Creamed Coconut Market size was valued at USD 2.57 billion in 2023 and is expected to exceed USD 6.35 billion by 2036, expanding at over 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of creamed coconut is assessed at USD 2.72 billion.
The growth of the market can be attributed to factors such as the rising trend of veganism across the world, increasing number of innovations associated with creamed coconut-based products and growing product requirement in the cosmetics industry. For instance, it is evaluated that in 2018, more than 15% of the total food product lines were vegan. Approximately 2 million people in Britain alone identify themselves as vegan. In addition, escalating usage of creamed coconut for curing several diseases, including diabetes, arthritis and Alzheimer’s disease, is also expected to boost market growth in the forthcoming years. Furthermore, the demand for creamed coconut is rising as the people’s preference is shifting towards this product owing to many health benefits associated with it. The creamed coconut market has seen a significant growth in the recent years as it is commonly used in the breakfast as a high-energy source food.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.2% |
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Base Year Market Size (2023) |
USD 2.57 billion |
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Forecast Year Market Size (2036) |
USD 6.35 billion |
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Regional Scope |
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The creamed coconut market is segmented by end user into food & beverages, cosmetics & personal care, household, and others, out of which, the cosmetics & personal care segment is anticipated to witness huge growth owing to the rising usage of coconut-related products in the industry. Additionally, creamed coconut is considered to be an essential ingredient for the preparation of deodorant agents, hair conditioners and body lotions, which in turn is projected to increase its demand in the cosmetics industry. Furthermore, creamed coconut is biodegradable and can be used as a substitute for the chemicals as a natural agent in the personal care products. This is another factor assessed to drive growth to the market segment during the forecast period.
Our in-depth analysis of the global creamed coconut market includes the following segments
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By Distribution Channel
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By Source
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By End User
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APAC Market Statistics
On the basis of regional analysis, the global creamed coconut market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is anticipated to hold largest revenue share by 2036, on the back of rising awareness regarding the benefits of creamed coconut as well as the increasing use of coconut products in the region. Apart from these, the consumers in Asia Pacific are expected to prefer the use of creamed coconut more readily, which in turn is estimated to drive the growth of the market in this region. In 2019, the largest volumes of coconuts were produced in Indonesia, Philippines and India. The production in each country was valued to be 17.12, 14.75 and 14.7 million tons respectively.
Similarly, the Middle East & Africa region is also expected to witness notable market growth during the forecast period owing to the high dependence of the region on agriculture and related products for the growth of its economy.
September 29, 2020: Edward & Sons Trading Company expanded its distribution of coconut milk-based products, which are sold under its Native Forest brand, are now made available at a wider range of offline and online retailers.
Author Credits: Parul Atri
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