The global coconut derivatives market sizeis expected to showcase exponential growth by reaching USD 23.39 billion by2027. This information is published by Fortune Business Insights in its latestreport, titled, “Coconut Derivatives Market, 2020 – 2027.” Thereport further mentions that the market stood at USD 11.05 billion in 2019 andis projected to exhibit a CAGR of 10.54% between 2020 and 2027. This growth isattributable to the increasing preference for vegan diet and the growingawareness regarding health benefits of these derivatives across the globe.
EVR Foods LaunchPlant-based Milk & Creamers to Cater to the Growing Demand for Vegan Diet
In September2020, EVR Foods, the North America-based company, announced the launch ofplant-based creamers and milk manufactured from pili nuts and coconut waterunder its well-known brand, Lavva. The company is excited to tap in the growingdemand for vegan food products and strengthen its position in the market.
Key MarketSegmentation:
We havebifurcated the market based on type, derivatives, end-user, and region.
On the basis oftype, the market is segmented into young and mature. Based on derivatives, themarket is divided into coconut oil, coconut water, coconut milk, desiccatedcoconut, and others. Additionally, based on derivatives, the coconut oilsegment held a market share of about 43.45% in 2019 and is anticipated toshowcase considerable growth due to high demand from the cosmetics and food& beverage industry. Moreover, based on the end-user, the market is segregatedinto food & beverages, cosmetics, pharmaceuticals, and others. Lastly, onthe basis of region, the market is categorized into Asia-Pacific, Europe, NorthAmerica, and Rest of the World.
What does theReport Include?
The market reportincludes qualitative and quantitative insights offering accurate analysis onthe size and growth rate for all possible segments. Additionally, several keyinsights provided in the report are an overview of related markets, recentindustry developments such as partnerships and collaborations, the regulatoryscenario in several countries, and key industry trends during the forecastperiod.
DRIVING FACTORS:
Fortune BusinessInsights Says Increasing Awareness Regarding Health Benefits of CoconutDerivatives a Boost to Market Growth
In recent years,the consumption of young coconuts has witnessed a massive surge in the U.S. andsome European countries such as the U.K. The growing awareness regarding thebenefits of these derivatives such as coconut oil, coconut water, and others isexpected to drive the market’s demand during the forecast period. Moreover, therise in veganism across the globe is propelling the demand for healthyplant-based food products that is likely to favor the global coconutderivatives market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific– The region isexpected to remain at the forefront and hold the largest global coconutderivatives market share in terms of revenue between 2020 and 2027. This isattributable to the thriving trade activities involving coconut derivativesbetween several Asia countries and other regions such as North America andEurope. Asia-Pacific stood at USD 5.11 billion in 2019.
Europe – The market in the region is expected toexperience exponential growth backed by the growing demand for plant-based foodalternatives due to them being perceived as healthy and nutritious.
North America– The growingawareness regarding the health benefits associated with the consumption ofcoconut derivatives is propelling the manufacturers to develop innovativeproducts. This is likely to favor the regional growth of the market during theforecast period.
- June 2019 – McCormick &Co., Inc., the U.S.-based food company, introduced Thai Kitchen Coconut Milk equipped with a tetra pack in the country. The company aims to deliver healthy and fresh food products to its consumers.
COMPETITIVELANDSCAPE
Product Innovationby Key Players to Intensify Industry Competition
The global marketfor coconut derivatives is fragmented by the presence of major companies thatare focusing on developing innovative products to cater to the evolvingconsumer taste. In addition to this, other key players are adopting strategiessuch as collaborations and partnerships to gain a competitive edge over theirrivals in the highly competitive global marketplace.
Browse DetailedSummary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/coconut-derivatives-market-100540
