Coconut milk is derived from the grated meat of a mature coconut. The rich taste and color of coconut milk are attributed to its high oil content, most of which is saturated fat. The development of the coconut milk market is due to the numerous health benefits that are derived from the intake of coconut milk. Coconut milk helps improve the human immune system and helps reduce critical illnesses. Lauric acid, which is found in coconut milk, is effectively absorbed by the body and used by it for energy. This is one of the key drivers of growth for the coconut milk market. Fatty acids help reduce cholesterol levels, improve blood pressure, and control strokes and heart attacks. Owing to the health benefits derived from coconut milk, the rate of consumption of coconut milk products is expected to increase substantially over the forecast period. The vegan population is another the major driver of the growth of the coconut milk market. There has been a significant rise in the vegan population due to increased concern about the environment and animals. The adoption of natural food products and consumer preference for a vegan diet has fuelled the demand for coconut milk globally. The increasing popularity of Asian cuisine around the globe is also likely to create more opportunities in the coconut milk market. The introduction of new products is expected to drive the coconut milk market over the forecast period.
On the basis of distribution channel, the coconut milk market is segmented into supermarkets and hypermarkets, specialist retailers, and convenience stores. Supermarkets and hypermarkets was the dominant segment in 2015 and it is likely to remain so over the forecast period. Robust growth of organized retail around the globe is one of the major drivers of the growth of this market segment. Specialty stores are likely to gain prominence over the forecast period.
Geographically, the coconut milk market is segmented by Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the majority share of the coconut milk market in 2015 and it is expected to remain so over the forecast period. There has been a rise in the region of the number of lactose intolerant people, who are not able to digest the lactose present in dairy milk, and who are switching to coconut milk due to the numerous health benefits derived from it. North America and Europe account for a steady demand for coconut milk due to the increasing awareness about health benefits from its consumption. Asia Pacific is one of the fast-growing regions for the market owing to its increasing vegan population. China, Japan, and India dominate the coconut milk market due to their majority population shares in Asia Pacific. Middle East and Africa is an emerging market for coconut milk owing to the increased adoption of coconut milk products in the region. With the growth of organized retail in this region, the market share of the coconut milk market is likely to expand over the forecast period. An increasing vegan population is also likely to propel the demand for coconut milk in Latin America. The introduction of new and innovative products also probably boost the demand for coconut milk in Middle East & Africa and Latin America.
The major players in the coconut milk market are Goya Foods, Pureharvest, WhiteWave Foods, McCormick, and Theppadungporn Coconut Co. Ltd. Some of the other global manufacturers in the coconut milk market are Edward & Sons, Chi, Ducoco, iTi Tropicals, Thai Agri Foods, Turtle Mountain, and Pacific Foods.