Market Size of Coconut Products Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.96 Billion |
| Market Size (2029) | USD 7.98 Billion |
| CAGR (2024 - 2029) | 9.98 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Coconut Products Market Analysis
The Coconut Products Market size is estimated at USD 4.96 billion in 2024, and is expected to reach USD 7.98 billion by 2029, growing at a CAGR of 9.98% during the forecast period (2024-2029).
The COVID-19 pandemic has drastically affected the market. The pandemic promoted the importance of a plant-based diet and alternative protein to maintain a healthy immune system. In addition, the market witnessed rising consumer interest in cooking and baking at home, which has led to the increased demand for plant-based dairy products such as coconut milk and cream. Another factor influencing the growing demand for plant-based milk is the increased number of people working from home. There has also been an increased interest in halal-certified and clean-label plant-based food and dairy alternatives. The covid-19 pandemic has encouraged companies to invest in online retailing. Koita, a Dubai-based manufacturer of non-dairy milk reported that online sales of the company rose by 370% over the Covid-19 pandemic in 2020. Further, the company states that in Saudi Arabia, the firm's sales have shot up 300% during the pandemic, with online orders primarily conducted by Whatsapp.
The growing consumer concerns associated with the consumption of conventional dairy-based food and beverage products and the adoption of vegan diets due to rising health awareness are expected to drive the growth in coconut products. As the organic industry continues to grow, the demand for food and beverages manufactured out of organically produced/procured ingredients has increased. Food products made from organic coconut products which contain very high nutritional content because they do not contain modified ingredients compared to conventional agricultural food products. Organic coconut also shows increasing growth in the form of oil, milk, desiccated coconut, cream, and water.
Industry participants are investing in Research and Development (R&D) and innovation activities to develop a new range of coconut products and coconut water brands are being used to attract the attention of millennial consumers who are increasingly seeking better-for-health alternatives in the carbonated beverage category.
Coconut Products Industry Segmentation
Coconut products are those products that have been extracted from coconut. These are natural products, and presently consumers are using these products for several purposes, including culinary applications. The coconut products market is segmented by Product Type into Coconut Oil, Coconut Water, Coconut Milk, Desiccated Coconut, and Other Product Types. By Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Convenience/Grocery stores, Online Retail Stores, and Other Distribution Channels. By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Product Type | |
| Coconut Oil | |
| Coconut Water | |
| Coconut Milk | |
| Desiccated Coconut | |
| Other Product Types |
| By Distribution Channel | |
| Supermarket/Hypermarket | |
| Convenience/Grocery Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Coconut Products Market Size Summary
The coconut products market is experiencing significant growth, driven by increasing consumer interest in plant-based diets and alternative protein sources. The COVID-19 pandemic has accelerated this trend, as more people have turned to cooking at home and seeking healthier food options to boost their immune systems. This shift has led to a rise in demand for plant-based dairy products, such as coconut milk and cream, as well as a growing interest in halal-certified and clean-label food alternatives. The market is also benefiting from the expanding organic industry, with consumers increasingly opting for products made from organically sourced ingredients. This trend is further supported by the rising health awareness and concerns associated with conventional dairy products, prompting a shift towards vegan diets and flexitarian lifestyles.
North America stands out as the largest market for coconut products, driven by factors such as lactose intolerance and a growing preference for dairy alternatives. The ready-to-drink coconut milk category is gaining popularity, particularly in Mexico, where health-conscious consumers are seeking alternatives to high-sugar beverages. The market is highly competitive, with both regional and global players like Vita Coco Inc, ZICO Beverages, and Ducoco actively expanding their presence and product offerings. Companies are focusing on innovation, strategic partnerships, and extensive distribution channels to enhance their market share. The global transition towards a vegan lifestyle and the increasing demand for plant-derived food products are key factors propelling the growth of the coconut products market worldwide.
Coconut Products Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Coconut Oil
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2.1.2 Coconut Water
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2.1.3 Coconut Milk
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2.1.4 Desiccated Coconut
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2.1.5 Other Product Types
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2.2 By Distribution Channel
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2.2.1 Supermarket/Hypermarket
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2.2.2 Convenience/Grocery Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Indonesia
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Coconut Products Market Size FAQs
How big is the Coconut Products Market?
The Coconut Products Market size is expected to reach USD 4.96 billion in 2024 and grow at a CAGR of 9.98% to reach USD 7.98 billion by 2029.
What is the current Coconut Products Market size?
In 2024, the Coconut Products Market size is expected to reach USD 4.96 billion.
