Coconut Milk Market Global Analysis, Trends, Opportunities, Segmentation, Development, Price, Size, Outlook, Report and Forecast by 2028
The global coconut milk market size is
projected to grow from USD 1,009.07 million in 2021 to USD 2,172.49 million in
2028. The surging usage of plant-based milk in various food items, such as
smoothies, yogurt, cakes, and other similar items would affect growth
positively. In April 2021, for instance, Dunkin’ Donuts LLCannounced its plans
to launchcoconut milk in its menu in the U.S. by the end
of April. It will come in three flavors: blueberry pomegranate, golden peach,
and pink strawberry. Fortune Business Insights™published this information in a
report, titled, “Coconut Milk Market, 2021-2028.”
The report further states that the market stood at USD 919.57 million in 2020.
It is set to exhibit a CAGR of 11.58% in the forecast period between 2021-2028.
NescaféIntroduces
Vegan Flat White Pods in the U.K.
In January 2021, Nescaféunveiledits latest vegan
flat white pods in the U.K. The new latte pods are registered by the Vegan
Society and can be incorporated in Nescafé’s Dolce Gusto coffee machines. These
would enable consumers to develop robust coffee combined with lactose-free milk
for a delicious, vegan, and smooth Flat White. The company aims to cater to the
high demand for plant-based and dairy-free products.
Closure of
Processing Plants & Shortage of Laborers to Obstruct Growth amid COVID-19
The demand for coconut milk has declined amid the
COVID-19 pandemic because of the shutdown of processing plants and shortage of
workforce across the globe. As per Sri Lanka Export Development Board, between
January-June 2020, coconut exports and deliveriesloweredby 10.33%. But, as
various countries are gradually lifting their trade bans, the market would
showcase good growth in the near future.
Report
Coverage-
We aim to provide unique market research
solutions under one roof to help our clients choose the best strategy as per
their requirements. Our syndicated or custom reports deliver accurate
statistics and a comprehensive analysis on revenue. The competitive landscape
section contains detailed profiles of prominent players. They also include
company description, revenue, and sales generated in the coconut milk business.
Drivers
& Restraints-
Rising Cross-culture
Trend in Western Countries to Accelerate Growth
In today’s world, consumers are constantly
willing to experiment with new flavors and hence, the demand for flavorsome
food items is surging rapidly. Millennials and Gen Z are the major groups who
always look out for exotic and unique flavors in their food and beverages. According
to a study published in 2019 by the Institute of Food Technologists (IFT),
Chinese cuisine is considered to be the most-liked Asian cuisine. It is
followed by Japanese, Thai, and Korean. Besides, in western countries,
cross-culture food trendsare also expected to drive the coconut milk market
growth. The product is immensely used in multipleAsian recipes. Coupled with
this, the surging number of Asian restaurant chains across the globe would
propel growth.However, frequently fluctuating prices of coconuts may hamper the
demand for this type of milk.
Segments-
Supermarkets/HypermarketsSegment
to Grow Rapidly Stoked by Availability of Various Branded Products
Based on the distribution channel, the is categorized
into supermarkets/hypermarkets, convenience stores, grocery stores, and online
retail. Amongst these, the supermarkets/hypermarketssegment is anticipated to generate
the highest share in the upcoming years. This growth is attributable to the
increasing availability of products belonging to numerous brands and price
ranges. Hence, it is easy for consumers to choose the right product from aisles
as per their requirements. By nature, the organic segment held 26.80% in terms
of the coconut milk market share in 2020.
Regional
Insights-
Presence of
Nestle S.A. and Celebes Coconut Corporation to Help Asia Pacific Lead
Geographically, Asia Pacific is set to remain at
the forefront throughout the forthcoming years on account of the presence of
numerous renowned companies, such as Thai Coconut Public Company Ltd., Nestle
S.A., and Celebes Coconut Corporation in this region. Also, the increasing
trend of veganism would boost growth. The region accounted for USD 398.08
million in 2020 in terms of revenue. On the other hand, the rising cases of
lactose intolerance in North America would help the market to grow.
Additionally, the surging launch of ready-to-drink (RTD) beverages equipped
with coconut milk would aid regional growth.
Competitive
Landscape-
Key CompaniesAim
to Diversify Portfolios & Expand Footprint through New Product Launches
The market is highly fragmented with the presence
of various big, small, and medium enterprises. Most of them are aiming to
broaden their geographical presence and diversify their portfolios by launching
innovative foods and beverages infused with this type of milk. Below is one of
the significant industry developments:
·
March 2020:So Delicious Dairy
Free introduced a delicious blend of delectable toppings and coconut yoghurt
alternative namedPairings Coconutmilk Yogurt Alternatives. It is Non-GMO
Project verified, vegan and gluten- soy-, nut, and dairy-free. These can be
consumed as plant-based snacks.
Fortune
Business Insights™ presents a list of reputed coconut milk providers operating
in the global market. They are as follows:
·
Danone S.A. (Paris France)
·
Nestle S.A. (Vevey, Switzerland)
·
Dabur India Ltd. (Ghaziabad, India)
·
Cocomi Bio Organic (Sri Lanka)
·
The Coconut Company (UK) Ltd. (United Kingdom)
·
Coconuts of the Caribbean Ltd. (Tune Puna, Trinidad and Tobago)
·
Thai Coconut Public Company Ltd. (Thailand)
·
Pt. Sari Segar Husada (Indonesia)
·
Celebes Coconut Corporation (Cebu, Philippines)
·
Merit Food Products Co., Ltd. (NongKhangKhok, Thailand)
Information Source:
https://www.fortunebusinessinsights.com/coconut-milk-market-105439
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