The major Key Players in Coconut Milk Market are
- Goya Foods, Inc. (U.S.)
- WhiteWave Foods (U.S.)
- McCormick & Company (U.S.)
- Native Forest (U.S.)
- Theppadungporn Coconut Co. Ltd. (Thailand)
- Pure Harvest (Australia)
- Ducoco Produtos Alimenticios S/A (Brazil)
Coconut milk manufacturers across various regions follow the strategy of improving their existing product as well as increasing the manufacture of organic coconut milk to add more value to their products to expand their business. This is one of the major factors due to which the demands of coconut milk are experiencing a surge. U.S. is amongst the dominating countries holding a major share in coconut milk market and exports the product in various other countries which include Canada, Mexico, China, Japan and others.
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The increasing sale of coconut milk is driven by changing consumer’s preference and adoption of vegan food consumption trend. Rising consumption of healthy beverages with low calorie content also is likely to drive the market for various coconut milk varieties increasing its sale in the beverages market. The health benefits obtained from coconut milk and application in keeping the gut healthy is also supporting its sale amongst the consumers. Increasing consumption of natural food is found to have a positive impact on the coconut milk market. The consumption of coconut milk is found to be high in North America and is evaluated to increase at a positive growth rate in various countries of Europe and Asia-Pacific region.
Globally, the coconut milk market share is estimated to escalate at a higher growth rate due its healthy fat content that help in controlling the insulin level, thereby preventing diseases like diabetes. The high consumption of coconut milk is backed up by it property to lower cholesterol level in the body and further decreasing the chance of heart diseases. The rising demand for high vitamins and mineral containing food products in the market is supporting its sale on a global level. Rapid increase in the vegan population is anticipated to fuel up the market share of coconut milk globally.
All these factors contribute to the calculated CAGR of 7.5% of Coconut Milk market during 2017-2023.
Consumption of liquid form of coconut milk is growing at significant rate based on its convenience usage. The bottle packed coconut milk makes it popular amongst the consumers mainly because of the ease in usage and storage properties. In addition, the application of coconut milk is experiencing a rapid increase in bakery and confectionery industries followed by its application in dairy and frozen dessert.
The sale of coconut milk through supermarkets and hypermarkets is experiencing a surge backed up by consumer’s preference and convenience. However, the sale through E-commerce will witness a high growth rate in the given forecast period supported by the increase in use and adoption of new technologies by consumers.
The Global Coconut Milk Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America holds a major market share followed by Asia Pacific. The high demands for coconut milk from the developed countries of these regions are contributing to the positive growth of Coconut Milk market. U.S., Germany, China, U.K. and Japan are the major importers of coconut milk. North America is found to be the major exporter of coconut milk and exports majorly to countries of Europe and Asia-Pacific.
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Global Coconut Milk market is segmented by Form, Packaging, Application, Distribution Channel and Region
List of Figures
FIGURE 1 Research Methodology
FIGURE 2 Primary Data Analysis Approach
FIGURE 3 Secondary Data Analysis Approach
FIGURE 4 Trends in Coconut Milk Imports 2011-16
FIGURE 5 Growth Rate in Coconut Milk Imports 2011-16
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