New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coconut Sugar Global Market Report 2023" - https://www.reportlinker.com/p06466675/?utm_source=GNW
The global coconut sugar market is expected to grow from $1.82 billion in 2022 to $1.95 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The coconut sugar market is expected to reach $2.47 billion in 2027 at a CAGR of 6%.
The coconut sugar market consists of sales of powdered coconut sugar, organic coconut palm sugar, granular coconut sugar, and liquid coconut sugar.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Coconut sugar is also called as coconut palm sugar, refers to a natural sugar made from coconut palm sap, which is a sugary circulating fluid of the coconut plant. It is used as a sweetener and substitute in place of white or brown sugar in vegan diets.
Asia-Pacific was the largest region in the coconut sugar market in 2022. The regions covered in coconut sugar report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of sugars in coconut sugar are sucrose, glucose, and fructose.Sucrose refers to sweetners that are made with derivatives from sugar beet and sugar cane.
It includes organic and conventional forms, distributed through hypermarkets, specialty stores, e-commerce, and business-to-business. These are applied in various applications, such as food and beverage, cosmetics, and personal care, and are used for commercial and residential purposes.
The growing demand for vegan products is expected to propel the growth of the coconut sugar market going forward.Vegan products refer to vegetarian-related items that are free from any animal or animal-derived ingredients.
Coconut sugar is a plant-based sugar that is primarily used in various vegan products, recipes, and baked goods as a natural sweetener to substitute brown sugar and improves overall health by keeping consumers blood glucose and energy levels up.Hence, the growing demand for vegan products will boost the coconut sugar market.
For instance, according to the Vegan Society, a UK-based registered charity organization, in 2021, 16,439 vegan products registered, and in the last five years, the society have received over 82% of product registrations. Therefore, the growing demand for vegan products is driving the growth of the coconut sugar market.
Product innovations are a key trend gaining popularity in the coconut sugar market.Major companies operating in the coconut sugar market are developing new organic products to sustain their position in the market.
For instance, in February 2022, Herza Chocolate GmbH & Co.KG, a Germany-based company that specializes in functional chocolate pieces, launched organic chocolates, inspired by nature, that combine coconut flower sugar, also known as palm sugar, mainly derived from the flowers of the coconut palm.
These coconut sugars have a malty flavor that is quite similar to caramel and goes well with chocolate. The product also features eight distinct flavors of chocolate and coconut sugar blended together to give the chocolates a delicate flavor.
In August 2021, Levitee Labs., a Canada-based nutraceutical company, acquired Earth Circle Organics for an undisclosed amount. Through this acquisition, Levitee Labs. is planning to integrate the Earth Circle Organics brands with the company’s Monke Nutraceuticals products to leverage supply chain and distribution synergies and accelerate growth by increasing advertising spend and inventory levels. Earth Circle Organics is a US-based company that produces and distributes coconut sugar and other organic products.
The countries covered in the coconut sugar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The coconut sugar market research report is one of a series of new reports that provides coconut sugar market statistics, including coconut sugar industry global market size, regional shares, competitors with a coconut sugar market share, detailed coconut sugar market segments, market trends and opportunities, and any further data you may need to thrive in the coconut sugar industry. This coconut sugar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466675/?utm_source=GNW
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