Coconut Market Share Projected to Reach USD 19.38 Billion by 2030

The Coconut Market Share was valued at USD 12.03 billion in 2023 and is projected to reach USD 19.38 billion by 2030, growing at a CAGR of 7.05% during the forecast period. And this growth is mainly due to growing global vegan trend and universal uses of coconut products.

Drivers & Opportunities to Market Growth Area

Worldwide, the growing adoption of vegan and plant-based diets has acted as a significant driver of demand for coconut-derived products. The likes of coconut milk has emerged to become a hit with both health-conscious consumers as well as lactose intolerant people. Its high content of dietary fiber, copper, manganese, and selenium makes it more appealing. As a result, the food and beverage industry extensively used coconut in numerous products ranging from desserts, cakes, sauces, smoothies and yogurts to coffee due to its distinctive taste and health advantages. Coconut products also have low cholesterol and trans-fat content, adding to their increased popularity. With more funding from larger corporations into vegan and animal-free products, the coconut market is getting lucrative opportunities.

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Segmentation Analysis

Coconut Market By Type, Application (Coconut Market Analysis)

Based on type, the market is divided into coconut oil, coconut milk, desiccated coconut, and others. Of these, the coconut oil segment is dominating the marker owing to its ingredients in the manufacturing of biscuits, chocolates, confectionary products, ice cream, pharmaceutical and paint products. Refined coconut oil is versatile and good for you, leading to its prevailing popularity.

The largest segment is coconut milk and it too keeps growing largely driven by the increased demand of veganism and plant-based dairy products. With its creamy consistency and health benefits, it is a popular ingredient in many dishes.

The food and beverages segment accounts for 85% share of the global coconut marketApplications of coconutThe food and beverages industry accounts for a significant share of the coconut market worldwide. The integral role of coconut in a variety of food products and beverages means that its presence is felt very clearly within the food and beverage sector.

Additionally, coconut is used in cosmetics and personal care, such as hair oils, skin moisturizers and soaps, due to its beneficial properties. Coconut derivatives are also employed in the pharmaceutical industry for their potency.

Regional Insights

Asia-Pacific: The region is expected to hold a significant share of the coconut market in the coming years, growing at the highest rate during the predicted period. This dominance is due in large part to coconut's prolific production and its prevalence in many, many cuisines. Coconut is a key ingredient in casseroles, rice dishes and curries in some Southeast Asian countries.

North America: North America holds the largest share of over 43% in consumption of coconut-based products. Market Demand in ASMANTYS The market for coconut-based products is fuelled by the region's preference for plant-based and health-forward products.

Europe: The health consciousness trend among consumers is driving the growth of the European market, along with the rising trend of vegan diets. Germany and the United Kingdom are major contributors to the regional market growth.

Latin America: Countries such as Brazil and Mexico are experiencing growth in the coconut market, spurred by the burgeoning food and beverage industry and the integration of coconut products in both traditional and modern cuisine.

Middle East and Africa: The market in this region is expanding at a slow pace, but the awareness regarding the health benefits of the coconut products and the adoption of these products in daily diets and personal care routines, is on the rise.

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Competitor Analysis

The global coconut market is competitive in nature, with many players focusing on product innovation, strategic alliances and expansion activities to gain greater market share.

Marico Limited: An established player in the consumer goods space, Marico has a diverse portfolio of coconut-based products ranging from hair oils to edible oils. The flagship brand, Parachute, is well-known for coconut hair oil, which takes up significant market space in Asia.

The Coconut Company (UK) Ltd – Specialises in organic and natural coconut products, including coconut sugar, flour and oils. They established a presence in the European market with a strong focus on sustainability and quality.

Vita Coco: These coconut water mixed with coconut milk and oil The brand’s focus on health and hydration resonates with a wide consumer demographic within North America and Europe.

Sambo Group is another prominent coconut processing company in the Asia-Pacific region, offering coconut cream, milk, and desiccated coconut products. They have a widespread distribution network that represents the market well.

By Thailand List Thai Coconut Public Company Limited this company produces a variety of coconut products such as canned coconut milk, coconut water, and desiccated coconut. Over the years, they have managed to make a mark in the global market.

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Recent Developments:

Marico Limited: Recently launched new range of cold-pressed virgin coconut oils catering to wholesomeness-seeking consumers who want natural and unrefined products

Vita Coco: Launched a range of coconut-infused energy drinks, tapping into the rising trend of functional beverages.

The Coconut Company (UK) Ltd: Revealed a deal with a large retailer to broaden the availability of its organic coconut foods across Europe.

Conclusion

The global coconut market is expected to witness significant growth owing to the increasing adoption of vegan lifestyle, rising health awareness, and multiple applications of coconut products in various industries. A number of significant players are also actively working on product innovation and strategic initiatives to capitalize on emerging opportunity. We anticipate the coconut market will remain on an upward climb in the years to come, as consumer preferences increasingly move towards natural and plant-based products.

Explore More: Visit our website for Additional reports:

Coconut Sugar market https://www.maximizemarketresearch.com/market-report/coconut-sugar-market/165214/ 

Coconut Spread Market https://www.maximizemarketresearch.com/market-report/global-coconut-spread-market/96206/ 

Coconut Shell Powder Market https://www.maximizemarketresearch.com/market-report/coconut-shell-powder-market/189541/ 

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