Coconut Products Market Size Is Poised To Reach .58 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on June 18th, 2024 San Francisco, 18 June 2024: The ReportCoconut Products Market Size, Share & Trends Analysis Report By Product (Coconut Oil, Coconut Milk/Cream, Coconut Water), By Application (Cosmetics, F&B), By Region, And Segment Forecasts, 2023 - 2030 The global coconut products market size is expected to reach USD 38.58 billion by 2030, expanding at 8.4% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc.Coconut milk products are growing in popularity across the globe as a result of growing consumer concern over animal health and the rise in the number of people who cannot tolerate lactose. Increased awareness, the impact of the pandemic, expanding product portfolios, and increased research & development are factors propelling the global coconut products industry. Moreover, coconut oil is increasingly being used by cosmetic industries to create soaps & oils for hair and skin care. Due to its moisturizing properties, coconut oil-based personal care products are gaining popularity in the personal care industry. The market for coconut products is expected to grow over the coming years as a result of the massive demand for coconut oil in cosmetics and its increasing popularity in food applications. Consumers are increasingly shifting towards fitness and wellness trends, which has resulted in the growing demand for natural energy drinks such as coconut beverages over-caffeinated and sugar-based ones. Due to the nutritional qualities offered by drinks such as coconut water, it is becoming increasingly popular as a natural energy drink. Moreover, the increasing preference toward a plant-based diet is also influenced by environmental issues, ecological concerns, ethical or religious beliefs, health consciousness, and movements like veganism. This is expected to play a major role in the adoption of coconut products. In addition, coconut products are increasingly used in the healthcare sector, due to their growing utilization in the treatment of irritable UV ray protection, bowel syndrome, and obesity treatment. Similarly, the use of coconut oil, which is a component of several traditional medicinal systems like Ayurveda medicine, has grown in popularity as these practices become more widespread in Western nations. As a result of the therapeutic benefits of traditional medicine and their growing emphasis on natural healing techniques, their demand is rising, fueling market revenue growth. The Asia Pacific region is expected to account for the largest market share over the forecast period due to various factors. These factors include cheap labor availability, humid & equatorial climate, and availability of processing facilities. According to International Coconut Community, coconut oil volume exported by the Philippines rose from 840,073 metric tons in 2020 to 881,086 metric tons in 2022. Moreover, India has a specialized agricultural authority to support and maintain exports and domestic output. The Indian Coconut Development Board strives to promote the integration, diversification, and sector productivity of coconut products. As a result, the Asia Pacific region continues to drive market revenue growth due to climatic advantages and development resources. Request sample report of Coconut Products Market@https://www.grandviewresearch.com/industry-analysis/coconut-products-market/request/rs1 Increased awareness about the benefits of coconuts coupled with the growing demand for coconut-based products in major developed countries is expected to drive the demand for these products over the forecast period. In the post-COVID pandemic era, consumers across the globe have become increasingly conscious about the type of food they consume. This has resulted in the rising demand for a plant-based diet. The trend is expected to result in rising demand for coconut products across the globe, offering key manufacturers and food processing companies an opportunity to expand their product portfolio and enhance their consumer outreach. Coconut Products Market Report Highlights
According to a report published by Plant Based Foods Association in 2023, 68% of the surveyed consumers from the age group 35-44 stated that excessive additives and additive ingredients in the food supply are some of the major issues related to food globally. Currently, a large consumer base continues to turn toward plant-based diets as awareness about the issue rises. The demand for coconut and coconut-derived products is anticipated to increase in the coming years as a result of rising consumer concerns about the use of conventional dairy-based beverages and food products. The adoption of vegan diets is also on the rise due to increased health awareness, especially among millennials. The demand for foods and beverages made with components obtained or produced organically has grown as the organic industry continues to expand. Food products manufactured from organic coconut have a much higher nutritious value than conventional agricultural food products due to the presence of genetically modified elements. Coconut oil, desiccated coconut, cream, milk, and water from organic coconut are also witnessing strong demand in various application areas including food and beverages, cosmetics, and pharmaceuticals. The increased variety of coconut products coupled with their health benefits has positively affected the market. Increasing applications of major coconut derivatives like coconut oil and milk are positively impacting product demand. Global manufacturers of food & beverages and cosmetic products are investing in research & development to extract the complete benefits of coconuts to enhance their product offering. Coconut Products Market Report Scope
For instance, in February 2022, with the introduction of goods based on coconut milk, No Apologies, a flagship brand of Niam International Private Limited, expanded the scope of its product line. The company launched coconut milk shampoo, conditioner, and hair masks that offer antimicrobial & restorative care for the scalp and hair. Such initiatives by leading players that incorporate the use of coconut-based products such as milk and oil are expected to make constructive addition to the market growth over the forecast period. This is pushing consumers to shift from the conventional utilization of coconut oil as a food ingredient to its use as a personal care or beauty product. Similarly, as an alternative to coconut milk, dairy milk continues to gain popularity among people who strictly follow vegan diets. The rising demand for lactose-free food among consumers along with the ever-growing demand for natural ingredients in food, bakery, and the confectionery market is expected to offer lucrative growth opportunities for key market players. List of Key Players in the Coconut Products Market
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