TAPPING INTO MULTIMILLION DOLLARS GLOBAL COCONUT MARKET
The global coconut products market is anticipated to reach $31.1 billion by 2026.This follows its increasing use in food, beverage, cosmetics, and other industries. There are campaigns for the government and the private sector to explore opportunities in the international market to earn foreign exchange
The global coconut products market is anticipated to hit $31.1 billion by 2026, going by forecasts by ReportLink, an award-winning market research firm. Reportlinker reports that increase in demand for coconut products such as coconut milk, coconut water, and desiccated coconut in the food & beverage industry is one of the major factors that drives the market globally. Coconut is a highly versatile fruit and its derivatives, especially coconut oil, are sought-after ingredients for food, drink and personal care products.
In 2019, the number of coconuts produced worldwide reached 62million tonnes. Overall, coconut oil production continues to indicate a relatively flat trend pattern. The average coconut export price stood at $487 per tonne in 2019. However, Nigeria is not among the countries with the highest volumes of coconut production. The countries with the highest volumes of coconut oil production are the Philippines (1.2M tonnes), Indonesia (885K tonnes) and India (390K tonnes), with a combined 76 per cent share of global production. Vietnam, Mexico, Malaysia and Cote d’Ivoire lagged behind, together accounting for a further 12 per cent. Instead, Nigeria, according to the United Nations Statistical Office, spent $219,446.53 and $293,214.22 on coconut importation in 2019 and 2018. Nationwide, the coconut industry is distressed. Not only is its productivity low and stagnant, it is losing ground in the highly competitive global vegetable oils market.
The President, National Coconut Producers, Processors and Marketers Association of Nigeria (NACOPPMAN), Nma Okoroji, said Nigeria’s coconut import has risen over the years by more than 80 per cent as the country has not been able to produce enough coconut.