Market Dynamics —
The recent report furnished by Market Research Future (MRFR) speculates that the Coconut Milk Market is estimated to be worth USD 2,350.8 million by 2023. The report also reveals that the market will be surging at a growth rate of 14.61% during the forecast period (2016-2023).
Growth Drivers and Top Challenges
Coconut milk is extracted from the grated meat derived from a mature coconut. Its rich taste comes from its high oil content, which is mostly saturated fat. The coconut milk market has advanced in recent years on account of the product’s countless health benefits, which includes improving the immune system in humans and reducing critical illnesses. Coconut milk’s primary constituent, Lauric acid, gets absorbed by the body effectively and is used for energy. This has proved to be an instrumental factor in terms of the demand for coconut milk and the consequent growth of the market. Other than this, as fatty acids are known for decreasing the cholesterol levels, improving the blood pressure, and also in controlling strokes as well as heart attacks, the product demand is exhibited to increase at a considerable rate in the subsequent years.
Moreover, with the expansion of the vegan population across the globe due to increased concern regarding the environment and animals, the coconut milk market will be deriving the maximum benefit. On that note, the adoption of natural food products, as well as the growing preference for vegan diets, would add to the strength of the coconut milk market in a big way. Talking about opportunities, the market is expected to fare well in the coming years with the growing popularity of Asian cuisine around the world. Another likely factor substantiating the market growth is the emergence of new products and a plethora of exciting offerings from the manufacturers that would attract a larger consumer base.
An exciting trend making its way into the worldwide market is the boost in the demand for organic and plant-based beverages in the developed and developing countries. Apart from the lure of the health benefits, coconut milk is finding more takers among those inclined towards new tastes. This factor is set to have a positive influence over the coconut milk market. Yet, the high price linked with the procurement of raw coconut meat could slow down the market growth rate over the upcoming years.
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• ThaiCoconut Public Company (Thailand),
• Celebes Coconut Corp. (Philippines),
• Vita Coco (US),
• Danone SA (France)
May 2019 NadaMoo! a family-owned business of organic coconut milk-based ice cream, has expanded its product distribution across various Target locations as well as Walmart locations in Texas, Louisiana, Montana, Wyoming, and Colorado.
The global market for coconut milk has been segmented on the basis of category, form, packaging type, and distribution channel.
In terms of the category, the market has been considered for conventional and organic. The conventional coconut milk segment will cover the larger part of the global market during the forecast period. Having said that, the demand for organic coconut milk is surging at a higher CAGR of 15.11% on account of the consumers’ shift towards clean-label products.
The form-wise segments in the market are liquid and power. The liquid coconut milk is expected to be the dominant segment, achieving a significant CAGR to arrive at the value of USD 1,550.5 million by 2023. The segment’s position in the global market has been strengthened by its growing demand due to it being a readily available form of coconut milk. On the other hand, the powdered coconut milk segment is exhibited to attain the faster growth rate of 14.78% during the appraisal period backed by its long shelf-life along with its growing use in a variety of cuisines as well as beverages.
Depending on the type of packaging, the global coconut milk market covers bottles, cans, pouches, and others. Between these, the cans segment seized the largest share of the overall market as a result of the high stability and strength of this kind of packaging. Hence, the cans segment is poised to elevate at a substantial CAGR and will reach the valuation of USD 914.2 million by 2023. Coming a close second is the bottles segment. The other types of packaging include pouches and cartons. Tetra pack packaging is gaining immense traction owing to its benefits including providing a smooth surface to print the product information, while maintaining the nutritional value as well as the taste of the product.
The various distribution channels, according to which the market is segmented into store-based and non-store-based.
The global Coconut Milk Market has been distributed among the key regions of Europe, Asia Pacific, North America, along with the Rest of the World (RoW).
In 2016, Asia Pacific ruled the global market with the largest share, and is presumed to expand at a CAGR of 14.50% during the evaluation period. North America held the second position in the global coconut milk market in 2016. In addition, North America market is believed to touch the valuation of USD 629.1 million by 2023, whereas Europe covered 21.72% of the total market in 2016. Globally, China is the leading country, whereas the United States (U.S.) is the runner-up, in terms of volume and revenue.
In Asia Pacific, there has been a significant growth in the number of lactose intolerant people that are allergic to the lactose present in dairy milk. This has compelled them to switch to coconut milk owing to several health benefits associated with it. Also, with the increasing organized retail within the region, the coconut milk market is speculated to benefit to a large extent. On top of this, the expanding vegan population in the region is also expected to augment the demand for coconut milk.
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