Coconut Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global coconut products market is forecast to witness a CAGR of 9.65% during the forecast period (2022-2027).

The COVID-19 pandemic has drastically affected the market. Eventually, the buying behavior of consumers got changed. Most consumers preferred natural and organic products over chemically composed products because they were terrifically aware of their health and were following a healthy diet to avoid the attack of the virus. The consumers were even consuming coconut products because they provide strength and act as an anti-microbial. Therefore, the uncertainty caused in fiscal 2021 has positively affected the market due to the rising demand for coconut products. For example, Vita Coco, a major player in this segment, has estimated a remarkable growth in sales of coconut through e-commerce. According to the company, the consumers stockpiled coconut products through online retailing, which resulted in revenue growth.

The growing preference toward healthier dairy milk alternatives is expected to increase the demand for coconut products as coconut milk is preferred by many consumers due to the health benefits that the product carries, which is one of the major reasons driving the market.

Coconut water, drained from young coconuts, and virgin coconut oil, obtained from pressing the meat of fresh coconuts, are the growing segments in the market.

Key Market Trends

Rising Consciousness about Consumption of Coconut Products

Due to the rising awareness of health, consumers are trending for a healthy diet in daily life. Many consumers are using coconut-based products. This is because coconut products are natural and organic, which even provide several health benefits to the consumer. For instance, coconut milk's consumption helps promote good cardiovascular health, and the organic nature of coconut milk carries anti-inflammatory, anti-microbial, and anti-fungal properties. Moreover, many consumers also prefer coconut milk as it is lactose-free. The milk contains medium-chain fatty acid ( MCT), which helps the consumer lose weight and provides strength and energy. Many consumers even follow fitness activities to avoid health issues. Therefore, many consumers intake coconut water after these activities despite certain carbonated juice because coconut water is completely natural and provides the consumer instant energy. Therefore, consumers' increasing interest in maintaining a healthy lifestyle is significantly dragging the per capita spending towards the market.

North America is the Fastest-growing Market

The North American region is the fastest-growing market because of the rising demand for coconut products. The demand for coconut milk is increasing among consumers because it is lactose-free. Consumers are attracted to the product with its long shelf life and convenient packaging compared to cow's milk. Also, the additional health benefits of coconut milk are the primary factors leading to the demand for the product. Consumers in this region prefer coconut powder in several cuisines. Due to the rising demand for coconut products in the specific region, there is also a growth in innovation in this sector. The growing innovations in the field, leading to enhanced product quality and enriching its dietary value, are also factors attributing to the market's growth. Moreover, many consumers in this region prefer coconut meat because it is high in fat and calories while moderate in carbs and protein, which provides certain health benefits to consumers. Therefore, because coconut products have numerous health benefits, the demand is rising among consumers, which is one of the major reasons for the market's growth.

Competitive Landscape

The market studied is highly competitive due to numerous local and global players in the country. Some major companies are Vita Coco, Sambu Group, Marico Company, Celebes Coconut Corporation, and The Coconut Company. Most companies are actively involved in product innovation and mergers and acquisitions, owing to globalization, and the leading global companies have a considerable share within the industry. The strategy behind mergers and acquisitions also enables these top players to sustain dominance over other regional players in the industry.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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