Coconut Milk, rich in vitamin and minerals, contains lauric acid which boosts energy. Its consumption help reducing the bad cholesterol level in the body. Coconut milk is widely used across the food industries for enhancing the flavour, aroma and the nutrient content of the food. Also, due to it being lactose-free, Coconut milk is popular amongst the consumers having lactose intolerance.
Augmenting application across the food industries and high nutrient content of Coconut milk drives its market growth. Global Coconut Milk Market is ever increasing owing to the popularity Coconut Milk enjoys worldwide as a health drink & cooling beverage. Availability of powder & liquid form increased nutritional value and other health benefitting properties, make Coconut Milk a nutritious energy drink.
Increasing health conscious populace and rising consumer inclination towards adoption of vegan diet fuels up the market demand for coconut milk. Availability of convenient packaging like bottle/can or pouches drives its popularity further. Increasing application areas of Coconut Milk across food & beverages industry fosters the market growth, escalating it on the global platform.
Evidently, popularity & consumption are the key factors driving the demand for Coconut Milk. That not only drives its market growth but also escalates the market on the global platform. Furthermore, expansion of distribution channels is anticipated to foster the market growth during the review period.
Factors such as popularity & an increasing consumption worldwide; not only drive the market growth but also encourage the providers of the Coconut Milk to bring more approximating original qualities to the product. For which, these players make substantial investments in R&D activities. This, in turn, pays off well by increasing popularity of the product, hence its demand, sale & eventually, its market size.
On the other hand, availability of various counterfeited, low-cost products in the market is considered as the market growth hampering factor over the review period. In addition, other factors that propel the market growth include its longer shelf life, growing industrialization & urbanization along with the improving economic conditions worldwide.
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Major Key Players Analysis:
Well established Coconut Milk market is adorned by the several large and small players; some of them even having a good international. Coconut Milk producers are struggling to create products with coloration that approximates natural ingredients. Key trends observed among the market players include collaboration, acquisition, and expansion, product launch and partnership.
WhiteWave Foods (US), Pure Harvest (Australia), Goya Foods, Inc. (US), McCormick & Company (US), Theppadungporn Coconut Co. Ltd. (Thailand), Native Forest (US), and Ducoco Produtos Alimenticios S/A (Brazil) are some of the leaders driving the Global Coconut Milk Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.
Industry/ Innovation/ Related News:
April 26, 2018– Thai Fresh (US) a restaurant in South Austin introduced a vegan ice cream, made from coconut milk.
April 26, 2018– Veganarke (BLR – India) manufacturing company for a line of plant-based, shelf-stable almond and coconut milk under the brand GoodMylk announced its further palns of expansion across India.
For the convenience of the report and enhanced understanding; the market is segmented into 5 key dynamics
By Form: Comprises Powder and Liquid among others.
By Application: Beverages, Bakery and Confectionery, Convenience Foods, and Dairy & Frozen dessert, among others.
By Packaging: Bottle, Box, Vacuum Pack, and Cans, among others.
By Distribution Channels: Retailers, Convenience Stores, Specialty Stores, Supermarket & Hypermarket, and E-commerce among others.
By Regions: Europe, North America, APAC and Rest of the World.
Segment – Liquid, by Form, will witness higher growth rate owing to the convenience of ready-to-drink and ready-to-use.
Segment – Bottle packaging dominates the segment owing to the on-the-go convenience.
Segment – Bakery and Confectionery by application will register high growth rate, growing rapidly.
Segment – Supermarket & Hypermarket leads the Distribution Channels’ segment due to the availability of a range of products & convenience of buying.
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Continuing with its dominance, North America market for Coconut Milk is expected to surge attributing to the high consumption of the product in desserts. Besides, the major markets of US & Canada provide impetus to the regional market growth.
Whereas the second largest market for Coconut Milk – Europe is surging owing to the contributions from the countries like Germany, Italy & France. Augmented demand for heath drinks with lesser calories, the import and export of coconut milk mainly in France & Italy is expected to increase at a steady growth rate.
While attributing to the resurging economy in some of the APAC countries like India & China, the Asia-Pacific market for Coconut Milk is witnessing exponential growth. Increasing consumption of Coconut Milk backed by the changing consumer preference & life-style, increasing the uptake of vegan and healthy diet is another key factor driving the regional market.
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