One of the recent updates from the — cooking coconut milk market comprises the dropping of Thailand-based Chaokoh’s coconut products by numerous retailers including American retailer, Target Corporation. The move reportedly came amid allegations concerning the use of monkey labor on its farms.
According to Target Corporation, it had pulled the product from its shelves in November 2020. However, the decision has been recently publicized by PETA (People for the Ethical Treatment of Animals). The retailer has also added that it believes in the humane treatment of animals and expects those who carry out business transactions with the company to do the same.
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The global cooking coconut milk market size is anticipated to surpass USD 655 million by 2026, cites the latest research by Global Market Insights, Inc.
This growth is attributed to the augmentation of the bakery and confectionery application on account of the increasing consumer preference for convenience foods owing to multiple benefits of coconut milk and the lack of time for cooking healthy foods.
Few major trends driving cooking coconut milk industry growth include:
Increasing demand for healthy, plant-based products in Europe
The surging demand for natural, healthy, and plant-based products amongst consumers in Europe is set to impel the demand for coconut products in the region. The Europe cooking coconut milk industry had a valuation of more than USD 55 million in 2019 and is estimated to record commendable growth over the projected span.
This is likely due to the rising consumer preference for snacks, healthier bakery products, and confectionery. In addition, the escalating demand for low-fat, low-sugar, and organic bakery products is anticipated to favor the utilization of coconut ingredients in the bakery & confectionery sector in the region.
Escalating demand for bakery and confectionery products
Recent years have witnessed an upsurge in the demand for bakery products comprising cookies, donuts, cakes, rolls, and others. The bakery and confectionery segment is expected to exceed USD 165 million through 2026, exhibiting an appreciable CAGR of more than 8.5 per cent over the assessment period.
Changing snacking choices and eating patterns have been instrumental in increasing the popularity of various bakery products in different regions. Furthermore, the rising demand for ready-to-eat food that is easily available and has adequate nutritional value will bolster the expansion of the bakery and confectionery segment in the cooking coconut milk market.
Huge availability of raw material in the APAC
The Asia Pacific cooking coconut milk market is expected to exhibit a remarkable CAGR of more than 9.0 per cent through the estimated span. This is primarily attributed to the well-established nature of the food and beverage sector along with the huge availability of raw material for the production of various coconut milk foods.
In addition, the implementation of various strategic initiatives by regional key industry participants such as acquisitions and mergers will add to the growth of the APAC market through 2026.
In the years to come, the growing popularity of organic food products owing to the increasing health consciousness amongst consumers will foster the augmentation of the cooking coconut milk market.
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