Coconut 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

Coconut 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

Coconut Products Market Growth & Trends

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.

Coconut Products Market Report Highlights

• The coconut water product segment is expected to register the fastest growth over the forecast period, owing to the tremendous growth in healthy and nutritional drinks to adopt a healthy lifestyle
• The food & beverages application segment is expected to register the highest CAGR, owing to the rise in awareness about the benefits and functional properties of coconut products in the food and beverages industry
• The Europe regional segment is likely to witness the highest growth over the forecast period. The expansion of the region’s coconut products industry is significantly influenced by consumer willingness to spend more on fitness and nutritional products including coconut products

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