Coconut Products Market Outlook - 2026
The coconut products market size was valued at $11.5 billion in 2018, and is estimated to reach $31.1 billion by 2026, registering a CAGR of 13.6% from 2019 to 2026. In 2018, the coconut oil segment accounted for more than half of the total coconut products market share. Coconut is a versatile fruit with multiple health benefits. Products derived from coconut include coconut oil, coconut water, coconut milk, desiccated coconut, coir, and copra. These products find a wide range of applications in food & beverages and cosmetic & personal care industries.
Coconut oil is widely consumed by the cosmetics industry for manufacturing products, for hair and skin care applications such as hair oils and soaps. Many manufacturers use coconut oil in packaged food products, and many consumers use it for cooking products, such as sweets, fried foods, and smoothies . Huge demand for coconut oil in the cosmetics industry and increase in its popularity in food applications are likely to drive the coconut oil market. Active and health conscious consumers have shifted their preference toward natural alternatives to caffeinated and sugar-based energy drinks. Hence, the demand for coconut water as a natural energy drink is growing rapidly due to its nutritional properties such as electrolytes and nutrients.
According to Coconut Products Market Analysis, the coconut products market is segmented on the basis of type, application, form, and region. By type, it is categorized into coconut water, coconut oil, coconut milk, dried coconut products, and others. By application, it is divided into food, beverage, cosmetics, and others. By form, it is bifurcated into solid and liquid. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, the Netherlands, and Rest of Europe), Asia-Pacific (India, Indonesia, China, the Philippines, South Korea, Vietnam, Malaysia, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
On the basis of type, the coconut oil segment accounted for the maximum share in the global market in 2018. Coconut oil based personal care products have gained higher traction in the personal care industry due to its emollient properties. Furthermore, due to its rich flavor with a mild aroma, it has become a popular choice of fat in various food products. Thus, due to some of the key characteristics possessed by coconut oil, coupled with strong demand from cosmetics and food & beverages industries, coconut oil accounted for a higher value share in the global coconut products market.
The Coconut Water segment would witness the fastest growth, registering a CAGR of 23.8% during the forecast.
On the basis of application, the cosmetics segment was dominant, which accounted for more than half of the share in coconut products market in 2018 and is expected to retain its dominance throughout the forecast period. Coconut products such as coconut oil, coconut milk, and cream are widely used in preparations of a range of cosmetic products due to their antioxidant, anti-ageing, and anti-inflammatory properties beneficial for hair and skin.
Beverages segment would witness the fastest growth, registering 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 the solid coconut products market growth.
Liquid segment would witness the fastest growth, registering a CAGR of 13.9% during the forecast period.
On the basis of region, Asia-Pacific was the prominent market in 2018 and accounted for the maximum share in the global coconut products market. This can be attributed to high adoption of coconut products such as coconut oil, coconut water, coconut milk, and cream in various food & beverage and cosmetic applications in the region. However, North America and Europe are also expected to witness a significant CAGR, owing to growth in demand for packaged coconut water as a health drink in these regions and rise in consumption of coconut milk as a dairy alternative product.
The players in the coconut products market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in the 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.
Asia-Pacific is the largest market growing at a CAGR of 14.3% from 2019-2026.
Key Benefits for Coconut Products Market:
- The report provides a quantitative analysis of the current coconut products market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists in determining the prevailing coconut products market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the coconut products industry.
Coconut Products Market Report Highlights
Key Market Players
METSHU EXPORTS (PVT) LTD, COCOMATE, SAMBU GROUP, UNIVERSAL COCO INDONESIA, COCOTANA COCONUT PRODUCTS, THAI COCONUT PUBLIC COMPANY LIMITED, KLASSIC COCONUT, VITA COCO, MARICO LTD., THE COCONUT COMPANY (UK) LTD.
Rise in demand for plant-based milk products is among the major factors that boosts coconut milk consumption. A huge demand for naturally prepared plant-based milk has been noted during the past years, which is expected to continue during the forecast period. Consumer attractiveness toward natural milk with high nutritional values is among the main factors that drive the market. Rise in demand for coconut products from regions such as North America and Europe has led to incremental trade flow for coconut products from Asian countries. Owing to the increase in awareness about the health benefits of coconut water, the market for packaged coconut water is expected to grow significantly in the coming years. Manufacturers are focused toward providing innovative and attractive product offerings, in terms of packaging and flavor of the products to gain a higher share in the coconut products market.