The Global Coconut Sugar Market is making rapid progress over the past few years. The market growth majorly attributes to the rising popularity of plant-based sugars. Besides, increasing awareness about the health benefits of coconut sugar and growing preferences for organic products drive the market growth. Moreover, growing advances in derivation technologies escalate the market growth to furthered height, refining the product quality without compromising on the mineral contents.
Cumulatively driven by all these factors, the Global Coconut Sugar Market is observing substantial growth. According to Market Research Future (MRFR), the global Global Coconut Sugar Market is expected to reach USD 397.34 million by 2024, registering 5.86% CAGR over the forecast period (2019-2024). Increasing sales of plant-based sugar alternatives drive the growth of the market. Owing to its lower fructose levels compared to other sugars, coconut sugar is popular among health-conscious populaces.
Global Coconut Sugar Market appears highly competitive and fragmented due to the presence of several large and small players. Industry players strive to deliver high-quality and reliable products based on innovative technologies. They also aim to develop the ability to supply the product in a specified packaging and special requirements. Product launch, M&A activities, and collaboration remain key strategies of market players to gain a larger competitive share.
Players leading the Global Coconut Sugar Market include Coco Sugar Indonesia (Indonesia), Big Tree Farms (US), The Coconut Company Ltd. (UK), Saudi Food Ingredients Factory (Saudi Arabia), PT Holos Integra (Indonesia), Celebes Coconut Corporation (Philippines), Ecobuddy Group (India), Los Ricos Compania Corporation (Philippines Earth Circle Organics LLC - US), Tardo Filipinas Incorporated (Philippines), Madhava Ltd. (US), SunOpta Inc. (Canada), CV. India Sourcing (India), Singabera, PT Mega Inovasi, Coco Natura (Philippines), and Organik (Indonesia), among others.
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Philippines announced that it is trying to increase its coconut production. In the year 2010, palm oil replaced coconut oil as the top-selling oil in most grocery stores in the Philippines. Most of it was imported from Malaysia or Indonesia. In the Philippines, Oil palm is a more industrialized crop than coconut, which is dominated by smallholders.
Due to the low price, palm oil demand has risen exponentially. However, health and sustainability concerns give advantage to high-quality coconut products. Coconut trees grown in both the Philippine and Indonesian archipelagos for centuries are not only producing oil, but also milk, water, sugar, and other products. Hence, some coconut farmers are expecting the same kind of support from the government that palm oil companies get.
Global Coconut Sugar Market in the Asia Pacific region is growing at a rapid pace. Factors such as a large number of production units in countries like the Philippines, Indonesia, China, and India boost regional market growth. Besides, the raw material advantage in the region attracts many foreign investors resulting in increasing production plants. Also, advances in derivation technologies due to the increasing R&D investments by international players drive regional market growth. The APAC Global Coconut Sugar Market is projected to register the highest CAGR during the review period.
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