Market Analysis
The global North America Europe coconut derivatives market is predicted to grow at an 11.85% CAGR over the forecast period (2018-2028), in accordance to the new Market Research Future (MRFR) report. Coconut derivatives comprise of all products that possess commercial relevance such as coconut milk, coconut water, and coconut oil. Coconut sugar, desiccated coconut, and coconut flour are some lesser-known derivatives that are also widely used in various application sectors.
Coconut oil is extremely beneficial for hair and skin, coconut milk is used as a substitute for dairy milk among the vegan population, while coconut water is widely consumed as an energy drink. On the other hand, desiccated coconut is used for food decoration and adding flavor to curries while coconut vinegar is used as a healthy alternative to synthetic vinegar as a flavoring agent or preservative in sauces and pickles.
Various factors are propelling North America Europe coconut derivatives market growth. These factors in accordance to the MRFR report, include growing demand in pharmaceutical and cosmetic industries, increasing consumer awareness concerning the adverse impact of carbonated drinks, increasing demand as a healthy substitute to processed juices and carbonated drinks due to its blending and nutritional capabilities, various government initiatives to encourage coconut water consumption, and availability of sports drinks made with coconut water, and numerous health benefits of consuming coconut water. Coconut water is rich in potassium, sodium, and other minerals, including magnesium and calcium that restores the electrolyte balance in the body; thus, are consumed widely as a post-workout drink. This again, is boosting the market growth. On the contrary, a decrease in coconut production may hamper North America Europe coconut derivatives market growth over the forecast period.
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Key Players
Leading players profiled in the North America Europe coconut derivatives market report include McCormick & Company, Inc., Goya Foods, Inc., The Coca-Cola Company, Vita Coco, PepsiCo, Inc., Celebes Coconut Corporation, Marico Ltd., The Hain Celestial Group, and Barleans Organic Oils L.L.C.
February 2019: TAJA Coconut has launched its sugar-free and non-GMO bottled coconut water. The company’s cold-filtered patented three-part technique extracts the coconut water yet at the same time keeping every nutrient intact by avoiding the use of additives, air, or harmful heat. This coconut derivative has been made with the commitment to allow consumers to taste coconut water just in the manner nature intended. The company harvests every coconut at the correct age to offer crystal-clear color and a balanced flavor.
Market Segmentation
The MRFR report provides a complete segmental analysis of the North America Europe coconut derivatives market on the basis of category, application, and type.
Based on type, the North America Europe coconut derivatives market is segmented into coconut oil, coconut water, coconut flour, coconut sugar, coconut milk, and others. Among these, the coconut oil segment will have the largest share in the market over the forecast period.
Based on category, the North America Europe coconut derivatives market is segmented into conventional and organic. Among these, the conventional segment will dominate the market over the forecast period due to coconut production’s pocket-friendly cost.
Based on application, the North America Europe coconut derivatives market is segmented into food and beverages, cosmetics, pharmaceuticals, and others. Among these, the food and beverage segment will lead the market over the forecast period.
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Regional Analysis
By region, North America Europe coconut derivatives market report covers the latest trends and growth opportunities across North America as well as Europe. Among these, North America will command the market over the forecast period. This is owing to the increasing consumption of coconut water and shift towards healthy food habits. Leading market players in this region have incorporated several marketing campaigns which again is boosting the market growth. The US is the key contributor in this region.
The market in Europe is predicted to have a lucrative growth over the forecast period. This is owing to increasing inclination towards veganism on account of the growing awareness of the various health benefits of taking coconut derivatives, animal welfare activism, and the growing influence of social media. Moreover, expanding obese population, growing trend for a healthy lifestyle, and increasing sales of packaged coconut water are also boosting the market growth.
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