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Global Coconut Milk and Coconut Milk Derivative IndustryMarket Overview
Coconut milk and coconut milk derivatives are one of the world's healthiest foods. Apart from consuming coconuts fresh or desiccating them, coconut milk and its derivatives are a thriving market, especially in the South-East Asian part of the world. Coconut milk is a milky-white liquid that is derived from grated coconut pulp. The milk is opaque in appearance due to the presence of saturated fats and the high oil content in it. The reason for its continued use over so many centuries and the rising demand today is due to its nutritional and medicinal properties.
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Coconut milk derivatives, which are now increasingly becoming popular, include cream, flour and syrup. The main reason for an increase in the demand for coconut milk and coconut milk derivatives is due to the rising veganism and the increased preference of people for non-dairy products like soy, almond milk and coconut milk.
The following manufacturers are covered in this report, with sales, revenue, market share for each company McCormick & Company Inc. (US), Goya Foods, Dabur India Ltd. (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corporation (The Philippines), Thai AGri Foods Public Co. Ltd. (Thailand), The Hain Celestial Group (US),
Heng Guan Food Industrial Pte Ltd. (Singapore), ThaiCoconut (Thailand)
Segmentation
Coconut milk and coconut milk derivatives can be segmented on the basis of type, category, packaging, and distribution channel.
Based on the type, coconut milk has a larger market share than its derivatives due to its consumption as a drink directly or its use in cooking. However, in the coming years, the market for coconut milk derivatives is predicted to grow due to the increased demand for natural ingredients in the food and beverage industry.
Based on category, organic coconut milk and its derivatives have been forecasted to show a rise in demand in the said period because of the people shifting more towards organic than conventional products.
Based on packaging, coconut milk is preferred in cans (due to their airtight nature, reliable storage and ease of transporting), followed by bottles. However, due to the rising global concern about plastic waste and pollution, this segment is expected to decline in the coming years.
Among the distribution channels, the retail channels are said to dominate the market in the forecast period.
Regional Overview
For the coconut milk and coconut milk derivatives, the global markets are divided into North America, Europe, the Asia Pacific, and the Rest of the world. The Asia Pacific market has been consuming coconut milk and its derivatives, so there isn't a significant increase in demand expected in this region. However, North America is said to dominate the market due to a shift in people's choice towards healthy products and the launch of many coconut-based products.
There is also significant growth expected in the coconut milk and coconut milk derivatives market in Europe owing to the rising trend of veganism and demand for healthy organic products. The rise in celebrities endorsing veganism is also an important factor that is driving the market growth of coconut milk and its derivatives.
Industry News
In 2015, Hain Celestial Group had acquired one of the leading organic products producers which gave it an edge and strengthened its position in the organic products industry, including coconut milk and coconut milk derivatives.
Also, in the year 2017, Goya Foods launched a product line targeting Hispanic consumers and collaborated with Michelle Obama, the then First Lady of the USA for their campaign. This is said to have boosted the natural products, as well as the organic products markets.
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