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The introduction of a range of footwear with variations in color, design, and price, the adoption of attractive marketing and promotional techniques, and the expansion of sales through online channels drive the growth of the global sneaker market.
PORTLAND, Ore., March 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Coconut Butter Market by Nature (Organic, Conventional), by End User (Cosmetics and Personal Care Industry, Food and Beverage Industry, Others), by Distribution Channel (Supermarkets/hypermarkets, Convenience stores, Online sales channel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global coconut butter industry generated $986.3 million in 2021, and is anticipated to generate $1.9 billion by 2031, witnessing a CAGR of 7.2% from 2022 to 2031.
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Prime determinants of growth
The rise in demand among health-conscious consumers, owing to its high nutritional benefits drive the growth of the global coconut butter market. However, Caribbean and African countries are facing threats of lethal yellowing disease in the coconut plantation, which restricts the market growth. Moreover, organic and gluten-free coconut butter is gaining increased popularity among consumers. This is attributed to the fact that organic coconut butter is high in fiber and contains lauric acid, which lowers bad cholesterol. This factor presents new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global coconut butter market, as people became more health-conscious during the lockdown.
- However, the pandemic had presented a number of operational difficulties for producers of coconut derivatives.
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in…
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