North America & Europe Coconut Derivatives Market Overview
North America & Europe coconut derivatives market has witnessed continuous demand during the past few years. Coconut oil, coconut water, and coconut milk are the major coconut derivatives in North America and Europe. The growth of the coconut derivatives market can be attributable to several factors. Coconut water is extensively used in various sports drinks as it is considered to be a natural re-hydrating fluid.
Coconut water is rich in potassium, sodium, and other trace minerals such as calcium and magnesium which restores the electrolyte balance in the body, and can be consumed typically as a post-workout drink. Due to various initiatives taken by the government to encourage the consumption of coconut water, many companies have started launching sports drinks prepared with coconut water to attract sales.
Also, coconut water has emerged as a good substitute for carbonated drinks and processed juices, owing to its nutritional and blending capabilities. Increasing consumer awareness regarding the adverse effects of carbonated drinks is expected to increase the demand for coconut water at a high pace in the near future.
Coconut milk offers various health benefits serves a key driver in the growth of coconut derivatives market. Coconut milk helps in improving the immune system of the body, thereby aiding in prevention from various diseases.
High amount of lauric acid found in coconut milk is easily absorbed by the body and used by the body for energy. Also, it helps in lowering cholesterol levels, improving blood pressure, and preventing heart attacks and strokes.
The major coconut production is concentrated in the Asia-Pacific region and most of the coconuts are exported to North America & Europe. In the Asia-Pacific region, the Philippines, Indonesia, and India are the major suppliers of coconuts.
However, with the increase in the consumption of coconut and its derivatives, the demand for these products cannot always be fulfilled. Decrease in the production of coconut is one of the major restraining factors for the growth of the coconut derivatives market.
North America region is anticipated to register a double-digit growth rate during the forecast period of 2018–2028. The growth of the cocoa derivatives market is anticipated to be driven by various factors. One of the significant factors detrimental to the growth of coconut derivatives market is the increasing demand from end-users owing to various health benefits of coconuts and its derivatives such as coconut milk, oil, and others.
Coconut water replenishes body fluids much better as compared to the traditional sports drinks. Manufacturers such as Vita Coco are coming up with innovative products like flavored coconut water to encourage consumers to switch to these drinks.
Therefore, the health benefits associated with the consumption of coconut water is expected to predominantly drive the market demand during the forecast period. In the North America region, the US is estimated to retain its dominance throughout the forecast period from 2018–2028.
The consumption of coconut derivatives is exceptionally high in European countries. Among the coconut derivatives, coconut oil is a widely used product. Crude as well as virgin coconut oil is mostly used in preparing body lotions, soaps, creams, hair oils and many other cosmetic products owing to the presence of high amount of lauric and capric fatty acid.
Coconut milk has tremendous importance especially for medicinal purposes; it is used for treatment of mouth ulcers. Some recent studies have suggested that coconut milk has anti-microbial properties, hyper-lipidemic balancing qualities and it is also useful for topical applications. In addition, the coconut milk consists of saturated fat as well as lauric acid which is used as preventive medicine against cardiovascular diseases.
Coconut derivatives market has been segmented on the basis of type which includes coconut oil, coconut water, coconut flour, coconut sugar, coconut milk, and others. Coconut oil accounted for major market proportion in North America and Europe markets and expected to retain its dominance throughout the forecast period from 2018–2028.
On the basis of category, coconut derivatives market has been segmented into conventional and organic derivatives.
Coconut derivatives market has been segmented on the basis of application into food & beverage, cosmetics, pharmaceuticals, and others.
The leading market players in the North America and Europe coconut derivatives market are McCormick & Company, Inc., The WhiteWave Foods Company, Goya Foods, Inc., The Coca-Cola Company, PepsiCo, Inc., Vita Coco, Celebes Coconut Corporation, Marico Limited, The Hain Celestial Group, Barleans Organic Oils LLC.
• Food & beverages manufacturers
• Coconut derivatives manufacturers
• Raw material suppliers
• End users
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• Based on type, coconut oil segment is expected to account for the major market proportion during the forecast period of 2018–2028. On the other hand, coconut milk segment is projected to expand at a substantial growth rate of 15.34% during the forecast period.
• Based on application, food & beverages segment is expected to witness a growth rate of 11.99% during the forecast period of 2018–2028 and expected to reach USD 13,975.8 million by the end of 2028. Cosmetics segment is projected to expand a substantial growth rate of 11.71% during the forecast period.
Regional and Country Analysis of Coconut Derivatives Market— Development and Demand Forecast till 2028:
As per the MRFR analysis, the North America and Europe Coconut Derivatives market is estimated to reach USD 17.72 billion during the forecast period 2018 to 2028 with registering a CAGR of 11.85%
The reports also cover country-level analysis:
• North America
o Rest of Europe