Overview and Scope
Coconut sugar also called coconut palm sugar, refers to a natural sugar made from coconut palm sap, which is a sugary circulating fluid of the coconut plant. It is used as a sweetener and substitute in place of white or brown sugar in vegan diets.
Sizing and Forecast
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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Segmentation & Regional Insights
The coconut sugar market covered in this report is segmented –
1) By Type: Sucrose, Glucose, Fructose
2) By Form: Organic, Conventional
3) By Sales Channel: Hypermarket, Specialty Stores, E-Commerce, Business To Business
4) By Application: Food And Beverage, Cosmetics, Personal Care
5) By End User: Commercial, Residential
Asia-Pacific was the largest region in the coconut sugar market in 2023. The regions covered in the coconut sugar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the coconut sugar market report are 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.
The coconut sugar market report table of contents includes:
1. Executive Summary
2. Coconut Sugar Market Characteristics
3. Coconut Sugar Market Trends And Strategies
4. Coconut Sugar Market – Macro Economic Scenario
5. Global Coconut Sugar Market Size and Growth
….
31. Global Coconut Sugar Market Competitive Benchmarking
32. Global Coconut Sugar Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Coconut Sugar Market
34. Coconut Sugar Market Future Outlook and Potential Analysis
35. Appendix
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