To me they are similar-but-different in that both try to find a practical application for (basic) research, but maybe in different ways. Perhaps applied research uses basic scientific knowledge to address real-world problems, while co-produced research is a collaboration between researchers and (non-academic) users of scientific information to produce more meaningful science products.
What are your thoughts?
Could co-production research be a sub-group of applied research?
Do you have examples of either or both from your own work?