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Coconut Sugar Market: Industry Size, Growth Opportunities, Trends, and Demand Forecast
Coconut Sugar Global Market Report 2024
According to The Business Research Company's, The coconut sugar market size has grown strongly in recent years. It will grow from $1.95 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased consumer demand for natural products, increased awareness of sustainable agriculture, gluten-free and allergen-free trend, global culinary diversity, expansion of coconut-based product offerings.
The coconut sugar market size is expected to see strong growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to continued focus on health and sugar reduction, rise of vegan and plant-based diets, clean label preferences, expanding functional food market, government initiatives on health and nutrition. Major trends in the forecast period include innovation in coconut sugar products, sustainable and ethical sourcing, diverse product applications, clean label and transparency, plant-based and vegan lifestyle.
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Market Drivers and Trends:
The growing demand for vegan products is expected to propel the growth of the coconut sugar market going forward. Vegan products refer to vegetarian-related items that are free from any animal or animal-derived ingredients. Coconut sugar is a plant-based sugar that is primarily used in various vegan products, recipes, and baked goods as a natural sweetener to substitute brown sugar and improves overall health by keeping consumers' blood glucose and energy levels up. Hence, the growing demand for vegan products will boost the coconut sugar market. For instance, according to the Vegan Society, a UK-based registered charity organization, in 2021, 16,439 vegan products were registered, and in the last five years, the society has received over 82% of product registrations. Therefore, the growing demand for vegan products is driving the growth of the coconut sugar market.
Product innovations are a key trend gaining popularity in the coconut sugar market. Major companies operating in the coconut sugar market are developing new organic products to sustain their position in the market. For instance, in February 2022, Herza Chocolate GmbH & Co. KG, a Germany-based company that specializes in functional chocolate pieces, launched organic chocolates, inspired by nature, that combine coconut flower sugar, also known as palm sugar, mainly derived from the flowers of the coconut palm. These coconut sugars have a malty flavor that is quite similar to caramel and goes well with chocolate. The product also features eight distinct flavors of chocolate and coconut sugar blended to give the chocolates a delicate flavor.
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Major Key Players of the Market:
The Coconut Company Ltd; Franklin Baker Inc.; Big Tree Farms Inc.; Nutiva Inc.; Madhava Ltd; Tradin Organic Agriculture BV; Treelife Ltd.; Groovy Food Company Ltd; Celebes Coconut Corporation; Saudi Food Ingredients Factory; PT Mega InovasiOrganik; The Divine Foods; Agrim Pte Ltd; Connecticut Coconut Company; Coco Sugar Indonesia; Earth Circle Organics LLC; Coconut Secret; Tradewinds Plantation Berhad; PT. Global Coconut; Thai Organic Coconut Sugar Co. Ltd.; Glanbia plc.; Pura Vida Farms LLC; Paradise Ingredients LLC; Tharakan and Company; Kokos Natural LLC; Royal Pepper Company; Natural Sweet Company; Sambavanilla; Windmill Organics Ltd.
Coconut Sugar Market 2024 Key Insights:
• The coconut sugar market will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Demand For Vegan Products Fuels Growth In The Coconut Sugar Market
• Product Innovations Drive Growth In The Coconut Sugar Market
• Asia-Pacific was the largest region in the coconut sugar market in 2023
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