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Coconut sugar or coconut palm sugar is a variant of natural sweetener that is extracted from the boiled and dehydrated sap of flower buds from the coconut palm tree. Traditionally coconut sugar was widely used as a sweetener in the Southeast Asian region. The coconut sugar has no fat content and is a rich source of potassium, magnesium, zinc, and 16 essential amino acids, making it a healthier natural sweetener, which has significantly drawn the consumer’s attention. In addition, the consumers are demanding for coconut sugar over regular white sugar due to its lower glycemic index. This has nudged the manufacturers to start incorporating coconut sugar instead of regular sugar to fulfill consumer needs and provide them with healthier food products. Further, the growing incorporation of such sweeteners in beverages such as tea, coffee, and juices as a replacement for white sugar is driving the market growth.
Coconut sugar is also utilized for manufacturing cosmetics and personal care products such as body scrubs, body lotion, creams, and others due to its exfoliating and toxin-free properties which has contributed to its market growth. Along with this, the coconut palm tree produces various other products such as coconut oil apart from coconut sugar, which has led to multi-cropping and an increase in its production; thereby, positively impacting the growth.
The increase in consumers’ demand for natural sugar substitutes that have similar taste and sweetness as the white sugar is majorly driving the coconut sugar market. The coconut sugar has also widely become a popular sugar alternative due to its perceived health benefits and flavor. Along with this, it is considered more natural as it is minimally processed. Further, the increasing demand from the food industry for incorporating healthier ingredients in processed foods such as chocolates and candies also fuels market growth.
Coconut sugar contains the same amount of carbohydrate and sugar content as table sugar which raises the blood triglycerides, lowers good cholesterol levels, and increases the calorie intake in the body. This leads to various negative health effects such as diabetes and obesity, which is hampering its market growth. According to the International Diabetes Federation, the global diabetes prevalence in 2019 was 9.3% which has increased from 8.5% in 2014. Thus, the rise in the global diabetes rate is expected to further impede market growth.
Key Market Driver -
Increasing Demand from Consumers for Natural and Minimally Processed Sugar Products
Key Market Restraint -
Harmful Health Effects Associated with Sugar Consumption
The key companies operating in the global coconut sugar market are, The Coconut Company Ltd, Big Tree Farms Inc., PT. Coco Sugar Indonesia, Treelife, Adon Exports, Madhava Ltd., Ecobuddy Exports, Celebes Coconut Corporation, Saudi Food Ingredients Factory, and SunOpta, Inc.
The granular coconut sugar segment is expected to hold the major share in the market owing to its wide incorporation in various bakery and confectionery items such as cakes, pastries, and biscuits as a natural sweetener.
The organic segment is expected to hold a larger share due to the growing inclination of consumers towards clean-label and organic products. They are perceived to be healthier than the conventional variants as it is grown synthetic pesticides free which is expected to increase its sales.
North America is anticipated to witness robust growth in the market due to the increase in snack consumption and snacking between the meal trends. The rise in organic and clean-label food consumption trends in the region, especially the U.S., which has increased the sales performance of coconut sugar in the region. According to the Organic Trade Association, organic food sales in the U.S. increased by 5.9% in 2018, which is expected to drive the regional coconut sugar market growth.
Asia Pacific is expected to observe significant growth as coconut sugar has widely been utilized as a natural sweetener since time immemorial by the people in Malaysia and Indonesia. Along with this, Indonesia is the largest producer of coconut which makes the wide availability of raw material. Further, the rise in the disposable income of the consumers allows them to pay a premium price for the product, which has boosted its regional market growth.
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