The export quantity of VCO from the Philippines has increased significantly in recent years. In 2001 the total export was only 1.8 t to the USA, including Hawaii, but this figure jumped to 176.6 t in 2004 to countries such as the USA, Korea, Japan, Nether- lands, Singapore, Malaysia, South Africa and Aus- tralia. For the first quarter of 2005 the Philippines exported VCO amounting to 159.32 t, and countries in the Pacific region such as Fiji and Samoa are exporting VCO to Australia. Indonesia is also pro- ducing VCO and the domestic demand for this com- modity is booming, with about 200 small and medium manufacturers in the country. Most of this production is going to the domestic market but some producers are exporting into world markets such as Malaysia and Singapore. The export value of VCO to all markets from the Philippines was about US$553,469 in 2004, signifi- cantly higher than US$19,810 in 2001. The export value for the period January–March in 2005 was US$504,377, which was a 24.1% increase over the export value of the whole year in 2003 and about 91.1% of the total export value in 2004. It is esti- mated that the export value for 2005 will be US$2.0 million (Rethinam and Amrizal 2005a, b). Functional foods The market is attracting health conscious groups with functional food buzz words like designer foods, medical foods, longevity foods, hyper nutritional foods, super foods, pharma foods, perspective foods, phyto foods, therapeutic foods and others. These foods contain biologically active components thought to enhance health and wellbeing. While the conventional food sector has an expected growth rate of 1–3%, func- tional foods are catching up and surpassing this market with a growth rate of 7–8%. Between 1998 and 2003, global value sales of functional food increased by almost 60% and are further set to rise by 40% by 2008 (Global Market Analyst Euromonitor). By 2010 the most industrialised countries, Western Europe (34%), the USA (34%) and Japan (25%), will account for 90% of the total estimated market. A high level of new product activity is continuing to stimulate growth in the fast growing global confec- tionery market, which was worth US$95 billion in 2002 with a total volume of 15 million t. The percep- tive consumption is 17 kg/year in Denmark, 16 kg in Sweden, 13 kg in Norway and in Europe and North America (8.8–10.7 kg). Coconut milk, milk powder and desiccated coconut provide lauric acid which can help build up resistance/immunity against viral, fungal and bacte- rial diseases. Coconut oil and its medium-chain fatty acid derivatives have an increasing role to play in the fast-developing functional foods market, particularly baby foods, nutriceuticals and pharmaceuticals. Functional drinks from coconut This area concentrates on value-added products. The functional drink market continues to be healthy—the sports drink, energy drink, wellbeing drink and welcome drink markets are continuously growing. Beverage markets showed strong growth between 1998 and 2003, expanding by a compound annual growth rate of almost 11%. Functional juices markets also showed good growth, with value-added
You've reached the end of your free preview.
Want to read all 103 pages?
- Fall '19
- Coconut, International Coconut Forum