Coconut water is one of the best natural drinks while coconut oil makes a splash, causing other oils being in lesser demand. Coconuts are used for a number of trendy products. The dried copra makes conventional oil which is an important ingredient in a variety of things including dish detergents and medicines. However, the trend of using coconut oil seems to be going down because of its prices which have gone high by almost 20 percent within a month time. The economy experts reveal the reason behind the raise in coconut oil prices that is surprisingly associated with the increasing demand of some special coconut products such as coconut water and coconut sugar.
A number of supermarkets are selling coconuts with the pull tags to be enjoyed like cocktail. On the other hand, coconut sugar is in limelight as a healthier way to help people with diabetics. In addition, some most popular celebrities like Gwyneth Paltrow who is a great fan of coconut products, once revealed her experience of using virgin coconut oil that has been benefiting her oral health for a longer period. According the American actress and singer, it’s an amazing tonic to whiten your teeth.
Besides the growing popularity of coconut products, one of the significant reasons why coconut oil fans are not finding it in the market is that most coconut growers have started harvesting young coconuts to get water only. Benefiting from a higher demand of coconut water like beer, they aren’t letting their fruits to become mature for oil production hence causing a shortage of coconut oil and an increase in its prices. .
The Philippines has the largest production of coconuts. Various research reports stated that Philippine farmers are in the most performed practice to harvest young coconuts to get coconut water.
The prices see about a twenty percent increase in the beginning of the following year which shows an average price of 1,448 US Dollars per a metric ton in March only. The information was revealed by the World Bank on April 6, 2016. The statistics also stated a 50 percent increase in coconut oil prices in comparison with the average price in 2013. Furthermore, the increase in consumption of coconut water worldwide went nearly 13 percent higher within a year followed by a 24 percent increase in 2015.
The research on coconut products and its prices by Canadean- the organization for beverage research, demonstrates that more and more people across the globe are taking interest in coconuts specialty products and the trend is likely to grow by the time that will be a significant reason for a further increase in the price in coming days. According to the analysts, the growing inclination toward coconut specialty products suggests that there won’t be a significant drop in prices for coconut oil anytime soon. Moreover, the growing prices of the fruit tremendously narrowing down the margins, and so the vendors in coconut market are naturally drawing attention toward the coconut specialty products.