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Coconut products are products that are derived from coconut this
includes coconut water, copra, coconut oil, milk, etc. Coconut water is a pure
cool drink and exhibits various health benefits like heart health and
cholesterol-lowering. Coconut oil is widely used in everything from skincare
and personal care to meals for dinner, lunch, and morning showers. Coconut
products are also used in the manufacturing of processed food products such as
fried food and smoothies.
Growing demand for coconut oil, coconut milk, coconut water,
desiccated coconut, and copra is driving the coconut
products market growth. High demand for coconut oil from the cosmetics
industry for the manufacturing of skin and hair care products is again
anticipated to foster market growth. Increasing disposable income is driving
demand for cosmetics products. Growing demand for processed food products where
manufacturers of coconut oil in the manufacturing of processed food products is
also projected to augment market growth. Moreover, the growing popularity of
coconut water as energy drinks owing to its natural hydrating properties is
further expected to accelerate the market growth.
North America is expected to gain significant growth over the
forecast period and this is attributed to the increasing spending by consumers
on convince food products in the region which is driving demand coconut
products. According to the Economic Research Service United States Department
of Agriculture, in 2019, U.S. consumers, businesses, and government entities
spent $1.77 trillion on food and beverages in grocery stores and other
retailers and on away-from-home meals and snacks.
Key Developments:
1. In April
2019, Marico Limited has launched a range of vegan gourmet products under the
brand name ‘Coco Soul’. The range includes 100% Organic virgin coconut oil,
100% Natural virgin coconut oil, and 100% Natural Infused variants of
cold-pressed virgin coconut oil and Coco Soul Foods which include Coconut
Spreads, Coconut Chips, and 100% Organic Coconut Sugar; all made using coconut.
2. In February
2020, QNET has launched a new product called Nutriplus Virgin Coconut Oil (VCO)
under its health and wellness product category. The premium Virgin Coconut oil
is cold-pressed, unrefined, pure, and naturally extracted from the fresh milk
of high-quality organic coconuts, from Kerala.
3. In November
2019, Century Pacific Food Inc. has expanded its coconut business with the
launch of its own brand of coconut cream product for household cooking.
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