The global coconut sugar market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global coconut sugar market to post a CAGR of over 8% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the new product launches. Continuous introduction of new products based on coconut sugar will propel the global coconut sugar market growth during the forecast period. Successful new product launches will increase the revenue flow of vendors which will add to their market share. Moreover, new product launches will keep the interest of consumers alive in the market. For instance, in November 2017, KTC Edibles launched its new 100% organic coconut sugar. The company claims that it is a perfect alternative to cane sugar for hot drinks, baking, dressings, and other products. Also, in March 2017, Big Tree Farms launched organic and Fairtrade coconut sugar. The company claims that the new product can replace refined white sugar in various applications. Thus, with several product launches such as these, the market is expected to have a positive outlook during the forecast period.
This market research report on the global coconut sugar market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing health consciousness among consumers as one of the key emerging trends in the global coconut sugar market:
Global coconut sugar market: Increasing health consciousness among consumers
One of the positive trends which can influence the growth of global coconut sugar market during the forecast period is the increasing health consciousness among consumers. The increasing instances of obesity and related diseases among consumers are making them more health conscious. As a result, they prefer food and beverages produced from natural sources, which have low fat and calorie content. Vendors are coming up with new products that have less fat and calories to cater to the changing demands of consumers. The trend of health and wellness is gaining popularity, especially among young consumers aged between 18 and 32 years. The number of consumers indulging in fitness activities is increasing globally. They are ready to pay a premium price for products offering various functional benefits such as reduced fat. Therefore, with many such health benefits associated with coconut sugar, the market is expected to grow larger during the forecast period.
“The increasing awareness among consumers about the health benefits of coconut sugar will drive market growth during the forecast period. Coconut sugar is rich in essential vitamins and minerals such as vitamins C, B1 82, B3, and B6, as well as calcium, iron, magnesium, potassium, and zinc. Coconut sugar contains inulin. Inulin can stimulate the growth of intestinal bifidobacteria, commonly found in probiotics, which can provide an overall boost to the immune system. Therefore, with such health benefits associated, the global market for coconut sugar will thrive during the forecast period,” says a senior analyst at Technavio for research on food products.
Global coconut sugar market: Segmentation analysis
This market research report segments the global coconut sugar market by product (organic coconut sugar and inorganic coconut sugar) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 44%, followed by EMEA and Americas respectively. However, during the forecast period, the Americas is expected to register the highest incremental growth, followed by the EMEA region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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