Rise in usage of coconut-based products in food & beverage applications and high demand for coconut oil in the cosmetic industry drive the growth of the market.
PORTLAND, OR, UNITED STATES, August 12, 2021 /EINPresswire.com/ — Coconut Products Market by Type (Coconut Water, Coconut Oil, Coconut Milk, Dried Coconut Products, and Others), Application (Food, Beverage, Cosmetics, and Others), and Form (Solid and Liquid): Global Opportunity Analysis and Industry Forecast, 2019-2026″. According to the report, the global coconut products industry was pegged at $12.75 billion in 2019 and is projected to reach $31.1 billion by 2026, registering a CAGR of 13.6% from 2019 to 2026.Increase in usage of coconut-based products in food & beverage applications and growth in demand for coconut oil in the cosmetic industry have propelled the growth of the global coconut products market. Whereas, the stagnant or slight decline in production of coconut relative to the increasing demand impedes the market growth. On the other hand, growth in consumption of processed food products due to rise in urban population and demand for coconut-based products are expected to create lucrative opportunities in the near future.
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The coconut products market is segmented on the basis of type, application, form, and region. Based on type, the coconut products market is categorized into coconut water, coconut oil, coconut milk, dried coconut products, and others. Coconut oil is widely used in cosmetics industry and is one of the prime products in hair care, thus is expected to influence the overall coconut products industry. The coconut oil segment was valued at $6.1 billion and is expected to grow with a CAGR of 5.6% from 2019 to 2026, to reach $9.4 billion by 2026. The coconut water segment is estimated to be the fastest growing segment, with a CAGR of 23.8% during the forecast period. The fastest growth of coconut water segment is attributed to growth in consumption of natural energy drinks and health concerns among the consumers.
On the basis of application, it is categorized into food, beverage, cosmetics, and others. The cosmetics segment was valued at $7.0 billion and is expected to growth with a CAGR of 13.3% during the forecast period. The segment is expected to reach $18.6 billion by 2026. The beverage segment is anticipated to be the fastest growing segment, with a CAGR of 14.7% during the forecast period.
On the basis of form, the liquid segment held a significant share in the global market in 2018. However, the solid segment is expected to garner a considerable share, owing to increase in demand for coconut-based snacks as healthy alternatives to conventional snack products across the globe. In addition, benefits such as easy handling and longer shelf life further adds to its market attractiveness.
The global coconut products market across Asia-Pacific held the largest share in 2018, accounted for nearly three-fifths of the market. Moreover, the region is projected to register the fastest CAGR of 14.3% during the study period. This is due to growing awareness regarding coconut water as a sport or refreshment drink and as an ingredient in clean-label skincare products. On the other hand, the market across North America is projected to register a CAGR of 11.8% during the forecast period.
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The key players profiled in this report include The Coconut Company (UK) Ltd., Marico Ltd., Vita Coco, Sambu Group, Metshu exports (pvt) ltd, Cocomate, Klassic Coconut, Cocotana Coconut Products, Universal Coco Indonesia, and Thai Coconut Public Company Limited.