Global Coconut Sugar Market - 2023-2030

Global Coconut Sugar Market - 2023-2030

Global Coconut Sugar Market reached US$ 940.5 million in 2022 and is expected to reach US$ 1,432.6 million by 2030, growing with a CAGR of 5.4% during the forecast period 2023-2030.

Sugar and sugar substitutes are used as key ingredients in various product preparations. The harmful effects associated with the higher intake of table sugar and sugar substitutes are driving the use of natural sweeteners such as coconut sugar, boosting the market growth. The lower glycemic index and more nutrients in coconut sugar make it an ideal choice for various consumers.

The coconut sugar market is gaining high popularity as it reaches the demand for plant-based and minimally processed products in the market. Coconut sugar is used as a natural sweetener in various productions. The sustainable and ethical nature of coconut sugar with great taste boosts its use in food and beverage product applications.

The rich minerals and amino acid content in coconut sugar make it a healthier option for consumers to rely on. The pleasant sensation of coconut sugar on the skin drives its use in personal care products such as creams and moisturizers. They also have higher applications in the production of sunscreens and shampoos.

Dynamics

Increasing Consumer Demand for Natural Sugars

The increasing consumer awareness regarding the adverse effects of synthetic ingredients such as artificial sweeteners that are used as sugar substitutes in various applications is driving them towards natural and organic product trends. Coconut sugar is preferred by most consumers due to its increased health advantages compared to table sugar. In addition, the increasing health and environmental concerns are driving the demand for natural and sustainable products among consumers.

With the increasing demand for natural sweeteners, various companies are introducing natural sugar products in their product lines to the increasing demand for the product. For instance, in February 2022, Hrerza Schokolade launched its organic product line, Inspired by Nature into the market. The company launched coconut sugar in their product offering that perfectly harmonizes with chocolate.

Advancements and Investments Promoting Coconut Sugar Use

The advancements in the agro-industrial processing techniques that enhance the development and processing of coconut sugar positively drive the market growth. For instance, specific equipment, such as a double-jacketed cooker for the preparation of sap concentrate and coconut sugar will ease the processing steps for the manufacturers, increasing the processing efficiency.

For instance, in February 2022, Big Tree Farms Inc., a supply chain management service providing company for coconut sugar, introduced Vacuum Evaporated Coconut Nectar. The main aim of this initiation is to improve consistency and quality in the organic sweetener market. The company is trying to advance the formulation to produce conventional brown coconut sugar with high health and functional advantages.

Various investments taking place in the field of developing coconut sugar boosts the market demand. For instance, in August 2022, Simple Mills, a food ingredient brand, initiated the Coconut Sugar Project promoting sustainable farming in natural coconut farms in Java, Indonesia. The investment helps in the promotion of organic coconut farming practices and increases the market demand for organic coconut sugar.

Health Effects Associated with High Sugar Consumption

Globally people are reducing their sugar intake to lead a healthy lifestyle. The carbohydrate and sugar content in coconut sugar is the same as table sugar. High sugar intake leads to diabetes and obesity-related health effects. According to the World Health Organization 2022, about 422 million people are suffering from diabetes in the world. It is also estimated that the 1.5 million deaths every year are directly associated with diabetes.

According to the World Obesity Federation report, around 770 million adults worldwide were obese in 2020. The organization predicts that about 1.5 billion adults and nearly 400 million children might be suffering from obesity in 12 years. The increasing prevalence of obesity and diabetes is stressing consumers to choose sugar-free diets. The wide availability of substitutes in the market and their greater use in various product production can hinder market growth.

Segment Analysis

The global coconut sugar market is segmented based on type, form, nature, distribution channel, application, end-user and region.

Wide Applications in Various Industries

The global coconut sugar market is segmented based on end-user into commercial and household. The commercial segment of the global coconut sugar market accounted for the largest shares due to its wide utility in the food industries. Various industries such as bakeries and confectioneries wide adapting the use of coconut sugar in their product preparations to meet the natural sweeteners demand among consumers.

Various product developments with coconut sugar and wide acceptance of this product by consumers are driving the market growth. For instance, in December 2022, Oobli, a sweet protein maker, announced the launch of new chocolate bars with natural sweeteners. The product is claimed to be using coconut sugar as a natural sweeter and contains 70% less sugar than other products.

Similarly, in September 2021, Luker Chocolate, a fine chocolate company, launched a new range of healthy premium chocolates through their new product line, Balance. The product line includes organic coconut sugar dark chocolate, attracting consumers who are opting for natural sugar-based less processed products.

Geographical Penetration

Increased Demand for Natural and Organic Products In North America

North American coconut sugar market dominated the global industry. The increasing health and environmental awareness led to the high practice of natural product adoption in this region. According to the Organic Trade Association survey, organic product sales are increasing every year in United States. For instance, in May 2023, the sales reached $ 67.6 billion including non-food products too.

In addition, according to Nutritional Products International, U.S. accounts for up to 44 % of the organic and natural product retail sales. Further, the presence of various manufacturing units in this area improves the easy availability and utility of the products in various applications. For instance, Simple Mills, a food ingredient provider, has manufacturing units in USA and Canada.

Manufacturers of this region are also introducing organic and natural products in their product offerings. For instance, in April 2023, Chocxo, an organic chocolate brand, added dark chocolate coconut cups to their dark chocolate treat line. The product is made of cocoa beans that are sustainably sourced and organic coconut sugar. These coconut cups are available in more than 150 Costco locations in U.S., creating easy availability for consumers.

Competitive Landscape

The major global players in the market include Tree Life, The Coco Factory, Briofeed Private Limited, The Coconut Company Ltd, The Groovy Food Company, NOW Foods, Saudi Food Ingredients Factory, Betterbody Foods & Nutrition, Mio Mega Inovasio Organic and PT Holos Integra.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic moderately impacted the global coconut sugar market. The sudden declaration of lockdown resulted in the shutdown of many manufacturing industries including coconut sugar. The manufactured product was also restricted to warehouses, resulting in economic disturbance for the manufacturers.

The distribution channels and supply chain activities temporarily halted creating less product availability for the end-use consumers. The shutdown of various processing plants of bakery and confectionery also had a negative impact on the market due to the decreased demand from these industries. Manufacturers experienced a great economic challenge due to the pandemic situation.

The market sales started with the help of the high use and application of e-commerce platforms for product exchange. Increased consumer awareness regarding natural sugars increased market demand. People became health conscious and increased their consumption of healthy alternatives to table sugar. High demand for healthy products increased the incorporation of these products in various applications, driving market growth.

Russia- Ukraine War Impact

The Russia-Ukraine war had a negative impact on many industrial sectors, including food. The war created disruptions in the trade channels negatively impacting the market growth. The war created import and export trade disruptions, resulting in economic disturbances for the manufacturers. Trade disturbances created shortages of various resources such as coconut sugar which is required as a primary ingredient in various applications.

By Type
• Sucrose
• Glucose
• Fructose

By Form
• Granular Coconut Sugar
• Liquid Coconut Sugar
• Powdered Coconut Sugar

By Nature
• Organic
• Conventional

By Distribution Channel
• Supermarkets & Hypermarkets
• Convenience Stores
• E-Commerce
• Others

By Application
• Food and Beverages
• Cosmetics and Personal Care

By End-User
• Commercial
• Household

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In May 2023, Scharffen Berger Chocolate Maker, America's original craft chocolate, announced the launch of BREAKS, a craft-vegan vegan bark. The product is made with oat milk chocolate that is sweetened with coconut sugar and is available in four various flavors.
• In August 2023, Erewhon, a certified organic retailer invested in Zuma Valley, a food brand dedicated to coconut products to produce and launch new coconut products into the market.
• In January 2023, Cocos Organic, a U.K.-based dairy-free brand, introduced new product offerings by launching Coconut Milk Yog Tubes and a brand-new Light Organic Natural Yoghurt.

Why Purchase the Report?
• To visualize the global coconut sugar market segmentation based on type, form, nature, distribution channel, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of coconut sugar market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global coconut sugar market report would provide approximately 85 tables, 87 figures and 223 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies