Rising demand for coconut derivatives in the cosmetic and pharmaceutical industries is likely to be the major driving factor for the global coconut derivatives market. Fortune Business Insights, in its report, titled “Coconut Derivatives Market Size, Share and Global Trend by Type (Coconut Oil, Coconut Water, Coconut Milk), By Nature (Conventional, Organic), By Application (Food & Beverage, Cosmetics), And Geography Forecast till 2026”, shares crucial market analysis and highlights the key factors that will play an influential role during the forecast period.
Some key companies that are present in the global coconut derivatives market are
- McCormick & Company, Inc.
- Vita Coco
- Celebes Coconut Corporation
- The Hain Celestial Group
- Barleans Organic Oils L.L.C., and Finless Foods.
Coconut derivatives refer to different products that are derived or extracted from coconuts and have commercial value. The most well-known products include coconut oil, coconut milk, and coconut water. Some other, lesser known derivate products include coconut flour and coconut sugar, which are slowly marking their market presence.
Inherent Medicinal Properties of Coconut Water to Boost Market Growth
The global coconut derivatives market is slated for an impressive growth period owing to the medicinal properties that are inherent in coconuts. For example, coconut water is loaded with multiple health benefits such as serving as helping clear kidney stones, controlling blood sugar, reducing blood pressure, having antioxidants, and many more. Moreover, coconut water can be a viable substitute to aerated drinks and other processed, sugar-laced beverages. This will open up a new section of consumers which will aid the global coconut derivatives market expansion. It will also make coconut water as the most promising market segment in the forecast period.
Wide Ranging Beauty Benefits to Spur the Demand of Coconut Oil in the Cosmetic Industry
Coconut oil is gaining popularity in the personal care and cosmetic industry as a naturally available ingredient for beauty care products. This is owing to the variety of health benefits that the product carries. For example, coconut oil can penetrate the hair follicles due to its low molecular weight and fatty acid structure, nourishing the hair and stimulating hair growth. Coconut oil can also treat skin problems such as psoriasis and eczema. These factors bode well for the global coconut derivatives market as applicability of coconut derivatives increases in scope.
Major Segments includes:
- Coconut Oil
- Coconut Water
- Food & Beverage
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Declining Coconut Production in Asia to Hinder the Market
Production of coconuts and their derivatives in the Asian countries of the Philippines, Indonesia, and India, which account for more than 70% of the world production of coconuts, is expected to fall in the coming decade. This is predicted on the basis of ageing process of coconut plants whose productive life is between 30 and 40 years. This can put serious restrains on the market potential of coconut products.
Furthermore, climate change is expected to severely hamper coconut production, especially in coastal countries. For example, according to estimates calculated by IRI and The Earth Institute, Sri Lanka could face economic losses ranging between 32 and 73 mn owing to erratic climate anomalies. These factors will impede the global coconut derivatives market growth.
Launch of Novel Products to Characterize Market Competition
Key market players are expected to ramp up the competition through launch of new and innovative products, especially in the food and beverages segment. For example, Celebes Coconut Corporation has developed a unique organic coconut juice that is fat free, has a low calorie count, and is full of electrolytes. Such innovations are expected to make the global coconut derivatives market more dynamic and lucrative.
Asia-Pacific to Exhibit Sizeable Growth; North and Europe to Lead
Among regions, North America and Europe are predicted to increase market revenue on account of rapidly rising consumption of coconut derivatives in the cosmetic and food and beverage industries. Asia-Pacific is expected to capture an impressive share in the global coconut derivatives market till 2026. The main reasons being growing production of coconut derivatives and rising awareness of the health benefits of the products.
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