The global coconut products market size is anticipated to reach USD 95.64 Billion by the year 2025, according to a new report by Million Insights, Inc. It is expected to grow with a CAGR of 17.8% over the forecasted period, 2019 to 2025. Rising awareness about the health benefits from the consumption of coconut and its products is expected to boost the market growth during the forecast period. Also, an increase in the consumption of such products across the developed regions of North America and Europe is expected to fuel market growth.
The segment of coconut oil is anticipated to hold the largest share in the overall market. This can be attributed to the increase in the usage of such oil across various industries such as food and beverages, cosmetics, and oil & gas. The manufacturers of this product are also inventing other innovative applications for its use. The consumers following the vegan diet prefer coconut milk over conventional dairy milk. But, during a study conducted by one of Harvard’s epidemiologists, he found that consumption of coconut oil may increase the cholesterol level inside the body due to its greater saturated fat content. Also, the use of other types of oils such as soy and almond oil is expected to act as a hindrance in market growth.
The segment of coconut water is anticipated to grow at a much faster rate as compared to the rest. This growth can be attributed to the rising awareness about health benefits across European countries. It also acts as a substitute for energy drinks like Red Bull and Gatorade. Thus, the manufacturers are majorly focusing on the market potential of such products to boost their sales and maximize profit.
In 2018, the application segment of cosmetics held the largest share for the consumption of coconut products owing to the rise in the cosmetics market share and increasing preference of natural or organic products for the manufacturing of various beauty products. This segment is expected to register the fastest CAGR of 18.1% during the forecasted period, 2019 to 2025. The food and beverage segment across developing regions of Asia Pacific and Central and South America is expected to witness significant growth in the upcoming years. This growth can be attributed to the rise in the production of coconuts across these regions and their daily consumption. The manufacturers are also exploring other applications for the use of coconut products across the textile industry and the energy sector.
In 2018, the region of North America held the largest share owing to the rise in preference for consumption of plant-based natural or organic products. The region of Europe is also expected to witness significant growth in the consumption of coconut products. Rising consumers' preference coupled with the increase in the disposable income among the working population across the globe is also expected to boost the coconut products market growth during the forecasted period.
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Further key findings from the report suggest:
• The product segment of coconut water is anticipated to witness highest CAGR of 20.3% during the forecasted years.
• The oil segment held the largest share owing to its variety of applications across industries such as food and beverage, cosmetics, healthcare and personal care.
• In 2018, the countries like U.S, Netherlands and China were the major importers of coconut oil.
• The major exporters for coconut products were countries like India, brazil, Indonesia, and Philippines.
Million Insights has segmented the global Coconut products market on the basis of products, application and region:
Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Milk/ Cream
Application Outlook (Revenue, USD Billion, 2015 - 2025)
• Food & Beverages
Coconut products Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa