|Fastest Growing Market:||Europe|
|Largest Market:||Asia Pacific|
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The desiccated coconut powder market is projected to register a CAGR of 7.45% during the forecast period, 2021-2026.
On the one hand, the COVID-19 pandemic has made a significant impact on the desiccated coconut powder market due to the halt in production and disturbance in the supply chain owing to which the various end-user industries of the category such as bakery, dairy product, frozen dessert, etc., accounted decline in production hence directly impacted the end-user as well as desiccated coconut industry.
For example, the Gaja cyclone in 2018 and the incidence of Rugose Whitefly in 2019, coupled with the COVID-19 pandemic, had a detrimental impact on coconut farmers, and they had to incur additional costs due to scarcity of laborers and challenges in transportation. This has further affected the market for processed coconut products at an industrial level.
In the medium term, the growth in the consumption of coconut-based products among consumers is expected to drive the use of coconut-based products in food and beverage applications in the future. Sales of coconut-based ingredients, such as coconut powder, are growing, and these products are widely used as ingredients in various processed food products.
Moreover, increased demand for organic food products due to the absence of chemicals used across the supply chain provides new opportunities for coconut-based food products. According to the Research Institute of Organic Agriculture (FiBL), organic food sales increased by 51.03% in 2018, compared to 2011, and reached USD 95 billion. Therefore, advantages offered by organic desiccated coconut powder are expected to boost the growth of coconut-based food products on the retail shelves and at the industrial scale during the forecast period.
Scope of the Report
Coconut that has been shredded, chipped, or powdered and then dried out is called desiccated coconut. It is prepared by removing natural moisture from the coconut fruit. The desiccated coconut powder market is segmented by form, application, and geography. Based on form, the market is segmented by fine and granular. Based on application, the market is segmented by the bakery, confectionery, dairy products, frozen dessert, and other applications. Furthermore, the report takes into consideration the market in the established and emerging economies across the world, including North America, Europe, Asia-Pacific, and Rest of the World. For each segment, market sizing and forecasts have been done on the basis of value (USD million).
Key Market Trends
Nutritional Benefits of Coconut-based Products
Consuming coconut powder-based food products could improve cholesterol levels. Studies claim that people who consume coconut-based food in their diets lower their LDL or "bad" cholesterol while their HDL or "good" cholesterol increases. Healthy cholesterol levels are essential for heart health. Additionally, coconut powder is a source of healthy fats called medium-chain triglycerides (MCTs). Several studies have found that consuming MCTs promotes weight loss by decreasing appetite and increasing energy. The minerals in coconut are involved in many functions in the body. Coconut is especially high in manganese, which is essential for bone health and the metabolism of carbohydrates, proteins, and cholesterol. They are also rich in copper and iron, which help form red blood cells, as well as selenium, an important antioxidant that protects body cells. Thus, the demand for coconut-based food and beverage is growing, which, in turn, eventually boosting the desiccated coconut powder market significantly.
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Asia-Pacific Holds a Significant Market Share
The demand for coconut-based products has been huge in the Asia-Pacific region, owing to the rising consumer awareness regarding its nutritional benefits. The Asia-Pacific region is one of the major producers of coconuts, and the region is also involved in the exportation of coconut and coconut by-products, including desiccated coconut powder to various other countries to boost the trade business. Moreover, according to the data published by the Food and Agriculture Organization (FAO), India is the third-largest producer of coconut worldwide, with a production of 11.71 million metric ton in 2018. Therefore, the country is self-sufficient to cater to the supply of coconut powder and other by-products to varied end-use industries.
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Some of the major players in the desiccated coconut powder market are Primex Coco Products, V V Industries, VIET DELTA, Silvermill Group, Davidsun Coconut Products, and Vittal Agro, among others. The market studied is highly fragmented, with numerous domestic players existing with strong distribution networks and international food certifications. Companies are increasing their investments in production capacity expansion and expanding their distribution channels to maintain their positions in the market.
In January 2020 - India banned the import of desiccated coconut priced below INR 150 per kg. According to the Directorate General of Foreign Trade (DGFT), in 2018-19, India imported desiccated coconut worth USD 7.45 million. However, during April-November 2019-20, the imports significantly jumped to USD 21.43 million. The development assumes significance, as the coconut product makers were demanding import duty on desiccated powder in order to increase imports from Sri Lanka. This, in turn, may significantly increase the inbound shipment of the commodity, which will also propel market growth.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2.3 Dairy Products
5.2.4 Frozen Dessert
5.2.5 Other Applications
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 Rest of the World
184.108.40.206 South America
220.127.116.11 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Positioning of Players
6.2 Most Adopted Strategies
6.3 Company Profiles
6.3.1 Primex Coco Products
6.3.2 VIET DELTA
6.3.3 Silvermill Group
6.3.4 Alavi & Sons
6.3.5 Sabari Agro Products
6.3.6 V V Industries
6.3.7 Davidsun Coconut Products
6.3.8 Vittal Agro
6.3.9 Cardinal Agri Products Inc.
6.3.10 Kapar Coconut Industries
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Desiccated Coconut Powder Market market is studied from 2016 - 2026.
What is the growth rate of Desiccated Coconut Powder Market?
The Desiccated Coconut Powder Market is growing at a CAGR of 7.45% over the next 5 years.
Which region has highest growth rate in Desiccated Coconut Powder Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Desiccated Coconut Powder Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Desiccated Coconut Powder Market?
Primex Coco Products, VIET DELTA, V V Industries, Vittal Agro, Kapar Coconut Industries are the major companies operating in Desiccated Coconut Powder Market.