Coconut Products Market Is Expected At A CAGR Of 17.8% 2025
The global coconut products market size is expected to reach USD 105.84 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 17.8% during the forecast period. The market is expected to witness significant growth due to rapidly rising consumption in countries from Europe and North America. Various health benefits and applications of coconut products are anticipated to further fuel the adoption.
Coconut oil accounted for the largest market share owing to its various applications in cosmetics, food and beverages, energy, and oil and gas among other industries. Moreover, manufacturers are also focusing on finding innovative applications of this product. The strictly vegan population prefers coconut milk as one of the alternatives to dairy milk. However, due to a recent study conducted by a Harvard epidemiologist, consumption of coconut oil can be harmful due its high saturated fat content which can increase level of bad cholesterol in the body. In addition to this study, increasing use of other oils like almond and soy is expected to hinder the segment growth. Coconut water is the fastest growing segment owing to the rising awareness regarding its benefits among major European countries. Currently, the product is being used as a substitute to energy drinks like Gatorade. Hence key market players are focusing on the untapped potential benefits of the product to create growth opportunities.
Cosmetics industry was the largest consumer of coconut products in 2018, owing to booming cosmetics market coupled with consumer preference for organic and natural cosmetics. The segment is anticipated to witness the fastest CAGR of 18.1% from 2019 to 2025. Food and beverages industry from Asia Pacific and Central and South America is anticipated to register significant consumption of coconut products. These regions are the major producers of coconut and hence these products are commonly included in daily use. However, due to the availability of many alternatives such as almond oil, soy products, and rice milk among others, this segment is anticipated to grow at a steady pace. Other applications of coconut products are being explored in the textile industry as geo-textiles and in the energy sector as biofuels.
North America held the highest market share in terms of revenue in 2018, due to increasing consumer preference for plant-based products. Europe is anticipated to showcase substantial growth in light of increasing penetration of coconut water uses in this region. Changing consumer preference fueled by high disposable income is another factor propelling the regional market growth.
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Further key findings from the report suggest:
- In terms of revenue, coconut water is projected to ascend at a CAGR of 20.4% over the forecast years
- Oil segment led the coconut products market due to various applications of the product in healthcare, personal care, cosmetics, and food and beverages
- China followed by U.S. and Netherlands were the major importers of coconut oil in 2018
- Major exporters of coconut and its products are Indonesia, Philippines, India, and Brazil. Brazil was the major exporter for the European countries till 2014. However, due to increasing demand, Philippines also exports to European countries on a large scale.
Grand View Research has segmented the global coconut products market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion, 2015 - 2025)
- Oil
- Milk/Cream
- Water
- Others
Application Outlook (Revenue, USD Billion, 2015 - 2025)
- Cosmetics
- Food & Beverage
- Others
