Coconut Derivatives Market to Hit USD 23.39 Billion by 2027; EVR Foods Unveils New Plant-based Food Products to Amplify Their Market Position: Fortune Business Insights™
March 15, 2021 at 08:15 AM EDT
Pune, India, March 15, 2021 (GLOBE NEWSWIRE) -- The global coconut derivatives market size is expected to showcase exponential growth by reaching USD 23.39 billion by 2027. This information is published by Fortune Business Insights in its latest report, titled, “Coconut Derivatives Market, 2020 – 2027.” The report further mentions that the market stood at USD 11.05 billion in 2019 and is projected to exhibit a CAGR of 10.54% between 2020 and 2027. This growth is attributable to the increasing preference for vegan diet and the growing awareness regarding health benefits of these derivatives across the globe.
EVR Foods Launch Plant-based Milk & Creamers to Cater to the Growing Demand for Vegan Diet
In September 2020, EVR Foods, the North America-based company, announced the launch of plant-based creamers and milk manufactured from pili nuts and coconut water under its well-known brand, Lavva. The company is excited to tap in the growing demand for vegan food products and strengthen its position in the market.
COVID-19 Impact: Disruption in Supply Chain to Lead to Restrained Growth
The halted industrial operations have led to limited mobility of the coconut traders and farmers. This has led to significant reduction in the volume of coconut deliveries worldwide. Moreover, disruption in supply chain and limited availability of raw materials has led to the market suffering huge economic loss. However, the increasing R&D activities that involve adoption of coconut derivatives such as coconut oil for clinical purposes to find a cure for the novel coronavirus is expected to favour the market growth in the forthcoming years.
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List of the Companies Profiled in the Global Coconut Derivatives Market:
Key Market Segmentation:
We have bifurcated the market based on type, derivatives, end-user, and region.
On the basis of type, the market is segmented into young and mature. Based on derivatives, the market is divided into coconut oil, coconut water, coconut milk, desiccated coconut, and others. Additionally, based on derivatives, the coconut oil segment held a market share of about 43.45% in 2019 and is anticipated to showcase considerable growth due to high demand from the cosmetics and food & beverage industry. Moreover, based on the end-user, the market is segregated into food & beverages, cosmetics, pharmaceuticals, and others. Lastly, on the basis of region, the market is categorized into Asia-Pacific, Europe, North America, and Rest of the World.
What does the Report Include?
The market report includes qualitative and quantitative insights offering accurate analysis on the size and growth rate for all possible segments. Additionally, several key insights provided in the report are an overview of related markets, recent industry developments such as partnerships and collaborations, the regulatory scenario in several countries, and key industry trends during the forecast period.
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Fortune Business Insights Says Increasing Awareness Regarding Health Benefits of Coconut Derivatives a Boost to Market Growth
In recent years, the consumption of young coconuts has witnessed a massive surge in the U.S. and some European countries such as the U.K. The growing awareness regarding the benefits of these derivatives such as coconut oil, coconut water, and others is expected to drive the market’s demand during the forecast period. Moreover, the rise in veganism across the globe is propelling the demand for healthy plant-based food products that is likely to favor the global coconut derivatives market growth during the forecast period.
Asia-Pacific – The region is expected to remain at the forefront and hold the largest global coconut derivatives market share in terms of revenue between 2020 and 2027. This is attributable to the thriving trade activities involving coconut derivatives between several Asia countries and other regions such as North America and Europe. Asia-Pacific stood at USD 5.11 billion in 2019.
Europe – The market in the region is expected to experience exponential growth backed by the growing demand for plant-based food alternatives due to them being perceived as healthy and nutritious.
North America – The growing awareness regarding the health benefits associated with the consumption of coconut derivatives is propelling the manufacturers to develop innovative products. This is likely to favor the regional growth of the market during the forecast period.
Product Innovation by Key Players to Intensify Industry Competition
The global market for coconut derivatives is fragmented by the presence of major companies that are focusing on developing innovative products to cater to the evolving consumer taste. In addition to this, other key players are adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the highly competitive global marketplace.
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