The global Desiccated Coconut market is expected to grow at a CAGR of 5.3% over the forecast period (2022-2032) to reach a valuation of US$13.7 billion by 2032.
Consumers are increasingly aware of their eating habits and are therefore opting for healthy diets. Coconut meat is considered an ideal solution for those who cannot consume animal meat, since the first contains large amounts of medium-chain fatty acids, which are much easier to digest than the second. The rapidly expanding vegan population around the world will also support growth.
Coconuts also provide many essential minerals, vitamins and nutrients. The growing consumer shift towards affordable foods is expected to drive demand for dried versions of coconuts as it is easy to use in the preparation of a variety of dishes.
Furthermore, coconut in the form of oil is widely accepted around the world. In recent years, coconut oil has earned a reputation as a “miracle” food.
Some media and health experts claim that coconut oil has numerous health benefits, such as rapid weight loss, cholesterol reduction, cardiovascular disease prevention, and anti-inflammatory effects. So coconut oil companies have used these claims to sell their products and increase their quotas around the world. Additionally, the increasing use of alcohol-based hand sanitizers (ABHS) around the world has led to an increasing number of skin problems on the hands. Research studies have shown that repeated topical application of coconut oil softens the skin and fills in cracks, improving the texture of the hands.
Main takeaways: Desiccated Coconut market
- South Asia is expected to dominate the Desiccated Coconut market with a peak share of around 32% in 2022.
- India will generate nearly 24% of the Desiccated Coconut market share in South Asia over the next decade.
- The Desiccated Coconut market in the United States is likely to suffer from increased use in baked goods. • In terms of form, the powder segment is expected to account for the largest share of the global Desiccated Coconut market by 2022.
- By distribution channel, the e-retailer segment is expected to show an impressive growth rate over the period 2022-2032 compared to all other channels.
“Rising demand for Desiccated Coconut among the health-conscious millennial population across the globe is expected to drive the market. Additionally, the increasing use of Desiccated Coconut as a flavor enhancer in various dishes is expected to impact demand over the next decade,” says an analyst from Future Market Insights.
Competitive Landscape: Desiccated Coconut Market
The major players in the market are pursuing numerous marketing and promotional strategies such as partnerships, collaborations, mergers and acquisitions, new product launches and geographical expansions to strengthen their positions in the world. Some other companies are developing new manufacturing facilities in undeveloped areas to attract a large customer base.