Coco water will replace coconut oil in boosting the growth of the industry, the University of Asia and the Pacific (UA&P) revealed.
The report from UA&P further explained that the coco water, as a non-traditional coconut products, made coconut industry as a multi-product industry. The new coconut product obtain popularity for the growing concern of health and wellness.
Coconut water, milk, milk powder, and cream deemed to be promising because of the increasing demand for organic and healthy products.
As cited in the report from Business World, UA&P determined that coconut water is the main driver in developing the coconut industry.
Respectively, consumers for the said product are health-conscious and the ones who are concerned with the environment.
United States was determined the biggest market of the coconut water in 2018. According to the report, Philippines exported 63 million liters of coconut water globally with a value of $89 million.
Other coconut products
Not to mention, coconut milk is creating a demand in US as an alternative for coffee creamer, especially for lactose-intolerance consumers.
Netherlands, Japan, US, France, and Australia are top countries that import Philippine coconut milk powder. Annually, coconut milk powder increased by 38%.
Exported virgin coconut oil amounted 193,000 tons in 2018. Expert foresee to acquire $780 million worth of export in 2025.
Aside from these coconut products, desiccated coconut belongs to the Philippine’s top agricultural exports in 2018. It attained an export worth $338.4 million with 145,100 tons. The main markets of this product are Netherlands, Australia, UK, and Canada.