Coconut Syrup Market: Introduction
Coconut syrup is made from sap of coconut palm and sap is collected by making a cut on the flower of the tree and collected into the container. After collection, filtration of sap is done followed by evaporation until syrup formation. Coconut syrup is rich in amino acids and vitamins including B1, B2, B3 and C along with polyphenol, short chain fatty acids, and antioxidants. It is also rich in zinc, iron, magnesium and potassium. Coconut syrup is a low calorie natural sweetener and an alternative to sugar, maple syrup, high fructose corn syrup and agave syrup. Coconut syrup has very low fructose content and low glycemic index when compared to other sweeteners such as maple syrup, sugar based syrup, and others. It also has a high level of nutrition as compared to other sweeteners. Coconut syrup is popularly used in bakery products and beverages.
Coconut Syrup Market: Regional Outlook
Asia Pacific is the largest manufacturer of coconut syrup in which the Philippines is one of the major manufacturer followed by Indonesia owing to favorable geographical condition for the farming of coconut tree. While major importer for coconut syrup are North America followed by Europe as there is an increased awareness about health. Japan, Middle East and Africa hold huge potential and show substantial growth in terms of increasing consumer spending on nutritional products such as supplements, and bakery & confectionery in these regions.
Coconut Syrup Market: Dynamics
An increase in health awareness in food sector has driven consumers in choosing low calorie and high nutritional value products. According to WHO around 420 million people are diagnosed with diabetes in year 2014 while in 1980 around 100 million people were diagnosed with diabetes. Because of an increase in life style related diseases people are choosing non-sugar sweetener over sugar. Coconut syrup has low glycemic index than glucose and can be used as an alternative sweetener for obese, diabetic and people with dental carries. Non-sugar sweeteners are gaining popularity among diabetic and obese demography, both of these demography are the primary driver. Coconut syrup has a high content of nutrient than maple, agave and honey which gives an advantage to its competition. Organic coconut syrup is GMO free and gluten free. There is no preservative added in the organic coconut syrup and it provide natural antioxidants. In food sector, organic market is growing substantially for instance in the U.S. the organic food market is expected to grow approximately more than 10 percent in near future. People believe organic food to be healthier than conventional food. Restraints for coconut syrup is a limited supply of raw material and instability of demand in the market. There is no comprehensive medical and comparative study with competition on the health benefits. Another restraints are adulteration, unregulated processing and expensive & complex procedure of organic certification of the product.
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Coconut Syrup Market Key Player:
Some of the major players operating in coconut syrup market includes Wichy Plantation Company (Pvt) Ltd, Bali Nutra Ltd, Tradin Organic Agriculture B.V., Holos Integra, Wholesome Sweeteners Inc., Benevelle Coporation, Nutramarks Inc., Coconut Secret, Coconut Merchant Ltd, TREELIFE COCO SUGAR, ANDY ALBAO CORPORATION, Singabera and other regional players.