Coconut Milk Market Outlook
As per the new report furnished by Market Research Future (MRFR), the global coconut milk market is slated to showcase a highly impressive growth during the forecast period (2020-2028). Coconut milk refers to the thick white liquid extract of coconut. Coconut milk is obtained by grating and then extracting the liquid from coconut meat. Coconut meat is extensively used in various food industries for improving the aroma, flavor, and nutrient content of the food.
Market Drivers and Challenges
The global coconut milk market size is set to expand dramatically due to its increasing application in the food & beverage as well as agriculture industry. Moreover, shifting consumer dietary patterns coupled with the growing vegetarian population will be a few factors that will boost the product demand on a global platform. Because of environmental and ethical concerns, a greater number of people are inclining toward a vegetarian diet which in turn is augmenting the consumption of coconut milk. Coconut milk helps strengthen the immunity system of the body, in addition to reducing the incidence of illness.
A key restraint for the coconut milk market is the limited sources of tender coconuts that are required for the preparation of coconut milk. Increasing consumer health awareness plus an improved distribution network has been highly instrumental in the growing demand for the product. Coconut milk possesses lauric acid which is easily absorbed by the body for energy. Also, farmers make use of it to cultivate so that the rate of crop growth accelerates. The sum of all these factors is projected to fuel the coconut milk market growth during the conjectured period.
Market Segmentation
The coconut milk market is segmented on the basis of form, packaging, application, and distribution channel.
The Coconut Milk Market Analysis has been segmented on the basis of form, which is sub-segmented into powder, liquid, and others. The liquid form has been identified as the leading segment with a major share on account of its ready-to-drink and ready-to-use property.
The market is segmented on the basis of packaging, further segmented into the box, bottles, vacuum packs, cans, and others. The segment of bottle packaging has grabbed the lion’s share in the global coconut milk market, owing to its on-the-go property and subsequent elevated demand globally.
The coconut milk market is segmented on the basis of application, which is sub-segmented into convenience foods, beverages, bakery and confectionery, dairy and frozen desserts, and others. Among these, bakery and confectionery account for a large share resulting from their wide application in various industries.
The coconut milk market has been segmented based on distribution channels, which comprise hypermarkets and supermarkets, convenience stores, specialty stores, E-commerce, and others. The sale of coconut milk done through hypermarkets and supermarkets has been found to be high.
Regional Outlook
The global coconut milk market is spread across Europe, North America, Asia Pacific, and the Rest of the World (ROW).
Among these, the North American region holds a substantial market share followed by the market in the Asia Pacific. The strong market growth in the region is the result of the changing lifestyle which has led to the augmented adoption of a vegan and healthy diet by consumers. The market in Asia-Pacific is expected to generate a high revenue during the review period, with prominent importers of coconut milk including China, and Japan. The regional growth of the market is based on the growing demand for health drinks containing lesser calories. Also, the import and export of coconut milk in the developed economies in the region have been noted to be growing at a steady pace, which has proved to be highly beneficial for the coconut milk products market growth in the Asia Pacific.
Key Players
Duco Produtos Alimenticios S/A (Brazil), Goya Foods, Inc. (U.S.), WhiteWave Foods (U.S.), Theppadungporn Coconut Co. Ltd. (Thailand), Native Forest (U.S.), Pure Harvest (Australia), and McCormick & Company (U.S.) are some of the prominent companies making a massive contribution to the global coconut milk market.
Industry News
December 2018 – Danone is all set to debut coconut milk Oikos yogurt in January 2019. With the plant-based industry expanding, the former dairy company is preparing to get into the global coconut milk market by launching a coconut milk variation of its popular brand.
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