Global Coconut Syrup Market - 2020-2027
Coconut syrup is a natural sweetener extracted from the coconut palm flowers. It is the processed form of coconut nectar, which is a rich source of micronutrients such as zinc and iron, amino acids, antioxidants and vitamins B and C. Moreover, coconut syrup has low glycemic index over other sweeteners including maple syrups, and thus is the preferred choice for diabetic population. It is primarily used as a natural sweetener in food and beverage products like pancakes, waffles, fruit juices and shakes among others. Also, the growing consumer demand for new flavours has led to the introduction of coconut syrup in the everyday tea and coffee, which is gaining consumer interest. Moreover, the unique set of medicinal and health benefits provided by the syrup will support the demand for coconut syrup over the forecast period. The global coconut syrup market valued US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX% during the forecast period (2020-2027).
Market Dynamics: Growing demand for low glycemic foods for diabetic patients is driving the growth of the market
With the growing prevalence of diabetic population, the demand for low glycemic foods is increasing, which is likely to boost the coconut syrup market. As high glycemic foods quickly release glucose into the bloodstream which spikes the blood glucose levels, consumers are turning towards low glycemic products including coconut syrup. Coconut syrup has a lower glycemic index of 35 which is significantly lower than maple syrup’s 54. Coconut syrup evolved as the preferred food sweetener among food products that are focused towards obese and diabetic population and those having dental problems. Countries like the United States and China with high diabetic population, can serve as an opportunity for the global coconut syrups market. Widening range of food and beverage categories that are sweetened with coconut syrup, particularly in the North America and Europe markets is also propelling the growth of the market. Leading restaurant chains and coffeehouses are interested towards coconut syrup based products to gain brand loyalty among diabetic and obese population. For instance, Starbucks is selling cold coffee blended with toasted coconut syrup under its signature Nariño 70 brand.
Market Segments: Organic coconut syrups are getting popular due to growing adoption of organic lifestyle among people
Organic coconut syrup is being widely used as natural sweeteners in the food industry, usually in the processed foods. Organic coconut syrups are made by collecting fresh sap from coconut tree flowers. It is considered to be sustainable sweetener with a buttery, caramel-like flavor which can prove to be great substitute for agave, honey and maple syrup in the future. Organic coconut syrups offer good amount of vitamins and minerals. It contains zinc, iron, copper, boron, manganese, calcium, potassium, magnesium, and 12 of the B vitamins. Owing to the harmful effects of other sweeteners on the environment and the human body, organic coconut syrups are preferred over natural and artificial sweeteners. Also, organic coconut syrups are being used as ingredients to introduce new beverages in the beverages market.
Geographical Penetration: Asia-Pacific dominates the global syrup market
Asia-Pacific accounts for the largest share in the global coconut syrup market. China, Indonesia, Thailand and India are the leading consumers of coconut syrups in the region. These countries have been among the largest users of coconut historically with large scale availability. According to industry estimates, Indonesia is the leading consumer of coconuts by volume with consumption of 18M ton, while the Philippines consumed 15million tons and India 12M tons, together accounting for 71% of global consumption. This wide spread interest towards coconut products led to the rapid penetration of coconut syrup in the region. High demand for coconut based food products and ingredients in traditional cuisines led to the growth of coconut syrup in the region
The global coconut syrup market is fragmented with large number of companies operating in the market. Most of the companies are operating as privately held firms with limited geographic exposure owing to low financial strength and limited market potential. Trading Organic Agriculture B.V, Coconut secret, Holos Integra, Kerry, Bali Nutra Ltd., Benevelle Corporation, Andy Alabo Corporation, Coconut Merchant Ltd., Wholesome Sweeteners Inc. and Wichy Plantation Company Pvt. Ltd. and Tradin Organic are some of the key players in the market. Manufacturer focus is laid towards addition of organic coconut syrups and low fructose formulations to their portfolio to gain consumer interest in the market. For instance, Tradin Organic Agriculture B.V launched a new coconut syrup which contain 75% less fructose compared to other sweeteners in 2019. The companies are also interested in development of consumer beverages such as iced teas and coffees sweetened with their coconut syrups to integrate their value chain.
Company Profile: Wichy Plantation Incorporated
Wichy Coconut incorporated, is one of the leading manufactures and exporter of organic coconut based products such as creamed coconut, coconut syrup, coconut oil, desiccated coconut, coconut milk, coconut vinegar and coconut chips. The company is selling its organic coconut syrup under the brand name Wichy and is certified as vegan, gluten-free and GMO-free. The product is rich in mineral, vitamins and antioxidants and is widely used as a sugar substitute in baking, beverage sweetener and topping in various food products
COVID-19 Impact: Pandemic had a negative impact on global coconut syrup market
The outbreak of novel coronavirus and lockdowns imposed thereof in most of the countries had a negative impact on the global coconut syrup market. Out-of-home food consumption has significantly declined owing to the fears of COVID-19 and social-distancing norms. Food service industry, the largest consumer of coconut syrup and any other sugar substitutes witnessed closure of stores or decline in customers. This has resulted in a deep decline in sales of coconut syrup. However, the market is likely to attain its normal levels by 2021 with gradual elimination of lockdown measures in most of the countries
Why Purchase the Report?
• Understand the current market scenario and viability of global coconut syrup market over the forecast period.
• Visualize the composition of the global coconut syrup market in terms of product distribution channel, end user and type to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Excel data sheet with valuable data points of the global coconut syrup market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
• Coconut Syrup Manufacturers
• Coconut Syrup suppliers and retailers
• Food Processing Companies
• Import and Export Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
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