Coconut Syrup Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Coconut Syrup Market is segmented By Nature (Organic, Conventional), By Application (Food, Beverages), By Form (Liquid, Powder), By Function (Liquid, Sweetening, Preservative, Texturing, Flavoring), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Sales, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Coconut Syrup Market Size

The Global Coconut Syrup Market USD 170.4 million in 2022 and is projected to witness lucrative growth by reaching up to USD million by 2030. The market is growing at a CAGR of 7% during the forecast period (2024-2031). The coconut syrup market is growing as coconut syrup is a substitute for traditional sweeteners like sugar and high-fructose corn syrup, particularly among health-conscious consumers.

The increasing demand for natural and organic sweeteners, as well as the rising awareness about the health benefits of coconut syrup, are some of the key factors driving the coconut syrup market growth. Coconut syrup 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.

Coconut Syrup Market Scope

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Coconut Syrup Market Dynamics and Trends

Growing Demand for Low Glycemic Foods for Diabetic Patients is Driving the Growth of the Coconut Syrup Market

The prevalence of diabetes is rising alarmingly in the US. According to CDC (Centers For Disease Control), diabetes has risen to an estimated 37.3 million in 2022. With the growing prevalence of the diabetic population, the demand for low-glycemic foods is increasing, which is likely to boost the coconut syrup market growth. 

Coconut syrup has a lower glycemic index of 35 which is significantly lower than maple syrup as it has a glycemic index of 54. Coconut syrup evolved as the preferred food sweetener among food products that are focused on the obese and diabetic population and those having dental problems. 

Price Sensitivity can Hamper the Coconut Syrup Market Growth

Coconut syrup can be more expensive than other sweeteners, which could limit its market growth. Consumers may opt for cheaper sweeteners, such as corn syrup or white sugar, over coconut syrup if they are more price-sensitive. This could lead to a decrease in demand for coconut syrup and limit its market growth. 

If consumers perceive the price of coconut syrup to be too high relative to its perceived value, they may be less likely to purchase it. This could limit the growth of the coconut syrup market, even if consumers are aware of its health benefits and unique taste.

Coconut Syrup Market Segment Analysis

The global coconut syrup market is segmented based on nature, application, form, function, distribution channel and region.

Organic Coconut Syrups are Getting Popular Due to the Growing Adoption of an Organic Lifestyle Among People

By nature, the coconut syrup market is divided into organic and conventional. 

In 2022, the organic segment held the highest share of more than 40% in the coconut syrup industry owing to its utilization as a natural sweetener in the food industry, usually in processed foods. 

Organic coconut syrup contains zinc, iron, copper, boron, manganese, calcium, potassium, magnesium, 12 of the B vitamins, as well as 17 different amin o acids and antioxidants. 

Hence, 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.

Source: DataM Intelligence Analysis (2023

Coconut Syrup Market Geographical Share

Asia-Pacific Dominates the Global Syrup Market Due to the Increasing Number of Health-conscious and Vegan Consumers in the Region

In 2022, the Asia-Pacific region held the highest share of the coconut syrup market. China, Indonesia, Thailand, and India are the leading consumers of coconut syrups in the region. According to Statista, with about 17.16 million metric tonnes of coconuts produced in 2021, Indonesia will be the world's top producer of coconut. 

With approximately 14.7 million metric tonnes of the world's production that year, the Philippines was the second-largest producer of coconuts. High demand for coconut-based food products led to the growth of coconut syrup in the region

Source: DataM Intelligence Analysis (2023)

Coconut Syrup Market Companies 

The major global players include Andy Alabo Corporation, Trading Organic Agriculture B.V, Singabera, Holos Integra, Bali Nutra Ltd., Benevelle Corporation, Monin, Coconut Merchant Ltd., Wholesome Sweeteners Inc., Wichy Plantation Company Pvt. Ltd.

COVID-19 Impact on Coconut Syrup Market

COVID-19 Impact 

The outbreak of novel coronavirus and lockdowns imposed thereof in most countries had a negative impact on the global coconut syrup market. The food service industry, the largest consumer of coconut syrup and any other sugar substitutes witnessed the closure of stores or a 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 the gradual elimination of lockdown measures in most the countries

Russia-Ukraine Impact

Coconut syrup is not a product that is commonly traded between Russia and Ukraine. Hence, the Russia-Ukraine war can have indirect effects on the coconut syrup market, as they can impact consumer purchasing patterns and global supply chains. 

For example, if the conflict were to escalate and lead to broader economic sanctions or disruptions in global trade, this could potentially affect the overall demand for coconut syrup, as well as its supply chain and prices.

Key Developments

• In July 2022, Vita Coco spiked with Captain Morgan’ to offer adult consumers convenient options to enjoy delectable tropical cocktails.
• In January 2022, SOKFARM, launched Vietnamese coconut nectar.
• In February 2022, BALI NUTRA, Producer and Food Exporter of Organic Coconut Nectar, Cold Pressed Coconut Oil, Roasted Coconut Butter and other natural coconut-based foods, launched organic vegan coconut syrup.
• In January 2022, LIBER & CO, a provider of cocktail syrups launched toasted coconut syrup.

Why Purchase the Report?

• To visualize the global coconut syrup market segmentation based on nature, application, form, function, and distribution channel to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous coconut syrup market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Coconut Syrup Market Report Would Provide Approximately 77 Tables, 76 Figures and 102 Pages.

Target Audience 2024

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies