North America & Europe Coconut Derivatives Market is set to expand exponentially striking a CAGR of 11.85% during the forecast period 2018 to 2028. The market is estimated to grow from USD 5,221.6 Mn in 2017 to USD 17,717.9 Mn towards 2028-end. Robust marketing campaigns are a key area of focus among the key players for promoting brand loyalty and boosting sales. Effective marketing through endorsements by celebrities, creating awareness about the health benefits offered by the products, etc. has opened growth avenues in the market. The massive investments in the marketing strategies are poised to catapult the coconut derivatives market growth in North America & Europe.
The high nutritional value of coconut water has led to a shift from carbonated drinks and juices. The richness of the product in electrolytes, potassium, sodium, etc. has paved the way for market penetration. The trend is likely to continue in the foreseeable future. Coconut water offers different benefits which include weight management, better skin texture, and improved digestion. This, in turn, is likely to augur well for the coconut derivatives market players. The strong value maintained by the cosmetics and pharmaceuticals industries are set to encourage the growth of the market over the next couple of years.
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A substantial fraction of the total coconut production is limited to the Asia Pacific region, especially countries such as Philippines, Indonesia, and India. North America & Europe are among the major importers of coconuts owing to high demand for coconut derivatives in the region. However, a gap between the demand and supply prevails in the market which can be ascribed to the decrease in the production of coconuts. Thus, the increasing demand and reducing supply remain impediments to the market proliferation over the next couple of years.
Some of the key players profiled by MRFR are
- Celebes Coconut Corporation,
- The Coca-Cola Company,
- The White Wave Foods Company,
- McCormick & Company, Inc.,
- Vita Coco,
- Goya Foods, Inc.
- Marico Ltd.
- The Hain Celestial Group
- Barleans Organic Oils L.L.C
MRFR’s report offers a detailed segmental analysis of the market based on type, category, and application. By type, the market is segmented into coconut oil, coconut water, coconut flour, coconut sugar, coconut milk, and others. Among these, the coconut oil segment is projected to capture a significant share of the market through the forecast period. It is expected to reach a valuation of USD 6,377.7 Mn towards the end of 2028 thriving at 10.11% CAGR.
By category, the market has been segmented into conventional and organic. The conventional segment is estimated to account for 96.3% share of the market during the forecast period. The growth is attributable to the low cost associated with the production of coconuts.
By application, the market is segmented into food & beverage, cosmetics, pharmaceuticals and others. The food & beverage segment is anticipated to dominate a significant share of the market over the assessment period.
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North America is expected to hold 52.3% share of the coconut derivatives market presently and is poised to retain its dominance over 2028. The growth is attributable to the paradigm shift towards healthy food habits coupled with increasing consumption of coconut water. The vigorous marketing campaigns undertaken by key players in the region such as Vita Coco are set to catapult the North America & Europe Coconut Derivatives Market on an upward trajectory. The U.S. has been projected to lead the regional market throughout the forecast period 2018 to 2028.
Europe is likely to remain a highly lucrative market across the review period. The consumer inclination towards veganism is projected to guide the growth trajectory of the coconut derivatives market in Europe. Veganism has gained popularity in the region owing to the health benefits, animal welfare activism, social media influence, etc. Coconut derivatives are popular among the vegans due to its high nutritional value. Additionally, growing health concerns among consumers, increasing obese population and a shift towards healthy lifestyle are set to passively fuel demand in the market by accelerating the acceptance of veganism. The boosted sales of packaged coconut water are further expected to catalyse revenue creation for market players.
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