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PORTLAND, Ore., March 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Coconut Butter Market by Nature (Organic, Conventional), by End User (Cosmetics and Personal Care Industry, Food and Beverage Industry, Others), by Distribution Channel (Supermarkets/hypermarkets, Convenience stores, Online sales channel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global coconut butter industry generated $986.3 million in 2021, and is anticipated to generate $1.9 billion by 2031, witnessing a CAGR of 7.2% from 2022 to 2031.
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Prime determinants of growth
The rise in demand among health-conscious consumers, owing to its high nutritional benefits drive the growth of the global coconut butter market. However, Caribbean and African countries are facing threats of lethal yellowing disease in the coconut plantation, which restricts the market growth. Moreover, organic and gluten-free coconut butter is gaining increased popularity among consumers. This is attributed to the fact that organic coconut butter is high in fiber and contains lauric acid, which lowers bad cholesterol. This factor presents new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a positive impact on the global coconut butter market, as people became more health-conscious during the lockdown.
- However, the pandemic had presented a number of operational difficulties for producers of coconut derivatives.
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2021, accounting for more than half of the global coconut butter market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031. Conventional coconut butter is created using crops that have undergone genetic engineering or other forms of modification to acquire improved properties. Chemical fertilizers and insecticides are used in conventional coconut cultivation to promote healthy growth and production from the trees by fending off illnesses and preventing pest infestations.
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The food and beverage industry segment to maintain its leadership status throughout the forecast period
Based on end user, the food and beverage industry segment held the highest market share in 2021, accounting for more than half of the global coconut butter market, and is estimated to maintain its leadership status throughout the forecast period. However, the cosmetics and personal care products segment is projected to manifest the highest CAGR of 8.1% from 2022 to 2031. There are several uses for the nutritional benefits of coconut butter. Most beauticians advise using coconut butter topically on the skin and hair in various ways, to expect positive benefits.
The online sales channel segment to maintain its lead position during the forecast period
Based on distribution channel, the online sales channel segment accounted for the largest share in 2021, contributing to around one-third of the global coconut butter market, and is projected to maintain its lead position during the forecast period. This segment is expected to portray the largest CAGR of 7.5% from 2022 to 2031. This is attributed to easy availability and the benefits such as information about the attributes of the products, time-saving features, and the facility of home delivery provided by the online platform.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly three-fifths of the global coconut butter market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 7.6% from 2022 to 2031. The expansion of the regional market is the result of factors including the enormous demand for organic coconut butter from developing nations, the increase in coconut production by big plantations, and the huge domestic use of coconut butter.
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Leading Market Players: –
- Nutretiaa Industries,
- Dhatu Organics & Naturals,
- Andy Albao Corporation,
- Bali Nutra,
- Phildesco Inc,
- United Foods India,
- Asia Botanicals Sdn Bhd,
- Ceylon Coconut Company
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SOURCE Allied Market Research