Market Trends of Coconut Cream Industry
Increasing Demand for Organic and Plant-Based Ingredients
Consumer demand for organic and natural ingredients is increasing owing to the increasing awareness about healthy and functional food. Consumers are opting for the consumption of vegan, organic, and non-GMO ingredients and products due to ethical, environmental, and health concerns. Coconut cream is used in different food and beverages like confectionery, bakery, and culinary preparations. The cream works as a thickening agent and provides stability, creaminess, shelf-life, viscosity, and water absorption to the products. The production of coconut is increasing due to which the availability of raw materials is more due to which the production of organic coconut cream is also increasing. According to Ministry of Agriculture and Farmers Welfare data from 2022, the production of coconut in India was 13.52 million metric tonnes. Over the medium term, the demand for coconut cream is expected to increase owing to the increasing demand for vegan ingredients.
Europe is the Fastest Growing Market
The demand for coconut cream is increasing in the region as the demand for healthy and functional food and products is increasing. Coconut cream is used in different dairy alternatives as well as in vegan food products as it is plant-based. Consumers are opting for the consumption of vegan and plant-based food and beverages due to ethical and environmental concerns. Coconut cream is used in salad dressings, sauces, condiments, and bakery products to increase the product's thickness and consistency. Owing to the increasing demand, the market players are launching new products in the market to cater to increasing demand. For instance, in March 2023, Costa Coffee launched vegan whipped creams that include coconut cream, oat, cream, and soy cream. Additionally, the use of coconut cream in personal care and cosmetic products is also increasing as it provides moisture and nourishment to the skin. According to Office for National Statistics data from 2021, personal care expenditure in the United Kingdom was USD 35,130 million. Over the medium term, the demand for coconut cream is expected to increase owing to the increasing usage of coconut cream in personal care products.
