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The Global Coconut Sugar Market size is projected to increase by USD 192.39 million accelerating at a CAGR of 5.75% between 2022 and 2027. In 2017, the size of the market was valued at USD 515.78 million.
This coconut sugar market report extensively covers market segmentation by product (organic coconut sugar and inorganic coconut sugar), end-user (commercial and residential), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The demand for organic coconut sugar is driving market growth. The growing awareness of the adverse effects of synthetic products has encouraged health-conscious consumers to use organic products. Organic foods are healthy, which is increasing their popularity across the world. Therefore, to cater to the changes in the preferences of end-consumers, vendors are coming up with more varieties of organic coconut sugar. These factors are driving the coconut sugar market growth.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The growing popularity of plant-based diets is a key trend influencing market growth. The growing awareness about the health and environmental benefits of plant-based foods has increased their popularity. Therefore, many people are reducing or eliminating animal products from their diets, which has created a demand for alternative sources of protein, vitamins, and minerals. Coconut sugar is a natural sweetener derived from a plant source, which makes it a lucrative option for consumers. Coconut trees are sustainable and require a small amount of water or fertilizer, and they can be grown without damaging the soil or the surrounding ecosystem.
Coconut palm sugar has a texture similar to brown sugar and is ideal for baking, as it has a light but distinct flavor that is close to molasses. The melting takes time compared to other sugars and gives the sweets a slightly brownish hue. It can be used to add a sweet taste to vegan sweets or drinks such as coffee or tea. Such factors are expected to propel the growth of the global coconut sugar market during the forecast period.
Stringent regulations in the manufacturing and distribution of coconut sugar may impede market growth. Various government agencies in different countries issue rules and guidelines regarding the sales, marketing, and labeling of coconut sugar. These regulations are related to permits, entry of new players, residual management issues, and expiry dates for products. Complying with regulations is a challenging task for players in the market. These regulations can hinder the entry of new players and can create roadblocks to new product innovations.
In the Philippines, according to the Bureau of Agriculture and Fisheries Product Standards (BAFPS), coconut sugar products must contain about 2%-3% glucose, 1%-4% fructose, and 78%-89% sucrose and must be light yellow to dark brown in color. In the US, the FDA has placed strict regulations on the number and type of ingredients that can be used in the products. In Europe, the European Food Safety Authority (EFSA) has set a number of regulations on the manufacturing, labeling, and marketing of health and wellness food products. Such rules and regulations will remain a significant challenge for the global coconut sugar market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Coconut Sugar Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The coconut sugar market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The commercial segment will account for a significant share of market growth during the forecast period. It includes businesses that use coconut sugar as an ingredient in their products, such as food and beverage manufacturers, bakeries, and confectioneries. The increasing popularity of natural and organic food products is one of the main factors driving the demand for coconut sugar in the commercial segment. With the rising health consciousness among consumers, the demand for food products that are free from synthetic additives and preservatives is growing. Coconut sugar is a natural alternative to refined sugar. Thus, it is becoming an increasingly popular ingredient in the food industry.
The market share growth by the organic coconut sugar segment will be significant during the forecast period. Organic coconut sugar is produced using organic farming methods without the use of synthetic fertilizers or pesticides. Environmental concerns and fair-trade practices are increasing the demand for organic products. Moreover, the demand for high-quality ingredients is increasing among consumers. These factors will increase the demand for organic coconut sugar products during the forecast period.
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The organic coconut sugar segment was valued at USD 430.29 million in 2017 and continued to grow until 2021. The launch of new products based on organic coconut sugar will fuel the growth of the segment during the forecast period. In addition, the popularity of organic coconut sugar as an alternative to artificial sweeteners will support the growth of the segment. Moreover, the increasing prevalence of lifestyle diseases such as diabetes and obesity, the rising demand for natural and organic food products, and the growing popularity of vegan and plant-based diets are expected to drive the growth of the organic segment during the forecast period.
Get a glance at the market share of various regions View PDF Sample
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The demand for coconut sugar is growing in APAC due to the increasing health consciousness among consumers, the introduction of new products, and the increasing disposable income of the population. Vendors in APAC are introducing new coconut sugar products to capitalize on the growing demand. Moreover, strong economic growth in APAC has increased disposable income. Consumers in the region are becoming increasingly health conscious. Thus, they prefer using natural products. In addition, various health benefits of coconut sugar will support the growth of the market in APAC during the forecast period.
This market report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, COVID-19 had a negative effect on the coconut sugar market in APAC. However, in H2 2020, due to the availability of vaccines, the number of COVID-19 cases in the region declined, and restrictions were lifted. As supermarkets, hypermarkets, and convenience stores reopened, the demand for coconut sugar rebounded. Such factors are expected to drive the growth of the regional coconut sugar market during the forecast period.
The coconut sugar market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Coconut Sugar Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.75% |
Market growth 2023-2027 |
USD 192.39 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.25 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, The Philippines, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BetterBody Foods, Big Tree Farms Inc., Celebes Coconut Corp., Connecticut Coconut Co., Franklin Baker Co., Madhava Ltd., NOW Health Group Inc., Nutiva Inc., PT Mega Inovasi Organik, PT. COCO SUGAR INDONESIA, PT. INTRAFOOD SINGABERA INDONESIA, Saudi Food Ingredients Factory, The Coconut Co. UK Ltd., The Divine Foods, The Groovy Food Co., Tradin Organic Agriculture B.V., Tree Grab, Treelife, Wholsum Foods Pvt. Ltd., and Yana Industries LLP |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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