Coconut milk products are obtained from the flesh of matured coconuts, and find a plethora of applications in the food processing industry, food service industry (HoReCa), cosmetics & personal care products, and retail use. Coconut milk products include full fat coconut milk, lite coconut milk (low fat), refrigerated coconut milk, cream of coconut, and coconut milk powder. Coconut milk varies in consistency, added ingredients, and packaging. Coconut milk that is canned, thick, and pure (full fat coconut milk) is used in culinary applications to intensify the flavor and thickness of the dish, whereas, coconut milk that is packed in cartons, thin, and added with flavors, preservatives, and other ingredients is used as an alternative to conventional milk, and also used for direct consumption or as a beverage. Other coconut milk products such as coconut milk cream and coconut milk powder are used in various cuisines and other industries. In terms of value, the global coconut milk products market is expected to reach a market value of US$ 1,508.7 Mn by the end of 2026, with an expected CAGR of 6.9% over the forecast period. The global coconut milk products market is expected to reach a volume production of 752,551 MT in 2026. The drivers for the growth of the coconut milk products market include increasing veganism, growing popularity of Asian cuisines, growing demand for plant-based substitutes, versatile nature of coconut milk products, and increasing dietary restriction among consumers, besides other factors.
Increasing Vegan Population Opening the Way for More Coconut Milk Products
There is an increasing number of individuals who are shifting towards vegan diets, owing to various factors such as issues related to cultural or religious restrictions or limitations, social taboos, or merely because vegetarian diets have been substantiated to be more favorable and healthy as compared to non-vegetarian diets and products over time. In addition, concerns regarding the humanitarian treatment of animals have also been playing a prominent role in the shift towards veganism and vegan diets. Coconut milk products are plant-based alternatives to conventional milk and milk products, and thus, are suitable for those opting for vegan products.
Increasing Popularity of Asian Cuisine Driving the Increased Demand for Coconut Milk Products
Asian cuisines are gaining wide popularity among consumers. Consumers around the world are developing a taste for dishes that contain coconut or coconut milk products. This is a key factor that is expected to drive the growth of the coconut milk products market during the forecast period. Coconut milk products are used extensively in Asian cuisines. The demand for Asian food in regions such as Europe, Canada, and the U.S. has increased substantially, owing to increasing migrating and tourist population.
Increasing Popularity of Various Plant-based Substitutes Accelerating the Demand for Coconut Milk Products
Increasing health and wellness consciousness has led to consumers opting for products that are healthier and more natural. Thus, the market for plant-based substitutes are gaining wide acceptance and popularity all around the world. This factor is further promoting the growth of plant-based coconut milk products.
Multi-purpose Usage of Coconut Milk Products Increasing their Success Factor
Coconut milk products have been witnessing increasing demand for use as substitutes for dairy milk, especially in a number of sweet and savory dishes. Coconut milk products have been traditionally used for cooking purposes, in both, vegetarian and non-vegetarian dishes. Coconut milk also finds application in frozen desserts, pastries, ice creams, sweets etc. It is also used as a thickener in various other dishes, especially in high-end hotel chains that offer Asian cuisines. Coconut milk products are also used in personal care and cosmetic products such as lotions, moisturizers, conditioners, masks, and other products due to its rich oil content and skin soothing properties.
Rising Prevalence of Dietary Restrictions Creating the Demand for Coconut Milk Products
There is a large population suffering from a gastrointestinal condition, known as lactose intolerance. Lactose intolerance prevents individuals from consuming any dairy-based products, leading to several deficiencies. Thus, consumers are shifting to dairy-free or dairy alternative products, hence, creating the demand for dairy-free coconut-based products.
Ingredient and Flavor Innovation in Coconut Milk Products
Manufacturers of coconut milk products are regularly offering consumers more innovative products regarding ingredients and flavors. Innovation in coconut milk products, including beverages, is done to meet the consumer demand for healthier drinks without compromising on the flavor, taste, texture, and nutritional qualities of the product.
Big Names Investing in Smaller Coconut Milk Product Brands and Companies
The recent surge of big food companies acquiring or financing smaller, independent brands is driving the push for the mainstream acceptance of coconut milk products. This is promoting the smaller brands of coconut milk products, helping them gain popularity among consumers. Besides, companies are trying to update their inventories with coconut milk products seeing the consumer trends and preferences for these products.
Coconut Milk Products Market: Introduction
The proposed market report of TMR on the global coconut milk products market evaluates opportunities in the current market, and provides updates and insights corresponding to different segments involved in the global coconut milk products market over the forecast period 2018–2026. The global coconut milk products market report further exhibits the estimated data for 2018, and forecast data up to 2026 in terms of value (US$ Mn) and volume (MT). In terms of value, the coconut milk products market is anticipated to increase at a CAGR of 6.9% during the forecast period. The present study exhibits the market dynamics and trends of the coconut milk products market in regions such as North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The report includes the market growth drivers and challenges for the global coconut milk products market, and their impact on each region during the forecast period. The report also comprises the study of the drivers, restraints, threats, and opportunities in the coconut milk products market. It also includes value chain analysis and opportunity analysis of the market.
Coconut Milk Products Market: Report Description
The report explores the global coconut milk products market for the period 2018–2026. The principal objective of the global coconut milk products report is to provide insights into key developments in the market that are consistently supporting to transform global businesses that are associated with coconut milk products. It is very important to consider that, in an ever wavering economy, we provide the estimated (Y-o-Y) year-on-year growth rate in addition with the Compound Annual Growth Rate (CAGR) for the overall forecast, to understand the better analysis and evaluation of the global coconut milk products market, and to discover justifiable opportunities.
Yet another key feature of this report is that, the estimation of the global coconut milk products market and the corresponding revenue forecast is carried out in terms of absolute dollar opportunity. This is usually not prioritized while forecasting overall market numbers. Absolute dollar opportunity analysis is very essential in evaluating the degree of opportunity that a provider can observe to execute, as well as to contrast the potential resources from a sales perspective in the global coconut milk products market.
The report starts with an elaborated executive summary, and the market definition of various segmentations that are included and their respective shares in the global coconut milk products market. The report further incorporates the major macroeconomic factors that have an effect over the growth of the coconut milk products market. The market report also highlights the various market dynamics that include the drivers, restraints, opportunities, and trends in the global coconut milk products market. The report further underlines the study of the present issues with industrial processing, and opportunities for the coconut milk products market. It also encompasses the value chain analysis, which provides a structural view of overall profitability from the manufacturer to the end user in the coconut milk products market. In order to provide users with a clear view of the global coconut milk products market, we have exhibited the competitive analysis of key market players and their strategic expansions. The competitive dashboard presents a detailed comparison of coconut milk product manufacturers on valuable parameters such as key product offerings, total revenue, key developments, and key strategies. The study intensifies the global coconut milk products market attractiveness analysis by nature, flavor type, product type, end use, and region.
To evaluate the overall market size of coconut milk products, the report considers various fundamental aspects based on secondary research. Furthermore, it emphasizes quantitative evaluation such as market shares by nature, flavor type, product type, end use, and region, and other qualitative data from primary respondents, which has been consolidated to arrive at clear and accurate market estimations. The forecast presented in the coconut milk products market report arrives at the total revenue being generated, and expected revenue contribution in the future by the global coconut milk products market.
Detailed profiles of companies that manufacture coconut milk products are included in the global coconut milk products report to analyze their developmental strategies, key product offerings, and recent developments, as they have a significant role in the global coconut milk products market. Major market players covered in the coconut milk products market report are Mc Cormick & Co., The Whitewave Foods Company, Goya Foods, Charoen Pokphand Foods, Theppadungporn Agricultural Industry, Ducoco Ailmentos SA, Thai Agri Foods, Celebes Coconut Corporation, Pacific Foods of Oregon, GraceKennedy Group, Thai Coconut Public Company Limited, M&S Food Industries, The Sambu Group, Fresh Fruit Ingredients Inc., and Chef’s Choice Food Manufacturer Company Ltd.
Coconut Milk Products Market: Segmentation
The subsequent sections analyze the global coconut milk products market on the basis of nature, flavor type, product type, end use, and region, and presents a forecast for the period 2018–2026. The market is segmented as follows:
Coconut Milk Products Market by Nature
Coconut Milk Products Market by Flavor Type
Coconut Milk Products Market by Product Type
- Full Fat Coconut Milk Products
- Lite Coconut Milk Products (Low Fat)
- Refrigerated Coconut Milk Products
- Cream of Coconut
- Coconut Milk Products Powder
Coconut Milk Products Market by End Use
- Food and Beverage Manufacturers
- Food Services (HoReCa)
- Cosmetics & Personal Care
- Convenience Stores
- Specialty Sports Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retails
Coconut Milk Products Market by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of APAC
- Middle East & Africa
- GCC Countries
- North Africa
- South Africa
- Rest of MEA