The global Coconut Sugar Market is forecast to reach USD 2.64 Billion by 2027, according to a new report by Reports and Data. Coconut sugar is expected to witness a surge in demand, attributed to the growth of the end-user industries across the globe. Moreover, the rising awareness amongst health-conscious people for coconut sugar due to its high nutritional attributes which is fostering the market’s demand. However, the availability of counterfeited, low-cost products hampering the order of the market.
The rapid urbanization of the society has changed the lifestyle of the people and, in turn, has increased the prevalence of health measures over a broad aspect, thus, augmenting the demand for the product. The limitation of the coconut sugar is that if it is consumed in excess, then added sugars might cause some problems like obesity, diabetes, metabolic syndrome, and heart disease, which along with a higher price of the product as compared to traditional sugar may retrain demand for coconut sugar.
Several initiatives taken by governments worldwide are playing an instrumental role in driving the growth of the market. For instance, the usage of the product is supported by the Indian government under the Coconut Development Board of the Ministry of Agriculture, as India contributes to the list of top producers of the coconut across the globe. Moreover, other governments in nations such as Indonesia, Philippines, and Sri Lanka are also supporting their respective countries to create an increased product demand.
The Asia Pacific region is forecasted to grow with the highest growth rate in the forecast period, owing to an increase in the use of coconut sugar and the rise in the number of people opting for product manufacturing.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their business practices to improve their profitability in the pandemic, which has reduced the demand for the product. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Under these circumstances, market conditions in Asia Pacific coconut sugar markets have been very fluid, declining weekly, making it challenging to stabilize itself.
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Further key findings from the report suggest
- An increase in awareness amongst health-conscious people for the use of coconut sugar due to its high nutritional attributes is driving the market demand. Therefore, a significant contributor to the consumption of coconut sugar is the mineral composition, which generated a revenue of USD 0.76 billion in 2017 and is expected to reach USD 1.35 billion by 2027.
- The Confectionary industry application is the major contributor to the coconut sugar market, which generated a revenue of USD 0.44 billion in 2017 and is forecasted to reach USD 0.71 billion by 2027. Confectionary application in the Asia Pacific region is the major shareholder in the market and held around 28.0% of the market in the year 2019.
- The Asia Pacific dominated the market in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The market in the Asia Pacific region held approximately 42.0% of the coconut sugar market, followed by North America, which contributed around 30.0% of the market in the year 2019.
- Key participants include Koperasi Nirasatria, Earth Circle Organics, Coco Sugar Indonesia, Tradin Organics, The Coconut Company Ltd, Celebes Coconut Corporation, Franklin Baker, Los Ricos Compania Corporation, Nutiva, Coconut Secret, among others.
- In October 2019, Nutiva launched Organic MCT Creamer, a powdered, plant-based creamer packed with the benefits of medium-chain triglycerides (MCTs). It is crafted with Nutiva Organic MCT Powder, coconut milk powder, and a touch of coconut sugar.
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For the purpose of this report, Reports and Data segmented the global Coconut Sugar market on the basis of nutritional components, industry application, distribution channel, and region:
Nutritional Components Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Vitamin C
Industry Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Personal Care
- Food Seasoning
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Supermarkets and Hypermarkets
- Convenience Stores
- Non-Store Based
Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Coconut Sugar Market Segmentation & Impact Analysis
4.1. Coconut Sugar Market Material Segmentation Analysis
4.2. Industrial Outlook
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