Guyana’s coconut industry may still have a long road to travel if earnings from the sector are to impact meaningfully on the country’s economy, but the portents for coconut and coconut by product sales on the global market in the period are sufficiently encouraging to justify the renewed interest in the sector by both farmers and investors.
In recent years, the focus of production and investor attention has been on taking advantage of a growing regional demand for coconut water, with some local exporters finding lucrative markets (the supposed food safety considerations that led to the rejection by the Trinidad and Tobago authorities of at least one batch of coconut water from Guyana, notwithstanding). Coconut water may still be one of the drinks of choice among health-conscious regional consumers, but globally, there has been, as well, a rising popularity for coconut milk as reflected in a recent study of the industry undertaken by MarketResearchNest, a one-stop-shop for market research products and services, covering recent marketing, and other trends.
The January 2019 report points to growth in the global coconut market at a Compound Annual Growth Rate (CAGR) of around 8% over the next five years, topping US$14,800 million in 2024, up from an anticipated US$10,100 million this year. North America and Asia, it says, remain the most significant production regions for coconuts, occupying more than 48% of the market share, in terms of revenue. At the same time, according to the report, more than 41% of coconut products are produced in the North America market, dominance of which it is expected to retain over the forecasted 2019 – 2023 period.
