With a 5.3% compound annual growth rate, the desiccated coconut market is predicted to reach US$ 13.7 billion by 2032 from its estimated US$ 8.2 billion by 2022. The coconut is a staple food in Indian and Indonesian cuisines and is generally found in Southeast Asia. It is also being more widely used in a wide range of culinary products worldwide, which appeals to millennial consumers who are looking for wholesome and flavorful foods.
The global desiccated coconut market was worth US$ 8.2 Billion in the year 2022 and is expected to reach US$ 13.7 Billion by the year 2032 at a CAGR of 5.3% between 2022 and 2032.
Southeast Asia is home to a large number of coconut farms, particularly around the coast. Indian and Indonesian cuisines frequently use the meat of the coconut, which is grated and unsweetened and also known as dry coconut.
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These days, coconut is frequently used as an ingredient in baked goods, coffee, and confectionery. It is a part of Burmese food as well. Additionally, millennial-era consumers are demanding tastes that combine flavour and wellness. These include minerals like copper, manganese, selenium, and dietary fibre.
Coconut cream, bottled milk, milk powder, and desiccated coconut are all likely to contain desiccated coconut. The market for desiccated coconuts is anticipated to be stimulated by customers’ interest in switching to organic products. Desiccated coconut is used as a garnish on inexpensive Indian breakfast foods such puffed rice (poha) and upma. Being a fruit, coconut has the additional benefit of being consumed during a fast.
Desiccated coconut is favoured in India for making coconut cakes during celebrations like Navratri, during which ladies fast for a continuous nine days. Desiccated coconut is used to fill modaks, which are delicious momos dedicated to Lord Ganesha, during the Ganesh festival. India is now one of the largest markets for desiccated coconut, and the situation is anticipated to stay the same throughout the projection period.
However, it is impossible to overlook the fact that coconut is tainted by issues like the presence of saturated fatty acids. Instead of dried coconut, some customers have begun requesting roasted coconut chips and coconut water. Future market growth for desiccated coconuts is anticipated to be constrained by these factors.
In its most recent market report, “Desiccated Coconut Market,” Future Market Insights took these aspects into account along with future projections. It has a staff of analysts and consultants who can examine its primary, secondary, and tertiary forms of study from a bird’s-eye perspective.
According to a market expert from Future Market Insights, “Coconut is increasingly being used in puddings, cakes, and chocolate bars, so the global desiccated coconut market is expected to grow on a good note in the forecast period.”
Key Takeaways from Desiccated Coconut Market
- North America holds the largest market share with the US being subject to growing demand for low cholesterol or tans-fats in the wake of growing occurrences of cardiovascular diseases herein.
- The Asia-Pacific is expected to grow at a sizable rate in the desiccated coconut market due to the Southeast Asian economies extensively using coconut, especially when it comes to Indonesian, Burmese, and Indian cuisines.
- In Europe, traditional bakery products like kokosmakronen (The Netherlands) and coconut macaroons (the UK) could not be imagined without coconut. Several breakfast cereals also contain coconut.
Competitive Desiccated Coconut
- The key participants in desiccated coconut market include Ken Taste Products Ltd., Celebes Coconut Corporation, Super Coco Company, VV Industries, Coloma Bio Organic, Goldman International Pvt, Ltd., Bake King, Holland & Barrett, and likewise.
- The participants are engaging into various modes of organic as well as inorganic expansion to strengthen their foothold in the desiccated coconut market going forward.
What does the Report say?
- The research study is based on form (powder, granular, flakes, chips, and shreds), by application (bakery, confectionery, dairy products, frozen dessert, and the other applications), and by distribution channel (direct and indirect (supermarkets/hypermarkets, convenience stores, specialty stores, independent retailers, and online retailers).
- With technological advancements being adopted by the foodservice vertical, the global desiccated coconut market is expected to grow on a profound note in the near future.
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Desiccated Coconut Market Outlook by Category
By Form:
- Powder
- Granular
- Flakes
- Chips
- Shreds
By Application:
- Bakery
- Confectionery
- Dairy Products
- Frozen Dessert
- Other Applications
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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