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The Global Coconut Sugar Market Size of the is valued at USD 257.32 million in 2023 and is predicted to reach USD 438.61 million by the year 2031 at an 7.03% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Coconut sugar offers opportunities for product diversification, including the development of new formulations, blends, and innovative applications.
- The increasing consumer preference for natural and minimally processed sweeteners is a significant driver for the coconut sugar market.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Challenges in the coconut sugar supply chain, including issues related to weather conditions, crop yield variations, and transportation, can lead to fluctuations in supply and impact market stability
Coconut sugar, sometimes referred to as coconut sap sugar, is made from the sap of chopped coconut palm flower buds. Granules, rocks, granules, cubed, and liquid are all variations of coconut sugar. It is a traditional sweetener used for thousands of years because it includes essential minerals, macronutrients, and micronutrients. Vegetarian products are in higher demand than ever before.
Additionally, the demand for coconut sugar has lately surged due to its use in vegan products. The market for coconut sugar is anticipated to grow due to the rising prevalence of obesity and diabetes among a sizable portion of the world's population. Rising demand for the product is anticipated to drive market expansion in producing various skincare items like body scrubs, shaving gels, and face and body creams.
Moreover, the development of the coconut sugar market is projected to be boosted by the expansion of the FMCG sector and increased consumer demand for herbal skin and hair care products. Coconut sugar's glycemic index (GI) is around half that of conventional table sugar. Because of this, coconut sugar is the greatest substitute for people with diabetes. Demand for coconut sugar is projected to increase in the coming years due to the increased prevalence of diabetes.
Competitive Landscape:
Some of the major key players in the Coconut Sugar market are:
- The Coconut Company (UK) Ltd
- The Divine Foods
- Franklin Baker
- Coco Sugar Indonesia
- Big Tree Farm
- NOW Foods
- Nutiva Inc
- Madhava Ltd.
- AGRIM PTE LTD
- Tradin Organic Agriculture B.V.
- Koperasi Nirasatria
- Singabera
- Treelife
- Groovy Food Company Ltd
- Connecticut Coconut Company
- Betterbody Foods
- Wholesome Sweetener Inc.
- celebes coconut corporation
- Amala Earth
- Brio Feed
- BetterBody Foods & Nutrition
- PT Holos Integra
- PT Mega InovasiOrganik
- Saudi Food Ingredients Factory
- SunOpta Inc.
- Tardo Filipinas Incorporated.
Market Segmentation:
The coconut sugar market is segmented on application, sales channel, foam and end users. Based on application, the coconut sugar market is divided into food and beverage, cosmetics and personal care. Based on sales channels, the market is segmented into hypermarkets, specialty stores, e-commerce, and business-to-business. Based on foam, the market is segmented into organic and conventional. Based on end users, the market is segmented into commercial and residential.
Based On Applications, The Personal Care Segment Is A Major Contributor To The Coconut Sugar Market
The personal care category is expected to hold a significant share of the global coconut sugar market in 2021. The structural formula of coconut sugar makes it perfect for scrubs and readily dissolves in a range of personal care products. Coconut sugar is a common ingredient in body washes, shampoo, and sunscreens. Additionally, coconut sugar has a pleasant sensation on the skin, driving a desire for personal care items. Due to the iron, zinc, calcium, and potassium content of coconut sugar, it is used to make moisturizers and creams.
The Organic Segment Witnessed Growth At A Rapid Rate
The organic sector is projected to grow rapidly in the global coconut sugar market. The market for organic coconut sugar is expected to expand because of the increasing demand for organic foods worldwide. Its glycemic index is lower when compared to pure sweets and nectar when they are organic, and this prevents the circulatory system's blood sugar from rising. Due to factors like the expanding popularity of Asian cuisine, the growing need for dairy substitutes, and possible medical benefits of the industry, the market is estimated to expand throughout the anticipated period., especially in countries such as the US, Germany, the UK, China, and India.
The North American Coconut Sugar Market Holds A Significant Regional Revenue Share
The North America coconut sugar market is expected to register the highest market share in revenue soon. The market is expected that the product's prices will increase due to the growing demand on the global market. The product cost is substantially higher internationally than in the domestic market. Therefore, companies must consider prices to enhance their market share globally. Additionally, the market is anticipated to grow substantially due to rising trends of between-meal snacking and increased snack consumption in North America. In addition, Asia Pacific is projected to grow rapidly in the global coconut sugar market. Since Malaysians and Indonesians have long utilized them as sweeteners, the Asia Pacific region is expected to experience tremendous growth. Furthermore, Indonesia produces the most coconuts worldwide, expanding the raw material supply. as consumers' discretionary cash has grown, they can buy the products for a premium cost, which has hastened the local market expansion. Asia Pacific is expected to produce most of the goods due to the readily available raw resources and technological advancement.
Recent Developments:
- In February 2022-Big Tree Farms introduced Vacuum Evaporated Coconut Nectar (VECN) In February 2022, which aims to raise the bar for consistency and quality in the organic sweetener market. By advancing its formulation, VECN elevates conventional brown coconut sugar's outstanding health advantages and distinctive warm flavour.
- In March 2021-The Philippines declared that it is attempting to enhance coconut production. In 2010, palm oil replaced coconut oil as the most popular oil in the majority of Filipino grocery stores. This is because it comes from more natural origins in Malaysia and Indonesia, which is more complex and widely available than coconut oil.
oconut Sugar Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 257.32 Mn |
|
Revenue forecast in 2031 |
USD 438.61 Mn |
|
Growth rate CAGR |
CAGR of 7.03% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Application, Sales Channel, Form And End User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
The Coconut Company (UK) Ltd, The Divine Foods, Franklin Baker, Coco Sugar Indonesia, Big Tree Farm, NOW Foods, Nutiva Inc, Madhava Ltd., AGRIM PTE LTD, Tradin Organic Agriculture B.V., Koperasi Nirasatria, Singabera, Treelife, Groovy Food Company Ltd, Connecticut Coconut Company, Betterbody Foods, Wholesome Sweetener Inc., celebes coconut corporation, Amala Earth, Brio Feed, BetterBody Foods & Nutrition, PT Holos Integra, PT Mega InovasiOrganik, Saudi Food Ingredients Factory, SunOpta Inc. , Tardo Filipinas Incorporated. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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