Advances across end-use applications such as pharmaceutical, nutraceutical, and cosmeceutical segments are anticipated to be critical opportunities for the global coconut milk market
Coconut milk is formed from white flesh of mature coconut fruits. It is mainly used in bakery and food products as well as in cosmetics and health care products. As a result of its diversified applications its growing significance and increasing demand globally is boosting the global coconut milk market growth. Thus, the market is projected to hit $ 3.7 billion by 2028 with an annual growth rate of 19.5%.
Additionally, the growing acceptance for the existing and emerging coconut milk and coconut milk powder derivatives have positively impacted the market and is expected to experience incremental demand in the near future. Most importantly, the coconut milk has high levels of lauric acid which contributes to immunity and strengthens the defense mechanism of the body. This is therefore a critical growth booster for the global coconut milk market, more specifically amidst the Covid-19 era.
The industry trends state that global coconut milk market is progressive. The factors having major influence on market focus on global coconut milk market opportunities over the forecast years. Certain factors such as increasing coconut milk powder and other coconut milk consuming population, expansion of organized retailing, schemes established for supporting the market players technically and financially are driving the market growth.
However, Covid-19 calamity, lack of R&D initiatives, price fluctuations, difficulty in scaling the production of coconut trees is attributed to disrupt the global coconut milk market supply chain. Furthermore, modern infrastructure with efficient supply chain management, diverse uses of coconut products, increasing consumer awareness of its application are anticipated to further fuel the global coconut oil market growth.
Adroit Market Research report on the global coconut milk market will give you a detailed overview of why the coconut milk industry trends are so exciting worldwide. The report covers all the key areas such as drivers, restraints, opportunities, and challenges in each coconut milk segment and respective region.
The report gives an overview of the global coconut milk market trends, drivers, key players, response to covid, market supportive schemes and impact, consumer trends, and other market attributes. The report gives a global coverage of the coconut milk market from 2018 to 2028, considering 2020 as base year, and 2021-2028 as forecast years. An in-depth market study inclusive of Porter’s fiver forces analysis as well as SWOT assessment are also tagged in the report to derive factual development and their implications Also, qualitative and quantitative factors are presented in the report.
The market players in the industry are taking immense efforts and initiatives to develop innovative products and compete the local and global markets. Moreover, schemes introduced by government for entrepreneurs to provide financial and technical assistance are giving impetus to the players in the global coconut milk market. To compete with the counterparts and stay relevant to the industry trends, the players are manufacturing competitive quality products.
Depending on different approaches the market has been classified on the basis of packaging segment namely plastic/glass bottles, tetra packs, and cans. The plastic or glass bottles are experiencing more demand in the global coconut milk market. The key factors such as durability, increased shelf life, and nutritional properties are driving growth of this segment.
Depending on different approaches the market has been classified Organic, Conventional, and End User segments. The end user segment accounted to largest market share due to growing number of applications.
Depending on different approaches the market has been classified on the basis of distribution segment namely retail and wholesale. In recent years, the retail category incurred the largest market share and the trend is likely to spill over in the projected timeline as well.
North America has emerged successfully as the most growth proficient regional hotspots in the global coconut milk market. The coconut milk products such as coconut milk powder are used foot items. Coconut milk also has therapeutic properties which are made use of in the development of health care, body care and beauty care products.
North America is the major importer of coconut milk powder, coconut milk, and other coconut milk products owing to its high domestic demand. The diverse uses of coconut milk products are fuelling the demand of coconut milk market in North America. Also, APAC held maximum market share as the countries like India, Philippines, Sri Lanka, and others are the major producers of coconut milk products.
The major producers and exporters of coconut milk and products are Dabur, Thai Coconut, Pureharvest, Danone, Thai Agri Foods, Celebes Coconut, Vita Coco, Goya Foods, and McCormick & Company among all other small and larger scale producers of coconut milk products and coconut milk powder.
Key Segments of the Global Coconut Milk Market
Packaging Type Overview, 2018-2028 (USD Billion)
- Plastic/glass bottles
- Tetra packs
Category Overview, 2018-2028 (USD Billion)
End-User Overview, 2018-2028 (USD Billion)
- Food Services
- Catering Services
Distribution Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa