The coconut industry will achieve the export milestone of over USD 1 billion next year
According to the forecast of the International Coconut Community, by 2025, the demand for coconut products in the global market will reach an average growth of 10%/year. This growth momentum will create favorable conditions for Vietnam's coconut industry to achieve the goal of export turnover exceeding USD 1 billion within the next 2 years.
According to the Vietnam Coconut Association (VCA), there are nearly 90 products from coconut trees in the country that have been put on the market, including items of high economic value such as coconut oil serving the fields of health and beauty care. In addition, there are nearly 200 food products using coconut ingredients on the market.
According to VCA, the coconut industry will maintain its processing and export capacity and bring export turnover to about USD 940-950 million in 2023. With the current growth momentum in the domestic and global markets, VCA expects that within the next 2 years, the coconut industry will surpass the export milestone of USD 1 billion.
According to Ms. Bui Hoang Yen, representative of the Agency for Southern Affairs of Ministry of Industry and Trade, the coconut area in the country is about 188,000 hectares, the output is about 1.9 million tons, the total export turnover of coconut products and coconut-related products in 2022 is more than USD 900 million. Meanwhile, the average increase in global demand for coconut products by 2025 of over 10%/year is a good condition for Vietnam to increase exports.
Today, consumers in the country and around the world tend to consume healthy natural vegan foods with low calorie content, and high nutritional value, reducing the risk of heart disease, high-end cosmetic products such as shampoo, skin cream, lipstick, eyelash brush, makeup remover, etc. have great potential for consumption.
“From the above positive signs, there has been a wave of conversion to organic coconut farming that has spread widely among households in the provinces of the Mekong Delta, such as: Ben Tre, Tra Vinh, Tien Giang, etc. To date, more than 3,720 organic coconut gardens have been certified to meet organic standards according to American and European standards,” said a representative of the Agency for Southern Affairs of Ministry of Industry and Trade.
The export potential of the coconut industry is huge, because all parts of the coconut, such as coconut husks, coconut shells, copra, juice, etc., can make products that meet the needs of domestic consumers and are export-oriented, especially when many businesses in the coconut industry are promoting investment in modern processing technology.
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