Coconut Sugar Global Market Report 2024

The coconut sugar market has grown strongly in recent years. It will grow from $1.95 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed during the historical period can be credited to several factors, including heightened consumer demand for natural products, increased awareness of sustainable agriculture practices, the trend towards gluten-free and allergen-free options, the influence of global culinary diversity, and the expansion of product offerings based on coconut.

The coconut sugar market is expected to see strong growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period is driven by a sustained emphasis on health and sugar reduction, the increasing popularity of vegan and plant-based diets, preferences for clean label products, the expanding market for functional foods, and government initiatives promoting health and nutrition. Noteworthy trends expected in the forecast period encompass innovations in coconut sugar products, a focus on sustainable and ethical sourcing practices, diverse applications of coconut sugar in various products, a commitment to clean label and transparency in product information, and the continued growth of plant-based and vegan lifestyles.

The anticipated growth in the coconut sugar market is closely tied to the increasing demand for vegan products. Vegan items, which exclude any animal or animal-derived ingredients, align with the plant-based nature of coconut sugar. This plant-based sugar is prominently featured in various vegan products, recipes, and baked goods as a natural substitute for brown sugar, contributing to enhanced overall health by maintaining blood glucose and energy levels. Notably, the Vegan Society, a UK-based registered charity organization, reported that in 2021 alone, 16,439 vegan products were registered, showcasing an 82% increase in product registrations over the last five years. This surge in vegan product demand is a key driver of growth in the coconut sugar market.

The coconut sugar market is poised for growth, driven by the ongoing global diabetes epidemic. Diabetes, characterized by elevated blood glucose levels due to insufficient insulin production or utilization, has prompted a significant shift towards alternative sweeteners with lower glycemic indices. Coconut sugar, with its comparatively lower glycemic index than table sugar, is positioned as a favorable choice for individuals with diabetes. According to the IDF Diabetes Atlas published by the International Diabetes Federation (IDF) in July 2021, the global diabetes-affected population reached 537 million, and projections estimate a rise to 643 million by 2030, constituting 11.3% of the population. This number is expected to further increase to a substantial 783 million, comprising 12.2% of the population, by the year 2045. The prevalence of diabetes is a significant factor propelling the coconut sugar market.

The coconut sugar market is witnessing a notable trend in product innovations, with major companies actively developing new organic offerings to maintain their competitive positions. In February 2022, Herza Chocolate GmbH & Co. KG, a Germany-based company specializing in functional chocolate pieces, introduced a range of organic chocolates inspired by nature. These chocolates incorporate coconut flower sugar, also known as palm sugar, derived primarily from coconut palm flowers. Known for its malty flavor reminiscent of caramel, coconut sugar complements chocolate exceptionally well. The product boasts eight distinct chocolate and coconut sugar blends, resulting in chocolates with a delicate and unique flavor profile.

Key players in the coconut sugar market are strategically concentrating on providing innovative sugar lines, including keto and paleo-friendly products, to address the evolving preferences of consumers. Keto and paleo-friendly products adhere to the dietary principles of the ketogenic (keto) and paleolithic (paleo) diets. In April 2021, Guittard Chocolate Company, a US-based chocolate company, launched its Beyond Sugar line, featuring keto and paleo-friendly products sweetened with organic coconut sugar. This includes Santé 72% cacao dark chocolate chips, offering a low 1G net carbs per serving, meeting dietary preferences without sugar alcohols. Additionally, the 100% cacao unsweetened chocolate baking chips provide a rich, sugar-free option suitable for keto, paleo, and plant-based diets.

In August 2021, Levitee Labs., a Canada-based nutraceutical company, completed the acquisition of Earth Circle Organics for an undisclosed amount. This strategic move aims to integrate the Earth Circle Organics brands with Levitee Labs.' Monke Nutraceuticals products, leveraging supply chain and distribution synergies. The objective is to accelerate growth by increasing advertising spend and inventory levels. Earth Circle Organics, a US-based company specializing in coconut sugar and other organic products, brings valuable expertise and products to complement Levitee Labs.' portfolio in the coconut sugar market.

Major companies operating in the coconut sugar market report are The Coconut Company Ltd., Franklin Baker Inc., Big Tree Farms Inc., Nutiva Inc., Madhava Ltd., Tradin Organic Agriculture BV, Treelife Ltd., Groovy Food Company Ltd., Celebes Coconut Corporation, Saudi Food Ingredients Factory, PT Mega InovasiOrganik, The Divine Foods, Agrim Pte Ltd., Connecticut Coconut Company, Coco Sugar Indonesia, Earth Circle Organics LLC, Coconut Secret, Tradewinds Plantation Berhad, PT. Global Coconut, Thai Organic Coconut Sugar Co. Ltd., Glanbia plc., Pura Vida Farms LLC, Paradise Ingredients LLC, Tharakan and Company, Kokos Natural LLC, Royal Pepper Company, Natural Sweet Company, Sambavanilla, Windmill Organics Ltd.

Asia-Pacific was the largest region in the coconut sugar market in 2023. The regions covered in the coconut sugar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the coconut sugar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary sugars found in coconut sugar include sucrose, glucose, and fructose. Sucrose encompasses sweeteners derived from sugar beet and sugar cane, and it is available in both organic and conventional forms. These products are distributed through various channels such as hypermarkets, specialty stores, e-commerce, and business-to-business transactions. Coconut sugar finds applications across diverse sectors, including food and beverage, cosmetics, and personal care, catering to both commercial and residential needs.

The coconut sugar market research report provides coconut sugar market statistics, including the coconut sugar industry's global market size, regional shares, competitors with a coconut sugar market share, detailed coconut sugar market segments, market trends and opportunities, and any further data you may need to thrive in the coconut sugar industry. This coconut sugar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The coconut sugar market consists of sales of powdered coconut sugar, organic coconut palm sugar, granular coconut sugar, and liquid coconut sugar. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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