The global coconut products market consists of different products that are produced from fresh coconut and dried coconut. Coconut products include coconut oil, coconut water, coconut milk powder, coconut snacks and beverages among others. Coconut products are used in numerous industries like food, personal care, and healthcare due to their various nutritional and therapeutic properties. The global coconut products market is estimated to be valued at US$ 6.07 billion in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The beauty and wellness industry has been witnessing rising demand for coconut based products due to various health and skin benefits offered by coconut. Coconut oil, coconut water and coconut milk are widely used in personal care products for their moisture retaining and anti-aging properties. Growing popularity of natural and organic beauty products has propelled consumption of coconut oil and extracts in various hair care, skin care and cosmetic products. Manufacturers are increasingly exploring opportunities to develop innovative coconut based personal care and cosmetic formulations, which is expected to drive higher usage of coconut products in the beauty and wellness sector.
SWOT Analysis
- Strength: Coconut products have high nutritional value and various health benefits. They are a rich source of fiber, vitamins, minerals and healthy fats which boost their demand.
- Weakness: Coconut production is highly dependent on climatic conditions. Adverse weather can negatively impact production volume and supply. Also, requirement of large land area for coconut cultivation limits its production.
- Opportunity: Growing health consciousness among consumers is driving the demand for natural and nutritious food products. Increasing adoption of vegan and gluten-free diets presents an opportunity for coconut product manufacturers to offer additional varieties.
- Threats: Presence of substitute tropical fruits poses competition in the market. Moreover, price volatility of coconuts depending on production can increase input costs for manufacturers.
Key Takeaways
The global coconut products market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region currently dominates the global coconut products market with largest share due to abundant availability of raw materials in countries such as Philippines, Indonesia and India. Indonesia is the highest coconut producing country globally.
Key players: Key players operating in the coconut products market are The Coconut Company (UK) Ltd., Marico Ltd., Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd. These players are focusing on new product development and partnerships to strengthen their market presence.
