Consumers are preferring products that provide health benefits with a blend of nutrition and taste. Coconut milk has gained popularity due to its range of applications in industries like food and service sector, cosmetic and personal care products, and food processing units. The growing consumer demand for healthy ready-to-drink beverages and dairy substitutes has boosted the growth of coconut milk products market.
Coconut milk products consist of coconut milk, coconut milk powder, and coconut milk cream. The rising concerns regarding animal cruelty among numerous communities or groups around the world is encouraging people to adopt a vegan lifestyle. Thus, the growing trend of veganism, especially in Asian countries has proved to be a driving factor in promoting growth of coconut milk products market. Coconut milk and its products have turned out to be feasible alternatives for dairy product. Coconut milk products are available in different packages like cartons for refrigeration to increase its shelf life.
Coconut milk is popular as a nutritious beverage and is available in various flavors. It is used in vegetarian and non -vegetarian cuisine. .Furthermore, it is also used in preparation of frozen desserts, pastries, ice-creams, various sweets and delicacies. The global coconut milk products market is projected to expand at CAGR of 6.9% during the forecast period of 2018 – 2026, and reach worth of US$ 1,508.7 Mn by the end of 2026.
The players are involved in intense competition for increasing their influence across the coconut milk products market landscape. Research and development activities are being conducted to improve the standards of the product. Major market players like Starbucks are introducing coconut milk-based products and are expanding their product portfolio. Strategic collaborations play an important role in the growth of coconut milk products market. The players indulge in mergers and acquisitions, partnerships and joint ventures. Well established players merge, acquire or partner, with new players to increase their consumer base.
Growing Awareness about Health Benefits of Coconut Milk Products to Propel Market Growth
The health awareness among the consumers has led them to choose natural and healthier options available in the coconut milk products market. This aspect has promoted the growth of plant-based substitutes like coconut milk products. Coconut milk products are also used in cosmetics and skin care products because they have good oil content and properties that soothe the skin. The consumption of dairy based products are causing gastrointestinal conditions among lactose-intolerant individuals. Thus, the demand for substitutes of dairy products has increased.
Expanding Demand for Nutritious Supplements to Add Value to Coconut Milk Products Market
The demand for coconut milk products has escalated due to the increasing requirement of healthy and dietary supplements. Prominent food companies are investing in small independent brands who are manufacturing coconut milk products. This throws light on consumer trends and preferences for coconut milk products.
North America to Emerge as Profitable Region for Coconut Milk Products Market
The coconut milk products market is growing significantly in North America, owing to the rising consumer demand. Health-conscious consumers are looking forward to use coconut milk products instead of dairy products.
The growth is prominently seen in Asia Pacific region due to the higher production rate. The preference for Asian cuisines containing coconut or coconut milk products is the key factor to accelerate the growth of coconut milk products market. Furthermore, there is also a high demand for Asian foods in Europe, Canada, and the U.S. due to an increase in migrating and tourist population.
Some key players in the coconut milk products market are Thai Coconut Public Company Limited, Thai Agri Foods, Goya Foods, Ducoco Ailmentos SA, Mc Cormick & Co., Charoen Pokphand Foods, Fresh Fruit Ingredients Inc, Chef’s Choice Food Manufacturer Company Ltd., Pacific Foods of Oregon, GraceKennedy Group, and The Whitewave Foods Company.
Global Coconut Milk Products Market: Segmentation
By Flavor Type
By Product Type
By End Use
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