The exciting dynamic of the rapidly changing taste and preferences of food bloggers has led few health-promoting spreads gain steam while others to lose sheen in recent years. The demand for coconut spreads as a trendy spread has gained momentum from the rising demand for exciting vegan-based food. The demand for coconut spreads traditonally gathered traction among consumers in countries of South Asia. Equipped with various flavors and having its presence across numerous distribution channels, notably online stores, coconut spreads will witness rising demand. Flavored coconut spreads has piqued the curiosity of consumers in various parts of the world, and products at premium price range are alluring consumers in developed markets.
According to Transparency Market Research (TMR), the global coconut spreads market is anticipates many a promising prospect in the coming years.
Rising Spending on Vegan-based Health Food boosting Demand
The rising population supporting vegan food in several parts of the world is a notable factor bolstering the demand for coconut spreads. The spreads are extensively used in making egg-free mayonnaise for salad dressings and sandwich. The popularly rising consumption of coconut spreads as toppings is a notable factor accentuating the global market. Apart from this, they are also used as coating for ice-creams and chocolates, especially in Malaysia, Singapore, and Indonesia. The global coconut spreads market is benefitting greatly from the large coconuts in some regions, particularly Asia Pacific. The rising spending on health food by vegan lovers in these economies is a notable factor supporting the expansion of the market.
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Innovative Branding needed to Combat Slump in Demand in Store Shelves
The rising trend of homemade coconut spreads is also influencing the growth of the market. However, the market seems to have suffered in recent years from the declining sales of these in supermarkets and hypermarkets, attributed to the slump in demand from consumers, who find the taste not so unique. The high pricing range most of the brand of coconut spreads are positioned is also a key proposition hindering their demand among price-sensitive consumers in emerging markets. The concern about the fat content in coconut spreads has also made it less popular in health-conscious populations in recent years.
Nevertheless, food connoisseurs are discovering new flavors of coconut spreads might end in boosting their demand. Better branding of these products may also favorably impact the demand dynamics in the coming years. The growing efforts to launch products for health-conscious population will also create new avenues in the coconut spreads market.