Coconut Alcohol Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1439
Global Coconut Alcohol Market size is likely to witness moderate growth over the forecast period. Coconut alcohol, is derived from coconuts which are grown on perennial food supplier, the coconut tree. It provides solid food along with a large amount of healthy and safe water. The fruit is source to numerous products such as desiccated coconut, coconut cream/milk, copra, nata de coco, coconut oil and coconut chips.
Rapid increase in the urban population is one of the key factors that will drive the coconut alcohol market size across the globe. Additionally, growing urban population accompanied by factors such as rising disposable income, improving spending pattern and growing preference for alcoholic beverages among consumers is expected to boost the overall coconut alcohol market size in the coming years.
Moreover, the demographics in many countries have seen radical changes in past recent years. For instance, in countries such as India, increasing alcohol consumption among women, social consumption of alcohol, novel food & beverage format and rising prominence of pub culture in urban & metro cities have led to hiked demand for the product and related beverages in the country. All these are becoming prime growth drivers for the overall coconut alcohol market growth in terms of revenue.
Furthermore, the coconut alcohol market share contributors are increasingly establishing new manufacturing plants all over the world to grab a greater chunk of customer base and enhance quality of coconut alcohol produced. Also, companies are upgrading their existing manufacturing processes with the aid of technological advancements in equipment and related machinery. This is mainly achieved by introducing bioprocessing technologies which increases production level along with improving the product quality.
Rules & regulations regarding alcohol consumption and political instability in some countries may restraint the coconut alcohol market size in the coming years. In addition, trade barriers and tariffs such as import duty and others levied on liquor products being shipped from one part to another part is likely to slow down the overall coconut alcohol market size growth in the forecast span.
The coconut alcohol market share is segmented, based on the product into beer, vinegar, wine and traditional toddy. The unopened inflorescence of coconut is used to make toddy or coconut sap, that can be treated to produce rich, high in value healthy food products. Coconut sap (toddy) is sweet exudate from the inflorescence or unopened tapped spathe of coconut. It is one of the most used food products of coconut and is also marketed as an alcoholic drink with almost 4% to 6% of alcohol content.
Fermented beverages, produced exclusively from blend of black grape juice with coconut water show characteristics similar to wine. Wines produced from both the sources are completely fit for human consumption. Vinegar, which is synthesized from both these sources, is widely used in different applications in food and beverage industry. Non-alcoholic fermented coconut water beverages are easily available in market. In addition, the alcoholic beverages which are fermented by coconut water are made completely with the aid of yeasts. It is at a budding phase of commercialization and shall create new growth avenues for the global coconut alcohol market size in the near future.
Latin America and Asia-Pacific are the leading the global coconut alcohol market size. The numerous factors in these regions such as government targets, subsidies and incentive supporting policies (tariffs and competitive bidding & tenders) towards coconut farming will subsequently complement the overall coconut alcohol market size by 2024, as coconut water is an essential raw material used in the business. North America and Europe also contributed a major chunk of coconut alcohol market in 2016. Enormous consumption of alcoholic beverages in countries including the U.S., Germany, France, Finland, the UK, etc. is a prime factor contributing regional industry growth.
The major coconut alcohol market share contributors are Hunter Distilleries, St. Lucis Distillers Group of Companies, Demirara Distilleries Limited and Island Distillers. These companies are involved in technological development in order to improve their production capability and improving the product quality.
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