Global Copra Meal Market - 2022-2029

Global Copra Meal Market - 2022-2029:

Market Overview

Copra Meal Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 4.12% during the forecast period (2022-2029).

Copra is acquired by eliminating the husk of the coconut, then breaking it into items as well as allowing the flesh completely dry. The drying of the copra is mainly performed in the exact same area where the coconuts are cultivated. Every adult coconut hand bears 50-75 nuts that can be collected, split with machetes, and delegated dry in the sun. The copra is then scraped out of the husk and gets to dry even more on racks and finally, it is packed in hemp bags and also moved to a processing facility. In addition, after removing coconut oil, the remaining deposit of copra or coconut butter is called the copra meal or copra cake.

This copra meal is commonly used as a stock feed. It has high nutrients and boosts the immune system of animals that can avoid using medicines. It helps to provide highly valuable cow’s milk and meat and it is used in animal organic farming. The copra meal can be used for fodder such as horses, cattle, sheep, deer, chicken, turkey, and pig. In addition, the protein content of copra meal is ideal for animal fattening. Thus, owing to these benefits, the demand for copra meals in the animal feed industry is increasing which is driving the market globally.

Market Dynamics: Growing inclination toward animal-sourced food is driving the growth global copra meal market

The inclination towards meat products is growing owing to increased health concerns and rising disposable income. The growing demand for animal-sourced food products has created an opportunity for the copra meal market in order to enhance its usage. An increase in demand for various animal products, such as milk, dairy products, meat products, eggs, and other non-food items led to the growth in the usage of various alternative meals including copra meal, thereby, boosting the copra meal in the growth of the animal feed market.

Furthermore, farmers are relying on feed to obtain high-performance and quick weight gain in animals over a short period of time. To satisfy the demand for the meat processing industry, livestock farmers need to produce high-quality and hygienic & safe to eat meat, which is considered a big challenge. The expansion of the meat products industry has created an opportunity for copra meal to spur the market, as these meals boost immunity and enhance the performance of animals, by stabilizing the immune system. Thus, owing to these benefits there has been increasing in demand for copra meals across the countries which ultimately adds to the growth of the market. Thus, the rise in consumption of animal-sourced products is enabling the animal feed industry to use copra meals for animals to enhance the value and the quality of animal-sourced food products.

However, the side effects associated with copra meal such asburning, and itching. Numbness, changes in skin color, changes in urination, and others are expected to restrain the market growth.

Market Segmentation: Online stands for the highest share in the global copra meal market

In 2021, the online segment had the highest revenue share of more than YY percent. It is easier for customers to buy a product online due to its easy availability, and discount offers, thus customers prefer offline channels to buy the products. For instance- In 2020, according to allied business analytics, more than 50% of consumers all over the world, have changed their traditional shopping habits by ordering products online. In addition, rapid growth in digitalization, and a rise in inclination towards online shopping owing to its easy use and availability of a variety of products are driving the growth of the market.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost YY percent. The region has well-developed food and animal feed industry, where animal sourced products are consumed mostly thereby increasing the demand for copra meal. Consumers in U.S. prefer to eat high-quality, safe to eat and hygienic meat and animal sourced products which again add to the growth of the market. In addition, increasing awareness about the nutritious benefits of aquaculture products, and rising demand for copra/copra meal due to high availability and low prices increases its demand thereby increasing its production. For instance- In 2021, according to USDA, the worldwide production of copra is 5.82 million MT, this produced copra meal is then exported to emerging countries such as U.S. Thus, the increased use of copra meal in North America helping the region to grow in coming years. Thus, the increased usage of copra meal in animal feed industry is driving the growth of the market.

Competitive Landscape:

The global copra meal market is competitive and comprises players such as Clif OMG, Feedipedia, Greenville Agro Corp, Coconut Rocket, KERAFED, TANTUCO ENTERPRISES, INC., PRIMA INDUSTRIES LTD, Primex Group, PT Harvard Cocopro and PT. Golden Union, among others. The copra meal market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications.

COVID-19 Impact:

Negative impact on the global copra meal market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages are among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants. In addition, the closures of the companies, production facilities, factories in various countries have disrupted the whole supply chains. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products.

Furthermore, the restrictions on the import-export restrictions imposed by governments in various regions such as North America, Asia, and Europe are hindering geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the copra meal market. For example -In March 2021, according to Asian Agribiz, Indonesia's copra meal production in 2021/22 is estimated at 510,000 tons, an increase of 6000 tons in line with higher Coconut crude oil (CNO) production, according to the USDA. Copra meal consumption for 2021/22 is also expected to continue to increase to 288,000 tons on increasing animal feed production and demand.

The global copra meal market report would provide an access to approximately 61 market data tables, 30 figures and 10 pages