The Global Coconut Sugar Market size is expected to reach $290.1 million by 2028, rising at a market growth of 5.0% CAGR during the forecast period.
In its simplest form, coconut sugar is an all-natural sweetener derived from the juice of the coconut palm and rich in zinc, iron, magnesium, and potassium. They can replace table sugar and are frequently used in sweeteners, which is great for people who have blood sugar issues.
Increased demand from the natural food business, rising diabetes and obesity rates, and greater use of coconut sugar in numerous skincare products, including scrubs, body creams, and shaving gels, are all driving the market. Furthermore, it is predicted that growing public awareness of coconut sugar's advantages and the popularity of herbal skin and hair care products would open up new market opportunities. Moreover, compared to cane sugar and honey, coconut sugar does have a lower glycemic index. It is consumed over a longer length of time during manufacture, both of which have a big impact on the market's expansion.
The market for coconut sugar is expected to have various development opportunities in the years to come due to the rising demand for sugar-free products brought on by the prevalence of lifestyle disorders like diabetes and obesity. Also, there is now more potential for the coconut sugar market to grow throughout the course of the anticipated period due to the use of coconut sugar in other products, including cosmetics and personal care items.
Coconut sugar, which is a result of coconut palm juice, contains several essential elements like iron, potassium, zinc, and magnesium. The coconut sugar market has seen amazing growth due to the many health benefits that coconut sugar as a natural sweetener offers.
Due to the deployment of a worldwide lockdown and the temporary shutdown of coconut sugar facilities, the COVID-19 pandemic outbreak had a detrimental effect on the growth of the coconut sugar market. Curfew laws had an impact on both domestic and foreign manufacturing of coconut sugar products, which hindered the expansion of the market as a whole. This also affected the market for raw materials such coconut sugar. The trend is anticipated to continue in the upcoming years, supporting market expansion over the projection period.
Certain businesses that produce healthy cake products typically utilize coconut sugar as one of their sweeteners to make their goods feel more natural & healthy. Coconut sugar exporters are profiting from significant changes in the food industry, such as the rising popularity of vegan and natural products. The demand for coconut sugar is rising due to these trends. The main corporations are investing to meet the rising interest in organic food in Europe and the United States. In addition, the market for coconut sugar is anticipated to expand due to the increased use of coconut sugar in whey protein and superfoods.
One of the main factors influencing market demand is the rising consumer understanding of the benefits of a vegan diet. The food and beverage business is one place where coconut sugar is being used more and more. Because coconut sugar is regarded as a vegan substitute for conventional sugar, its demand is anticipated to rise. Also seen as a signal of quality, organic certification raises the perceived legitimacy of coconut sugar in the marketplace. Coconut sugar exporters from underdeveloped nations are seeking accreditation. They are focusing on the organic market because the premium there can be supported. Due to this, it is predicted that the coconut sugar market will experience rapid expansion in the next years.
The age of coconut trees is a significant obstacle for the market for coconut sugar because Asia and the Pacific Rim currently satisfy most of the world's demand for coconut. During the early nineties, the number of coconut plantations in the Caribbean decreased due to natural disasters and a disease known as deadly yellowing. Moreover, this drop has occurred. As a result, the reduction of coconut plantations in key coconut-producing countries may impact the expansion of the market during the forecast period.
By application, the coconut sugar market is segmented into food & beverage, cosmetics, and personal care. The food & beverages segment procured a promising revenue share in the coconut sugar market in 2021. Over the anticipated period, there will likely be an increase in demand for coconut sugar due to rising diabetes prevalence, particularly among the middle-class population. In addition, increasing consumer health consciousness and increasing demand for items made from plants are projected to favor market growth.
Based on sales channel, the coconut sugar market is fragmented into hypermarkets, specialty stores, e-commerce, and business to business. The e-commerce segment projected a prominent revenue share in the coconut sugar market in 2021. Due to the ease with which things may be obtained and the advantages it offers, such as the ability to give clients home delivery services and information about the product's advantages, e-commerce platforms are growing in popularity as a means of making purchases. Also, a growing number of offers or discounts and the increased penetration of different online portals in developed and developing countries draw customers to buy cooking oil online.
On the basis of form, the coconut sugar market is bifurcated into organic and conventional. In 2021, the organic segment garnered a substantial revenue share in the coconut sugar market. The popularity of organic products is rising as environmental awareness, and fair-trade ideals spread. In addition, customers are becoming more demanding of high-quality ingredients used in meal preparation as they become more conscious of the food quality they consume. These elements will increase demand for items made with organic coconut sugar in the upcoming years.
By end user, the coconut sugar market is classified into commercial and residential. In 2021, the commercial segment held the highest revenue share in the coconut sugar market 2021. The bakery & food service sector's development is to blame for this. Coconut sugar is suitable for use in meals as a replacement for sugar in everything from baked goods to sauces, syrups, and coffee. Also, compared to using other sugars, coconut sugar has a faint caramel-like flavor that might alter how sweets taste. Therefore, the majority of coconut sugar is used commercially in the food, beverage, and confectionery industries.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 207.8 Million |
| Market size forecast in 2028 | USD 290.1 Million |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 5% from 2022 to 2028 |
| Number of Pages | 212 |
| Number of Table | 430 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Sales Channel, Application, Form, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the coconut sugar market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Asia Paciifc region led the coconut sugar market with the maximum revenue share. The ability of consumers to pay a higher price for the product because of rising disposable income has fueled regional market expansion throughout the projection period. Due to the abundance of available technology and raw materials, as well as the rising demand on the market, Asia Pacific is anticipated to be the region that produces the item at the highest rate. As a result, to capture a larger portion of the market, producers must consider prices.
Free Valuable Insights: Global Coconut Sugar Market size to reach USD 290.1 Million by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nutiva, Inc., NOW Foods, Inc., The Coconut Company (UK) Ltd., The Divine Foods, Groovy Food Company Ltd., Coco Sugar Indonesia, Big Tree Farms, Inc., Madhava, Ltd., AGRIM PTE Ltd., and Tradin Organic Agriculture B.V. (SunOpta group of companies).
By Sales Channel
By Application
By Form
By End User
By Geography
The global Coconut Sugar Market size is expected to reach $290.1 million by 2028.
Increased usage of coconut sugar in whey protein and superfoods are driving the market in coming years, however, Sourcing of tender coconut a challenge to the market growth restraints the growth of the market.
Nutiva, Inc., NOW Foods, Inc., The Coconut Company (UK) Ltd., The Divine Foods, Groovy Food Company Ltd., Coco Sugar Indonesia, Big Tree Farms, Inc., Madhava, Ltd., AGRIM PTE Ltd., and Tradin Organic Agriculture B.V. (SunOpta group of companies).
The Business to Business market is generating the high revenue in the Global Coconut Sugar Market by Sales Channel in 2021; thereby, achieving a market value of $132.9 million by 2028.
The Residential market has shown the high growth rate of 7.1% during (2022 - 2028). Because of the plant-based composition of coconut sugar and its minimum processing, coconut sugar is a preferred sweetener in a number of vegan diets.
The Asia Pacific market dominated the Global Coconut Sugar Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $131.05 million by 2028.
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