A recent study conducted by Fairfield Market Research has unveiled a promising outlook for the global coconut products market over the next few years. The burgeoning demand for vegan diets, coupled with a growing emphasis on health and nutrition, is driving this remarkable growth trajectory.
Rising Demand for Vegan Diet: In an era marked by increasing health awareness and sedentary lifestyles, consumers are actively seeking healthier dietary choices. Veganism has gained substantial traction as individuals aim to manage their weight, improve overall health, and reduce the risk of ailments such as diabetes, obesity, and cardiovascular disorders. Vegan diets are known for their weight management benefits, enhanced blood flow, and maintenance of optimal body pH. Moreover, they provide essential fibrous nutrition, minerals, and vitamins vital for cell development. As per the Vegetarian Resource Group, the United States alone has witnessed more than 2% of its population embracing veganism, with this number projected to rise. This growing vegan trend is expected to have a profoundly positive impact on the global coconut products market.
Rising Sales of Plant-Based Food Products: The global coconut products market is further buoyed by the surging popularity of plant-based food products. An increasing number of consumers are opting for plant-based alternatives to dairy, driven by health considerations, variety, and taste preferences. Flexitarianism, a dietary approach that incorporates more plant-based foods, is on the rise, with over 36% of the U.S. population identifying as flexitarian. This shift towards plant-based foods is attributed to their health benefits and nutritional value. According to the US Plant-Based Foods Association, retail sales of plant-based food products witnessed a remarkable 6.2% growth in 2021, reaching a valuation of US$7.4 billion, with a projected growth rate of 54% over the next three years. This surge in demand for plant-based products is expected to propel the coconut products market forward.
Coconut Derivatives in Skincare and Cosmetic Applications: Coconut products are not limited to the culinary realm; they are increasingly being incorporated into skincare and cosmetic formulations. Coconut oil, in particular, has become a sought-after ingredient in the production of cosmetics and skincare products due to its perceived anti-aging, anti-bacterial, and antioxidant properties. The United States Department of Agriculture and Foreign Agricultural Services (FAS) reports a significant increase in coconut oil consumption in the skincare and cosmetic sector, from 1.5 million metric tonnes to 1.79 million metric tonnes. This trend is contributing to the growth of the coconut products market.
Rising Demand for Young Coconut Derivatives: While mature coconuts have traditionally dominated the market due to their lower pricing and higher flesh content, the demand for young coconuts has been steadily increasing. Young coconuts, known for their health benefits and coconut water, are gaining popularity, especially in Europe. The Centre for the Promotion of Imports from Developing Countries (CBI) reports rapid growth in the demand for young coconuts, driven by the appeal of coconut water. This shift in consumer preferences is expected to boost the demand for young coconut products and derivatives, further fueling the growth of the coconut products market.
Asia Pacific Emerging as a Key Player: The coconut products market is witnessing significant growth in emerging economies in the Asia Pacific region. Rising consumer demand for coconut derivatives such as coconut milk, coconut water, coconut oil, and coconut milk powder, coupled with prolific coconut production, is propelling the industry forward. India, in particular, stands out as the largest global coconut producer, contributing approximately 31.45% of the global coconut production as of 2022, according to the India Brand Equity Foundation (IBEF). The region benefits from a large consumer base, stable GDP per capita growth, expanding end-use industries, and a growing vegan population.
Competitive Landscape: Key players in the coconut products market include Zico Beverages, PT. Pulau Sambu, Ducoco Alimentos SA, Coco Do Vale, The Vita Coco Company Inc., McCormick & Company Inc., DANONE SA, and Agrim Pte Ltd.
With the global coconut products market poised for remarkable growth, industry players are gearing up to cater to the evolving demands of health-conscious consumers and the expanding vegan population. As the world embraces healthier dietary choices and embraces the numerous applications of coconut derivatives, this market is set to flourish.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/coconut-products-market
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