The global coconut products market size is expected to reach USD 95.64 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 17.8% during the forecast period. The market is expected to witness significant growth due to rapidly rising consumption in countries from Europe and North America. Various health benefits and applications of coconut products are anticipated to further fuel the adoption.
Coconut oil accounted for the largest market share owing to its various applications in cosmetics, food and beverages, energy, and oil and gas among other industries. Moreover, manufacturers are also focusing on finding innovative applications of this product. The strictly vegan population prefers coconut milk as one of the alternatives to dairy milk. However, due to a recent study conducted by a Harvard epidemiologist, consumption of coconut oil can be harmful due its high saturated fat content which can increase level of bad cholesterol in the body. In addition to this study, increasing use of other oils like almond and soy is expected to hinder the segment growth. Coconut water is the fastest growing segment owing to the rising awareness regarding its benefits among major European countries. Currently, the product is being used as a substitute to energy drinks like Gatorade. Hence key market players are focusing on the untapped potential benefits of the product to create growth opportunities.
Major exporters of coconut and its products are Indonesia, Philippines, India, and Brazil. Brazil was the major exporter for the European countries till 2014. However, due to increasing demand, Philippines also exports to European countries on a large scale.
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Coconut oil is also used for body massage, especially for massaging infants as it strengthens the bones health of babies. When mixed with other fragrant oils, it makes for an excellent body massage oil and acts as a stress reliever. Moreover, the oil is used for cooking in major developing countries like India and China. However due to its high saturated fat content, it is facing stiff competition from other substitutes like almond and soy milk.
Key findings from the report suggest:
- In terms of revenue, coconut water is projected to ascend at a CAGR of 20.3% over the forecast years
- Oil segment led the coconut products market due to various applications of the product in healthcare, personal care, cosmetics, and food and beverages
- China followed by U.S. and Netherlands were the major importers of coconut oil in 2018
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Cosmetics industry was the largest consumer of coconut products in 2018, owing to booming cosmetics market coupled with consumer preference for organic and natural cosmetics. The segment is anticipated to witness the fastest CAGR of 18.1% from 2019 to 2025. Food and beverages industry from Asia Pacific and Central and South America is anticipated to register significant consumption of coconut products. These regions are the major producers of coconut and hence these products are commonly included in daily use. However, due to the availability of many alternatives such as almond oil, soy products, and rice milk among others, this segment is anticipated to grow at a steady pace. Other applications of coconut products are being explored in the textile industry as geo-textiles and in the energy sector as biofuels.
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Coconut oil accounted for the largest market share of 75.0% in terms of revenue in 2018. The product has a high healthy saturated fat content that can boost fat burning and replenish energy levels in the body. It also raises the good cholesterol levels in the body, which is beneficial for reducing the risk of heart diseases. It is also used as an excellent hair care oil which promotes health, shin, and growth of hair. Due to its anti-aging, antibacterial, antioxidant, and anti-inflammatory properties, this product finds its utilization in skin care as well.
Coconut water is gaining popularity as energy drink due to its natural hydrating properties. Products like coir, sugar, chips and cookies, and desiccated coconut among others are expected to witness increased demand due to their diverse applications. For instance, coir is used to make geotextiles due to its impressive durability and absorbent characteristics. Desiccated coconut is used to add flavor to curries or for food decoration. Coconut vinegar is another niche derivative made from fermenting coconut water. It is a healthier alternative to synthetic vinegar. It can be used as a preservative or flavoring agent in pickles and sauces. It improves the quality of cooked fish and meat. The product also aids in digestion. Such innovative applications are expected to fuel the demand.
Grand View Research has segmented the global coconut products market on the basis of product, application:
Product Outlook (Revenue, USD Billion, 2015 – 2025)
Application Outlook (Revenue, USD Billion, 2015 – 2025)
- Food & Beverage
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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