PORTLAND, Oregon, Dec. 16, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Coconut Products Market by Type (Coconut Water, Coconut Oil, Coconut Milk, Dried Coconut Products, and Others), Application (Food, Beverage, Cosmetics, and Others), and Form (Solid and Liquid): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global coconut products industry was pegged at $12.75 billion in 2019 and is projected to reach $31.1 billion by 2026, registering a CAGR of 13.6% from 2019 to 2026.
Major motives for market growth
Rise in usage of coconut-based products in food & beverage applications and high demand for coconut oil in the cosmetic industry have boosted the growth of the global coconut products market. However, the stagnant or slight decline in production of coconut relative to the increasing demand hampers the market growth. On the contrary, growth in consumption of processed food products due to rise in urban population and demand for coconut-based products are expected to create lucrative opportunities in the near future.
The coconut oil segment held the largest share in 2019, accounted for around half of the global coconut products market, as it is used in wide range of hair and skin care products across the globe. However, the coconut water segment is projected to register the fastest CAGR of 23.8% during the forecast period, owing to increase shift toward fitness and health and increase in demand for natural alternatives to caffeinated and sugar-based energy drinks.
Beverage segment to manifest the fastest growth by 2026
The beverage segment is expected to register the fastest CAGR of 14.7% during the forecast period, owing to increase in demand for coconut water as a natural energy drink due to its nutritional properties. However, the cosmetics segment held the largest share in 2018, contributing to around three-fifths of the global coconut products market, due to growth of their application in skin and hair care products and rise in trend of using organic ingredients in cosmetics.
Asia-Pacific region held the largest share, followed by Europe and North America
The global coconut products market across Asia-Pacific held the largest share in 2018, accounted for nearly three-fifths of the market. Moreover, the region is projected to register the fastest CAGR of 14.3% during the study period. This is due to growing awareness regarding coconut water as a sport or refreshment drink and as an ingredient in clean-label skincare products. On the other hand, the market across North America is projected to register a CAGR of 11.8% during the forecast period.
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