(Food-Beverage-News.Com, March 04, 2022 ) Coconut Milk Products Market size is projected to reach $2,950 million by 2026, growing at a CAGR of 5.9% over 2021-2026. Coconut milk is a kind of milky-white liquid that is extracted from the grated coconut kernel with or without the addition of water. Coconut milk is used for cooking purposes owing to its health benefits. Various techniques are developed to store the coconut milk and is als used for making coconut cream and coconut milk powder. Coconut milk is also referred to as the opaque liquid owing to its content of high oil. Coconut milk is also processed with the help of spray-drying raw method of coconut cream. The sales of coconut milk is increasing owing to its longer shelf life and less storage and is mostly consumed in the Asian countries. Coconut milk is used in variety of dishes such as soups, sauces, curry, desserts, and beverages. Growing lactose intolerance among consumers is rising the consumption of plant based products growing the demand of coconut milk and rising the health consciousness among consumers is also increasing the need of plant based products which is further growing the consumption of coconut milk products/ This is a major factor driving the growth of Coconut Milk Products Market. Furthermore, the rising vegan population is increasing the adoption of coconut milk among manufacturers which is also rising the use of coconut milk in various items and is set to further enhance the overall market demand for Coconut Milk Products Market for the period 2021-2026.
Coconut Milk Products Market Segment Analysis – By Product Type
The Coconut Milk Products Market based on Product Type can be further distributed into Coconut Milk Powder, Coconut Cream, and Others. The Coconut Milk Powder segment is the major segment generating revenue in 2020. Coconut Milk powder is widely consumed among population owing to its longer shelf life as it can be stored at a longer period of period is which rising the availability of coconut milk powder in various retail shops. Moreover, manufacturers are also focusing on manufacturing coconut milk in powder form owing to its high demand among consumers. The Coconut Cream segment is estimated to register the fastest CAGR of 6.1% for the period 2021-2026. This is mainly owing to the rising consumption of coconut cream in various dishes that helps to increase the taste and also beneficial for health. In Food and Beverage Industry, the production of coconut cream increases among manufacturers owing to growing health-conscious people who demand healthy products which further propel the growth of Coconut Milk Products Market.
Coconut Milk Products Market Segment Analysis – By End User
The Coconut Milk Products Market based on End-User can be further segmented into Food and Beverage, Cosmetic, Personal Care, and Others. The Food and Beverage segment registers for the highest Coconut Milk Products Market share in 2020. This is mainly owing to the fact that coconut milk is using mostly for making a variety of dishes that is rising the developments of launching variety of products with the help of coconut milk among manufacturers. Moreover, coconut milk is helpful for various health issues that is growing the consumption which in turn is rising the growth in food and beverage industry. The Cosmetics segment is forecasted to register the fastest CAGR of 6.7% over 2021-2026. Recently, many consumers need the products that are natural and safe for skin which is rising the use of coconut milk for making cosmetics products and in turn propelling the growth of Coconut Milk Products Market.
Coconut Milk Products Market Segment Analysis – By Geography
North America dominated the Coconut Milk Products Market with major share of 40% in 2020. This is mainly owing to rising awareness about health that is increasing the need of coconut milk products and growing obesity among consumers is also increasing the need of healthy products that further rise the consumption of coconut milk enhancing the market growth. In U.S., the sales of coconut milk is approximately 315 million tons in 2020 and the sales is increasing owing to rising need of healthy products are further enhancing the market growth.
However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to the growing population of elder people, increasing cases of various health issues thereby growing the adoption of coconut milk among elderly population. Asian countries, such as China, India, Japan, coconut milk are mostly consumed coconut milk and the sales is increasing by 12% in 2020 which is further developing the adoption of Coconut Milk Products Market.
Growing lactose intolerance among consumers rising the consumption of plant based products growing the demand of coconut milk
Growing lactose intolerance among consumers rising the consumption of plant based products that growing the demand of coconut milk. According to National Institute of Health, about 68% of people are suffering from lactose intolerance that rising the demand of plant based products. Owing to this, coconut milk is consumed 1.74 times on average every year that rising the production of coconut milk among manufacturers which in turn propelling the growth of Market over the period 2021-2026.
Rising health consciousness among consumers increasing the need of plant based products which further growing the consumption of coconut milk
Heath consciousness among consumers is rising that increasing the need of plant based products which further growing the consumption of coconut milk. Recently, 90% of people in U.S. are health conscious that growing the consumption of coconut milk. Moreover, manufacturers are also focusing on developing techniques to manufacturer coconut milk products such as coconut cream and spray-dried coconut milk powder which boosting the growth of Coconut Milk Products Market over the period 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Coconut Milk Products Market. During pandemic, people are looking for healthy products to reduce the diseases and to increase the immunity products. This factors rising the need of coconut milk products which are positively impacted the growth of Coconut Milk Market.
Coconut Milk Products Market Challenges
Rising Fluctuation in Prices of Coconut Milk
The factors that is set to impede the growth of the Coconut Milk Products Market are the rising price fluctuations in coconut milk products. Rising weather variation and climatic change decreases the production of coconut by 12% that tends to increase the prices owing to less availability of coconut and manufacturers are also not able to produce variety of ingredients with the help of coconut that decreases the demand of coconut milk which is set to challenging the market of coconut milk products.
Coconut Milk Products Market Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Coconut Milk Products Market. Coconut Milk Products top 10 companies are
Renuka Foods PLC
Monty & Totco Co. Ltd.
S&P International Holding Limited
Sambu Group
Grace Foods Canada Inc.
Nestlé S.A
J Mitra Sdn. Bhd.
Santanku Sdn Bhd
Thai Coconut
Primex Coco Products, Inc.
Development
In 2020, Thai Coconut launched Cocoburi which is a kind of coconut milk with flavor. Owing to rising healthy products with taste the demand of this product increases which further rising the sales of coconut milk products.
Key Takeaways
In 2020, North America dominated the Coconut Milk Products Market owing to rising awareness about health that is increasing the need of coconut milk products and growing obesity among consumers increasing the need of healthy products and further rising the consumption of coconut milk which in turn enhancing the market growth.
Growing lactose intolerance among consumers is rising the consumption of plant based products, growing the demand of coconut milk and rising health consciousness among consumers is increasing the need of plant based products which further growing the consumption of coconut milk products and is improving the growth of the Coconut Milk Products Market.
The prominent manufacturers operating in the market will be provided detailed analysis of Strength, Weakness, and Opportunities in the Coconut Milk Products Market report.
Rising fluctuation in prices of coconut milk which is set to create hurdles for the Coconut Milk Products Market.
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