SEATTLE, March 28, 2019 (GLOBE NEWSWIRE) -- The global coconut products market was valued at US$ 5.7 billion in 2018, and is projected to exhibit a CAGR of 9.9% over the forecast period (2019–2027).
Key Trends and Analysis of the Coconut Products Market:
Diverse applications of coconut products and high availability of coconut are the key factors driving growth of the global coconut products market. According to statistics of Food and Agricultural Organization (FAO), the global production of coconut was 58.4 million tons in 2016, increased at the rate of 1.0% from 2011. Coconut products are used as food such as desserts, cakes, sauces, and beverages such as smoothies, yoghurts, and coffee. It is an active cooking ingredient that is used in most of the Southeast Asian dishes such as casseroles, rice preparations, and curries.
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Coconut oil segment is expected to drive the coconut products market over the forecast period. Refined coconut oil is used in the manufacturing of biscuits, chocolates, and other confectionery items, ice cream, pharmaceutical products, and paints
Key players in the market are focused on adopting different business strategies in order to enhance their market share. For instance, in October 2018, Parachute Advansed, brand of MARICO LTD., launched its first ever hair spa at KidZania, Mumbai to promote coconut oil massage by teaching kids different techniques of oiling.
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Key Market Takeaways:
- The global coconut products market is expected to exhibit a CAGR of 9.9% during the forecast period (2019–2027)
- Among region, Asia Pacific is expected to be the fastest growing market during the forecast period. This is owing to abundant production of coconut and widespread use of coconut milk in various cuisines in the region. For instance, according to FAO, Asia Pacific accounted for 82.6% of the global coconut production in 2016.
- Some of the major players operating in the global coconut milk powder market include The Coconut Company (UK) Ltd., Marico Ltd., Enature Organic Products, AYAM SARL, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
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