North America and Europe Coconut Derivatives Industry anticipated to Witness a Rapid Growth by 2028

Market Insight

The high nutritional value of coconut water has led to a shift from carbonated drinks and juices. The richness of the product in electrolytes, potassium, sodium, etc. has paved the way for market penetration. The trend is likely to continue in the foreseeable future. Coconut water offers different benefits which include weight management, better skin texture, and improved digestion. This, in turn, is likely to augur well for the coconut derivatives market players. The strong value maintained by the cosmetics and pharmaceuticals industries are set to encourage the growth of the market over the next couple of years.

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A substantial fraction of the total coconut production is limited to the Asia Pacific region, especially countries such as Philippines, Indonesia, and India. North America & Europe are among the major importers of coconuts owing to high demand for coconut derivatives in the region. However, a gap between the demand and supply prevails in the market which can be ascribed to the decrease in the production of coconuts. Thus, the increasing demand and reducing supply remain impediments to the market proliferation over the next couple of years.

Leading Players

Some of the key players profiled by MRFR are The White Wave Foods Company, McCormick & Company, Inc., Celebes Coconut Corporation, The Coca-Cola Company, PepsiCo, Vita Coco, Goya Foods, Inc., Marico Ltd., The Hain Celestial Group and BARLEANS Organic Oils L.L.C

Segment Analysis

By category, North America and Europe Coconut Derivatives Industry has been segmented into conventional and organic. The conventional segment is estimated to account for 96.3% share of the market during the forecast period. The growth is attributable to the low cost associated with the production of coconuts.

By application, North America and Europe Coconut Derivatives Industry is segmented into food & beverage, cosmetics, pharmaceuticals and others. The food & beverage segment is anticipated to dominate a significant share of the market over the assessment period.

Regional Outlook

Europe is likely to remain a highly lucrative market across the review period. The consumer inclination towards veganism is projected to guide the growth trajectory of the coconut derivatives market in Europe. Veganism has gained popularity in the region owing to the health benefits, animal welfare activism, social media influence, etc. Coconut derivatives are popular among the vegans due to its high nutritional value. Additionally, growing health concerns among consumers, increasing obese population and a shift towards healthy lifestyle are set to passively fuel demand in the market by accelerating the acceptance of veganism. The boosted sales of packaged coconut water are further expected to catalyse revenue creation for market players.

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