Coconut Milk Market Size to Reach USD 2.9 Billion by 2027 with a CAGR of 17.1% - Valuates Reports
BANGALORE, India, June 29, 2021 /PRNewswire/ -- The Coconut Milk Market by Packaging Type (Plastic bottles, Tetra Packs, and Cans), Category (Organic and Conventional, End User (Household, Food Services, Catering Services, and Others), and Distribution Channel (Direct Distribution and Retail Distribution). This report is published on Valuates Reports in the Beverages Category.
The global Coconut Milk Market size was valued at USD 1.1 Billion in 2019 and is anticipated to reach USD 2.9 Billion by 2027, with a CAGR of 17.1% during the forecast period.
Major factors driving the coconut milk market are:
- Increase in use of coconut-based products in food & beverage applications
- Rise in consumption of nutritious drink, and expansion of the retail market
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TRENDS INFLUENCING THE COCONUT MILK MARKET
The fatty acids aid in the reduction of cholesterol, the improvement of blood pressure, and the prevention of strokes and heart attacks. The rate of consumption of coconut milk products is predicted to rise significantly throughout the forecast period, owing to the health benefits gained from coconut milk. This in turn is expected to drive the growth of coconut milk market size. Furthermore, coconut milk aids in the improvement of the human immune system and the prevention of serious infections. Coconut milk contains lauric acid, which is easily absorbed by the body and used for energy. This is one of the primary reasons for the coconut milk market's expansion.
The coconut milk market is predicted to grow owing to an increase in processed food consumption due to an increase in the urban population. Coconut milk can be found in a wide range of processed foods, including cookies, cakes, pies, soups, milkshakes, and ice cream. Copra, coconut chips, coconut squash, and coconut vinegar are all used in the food and beverage industries around the world.
Another key driver of the coconut milk market's growth is the vegan population. Veganism has seen a tremendous increase as people become more concerned about the environment and animals. The global demand for coconut milk has been fueled by the growth of natural food products and customer preference for a vegan diet. More opportunities in the coconut milk business are likely to arise as Asian cuisine becomes more popular around the world. Over the projected period, the coconut milk market is projected to be driven by the launch of new products.
However, due to the difficulty of scaling up coconut tree production, production is not projected to grow much in the foreseeable future. As a result, producers must rely on creative solutions to make the most of the present supply and profit from the spike in demand. Thus the coconut milk market is expected to be hampered by these concerns.
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COCONUT MARKET SHARE ANALYSIS
Based on the category, the Conventional segment held the highest coconut milk market share of 61.1% in 2019. Conventional coconut milk is significantly less expensive than organic coconut milk, and it is one of the key growth drivers in this market.
Based on the packaging type, the tetra packs segment held the highest share, accounting for 62.6%. This style of packaging extends the shelf life of the items and reduces the loss of aroma. It maintains coconut goods clean and free of pollutants, retaining freshness and quality for longer shelf life. As a result, goods manufacturers and suppliers are increasingly using this packaging option.
Based on the end-user, the food services segment led the market, garnering 54.07% of the global coconut milk market share in 2019. Coconut milk is becoming more popular in the food and beverage service industry because it can be stored and utilized for a long time, lowering operational expenses. Furthermore, because they take less time to produce and lower customer wait times, fast food chains and quick-service restaurants have begun to use them as fresh ingredient substitutes.
The Asia-Pacific region holds the highest market share of 47.2% in 2019. Coconut milk and cream are key producers and exporters in Asia. Sri Lanka, Thailand, and the Philippines are the top exporters of coconut milk and cream, respectively. In Asia-Pacific, India is the largest user of coconut and coconut products, followed by Indonesia and the Philippines.
KEY MARKET SEGMENTS
By Packaging type
- Plastic Bottles
- Tetra Packs
- Cans
Category
- Organic
- Conventional
End User
- Household
- Food Services
- Catering Services
- Others
By Distribution Channel
- Direct Distribution
- Retail Distribution
- Hypermarket/supermarket
- Convenience Stores
- Retail Pharmacies
- E-commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Indonesia
- Sri Lanka
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Turkey
- Nigeria
- South Africa
- Rest of LAMEA
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SIMILAR REPORTS :
- The global Coconut Milk Products market is projected to reach USD 1056.9 Million by 2027, from USD 840.1 Million in 2020, at a CAGR of 3.9% during 2021-2027. This report focuses on Coconut Milk Products volume and value at the global level, regional level and company level. From a global perspective, this report represents overall Coconut Milk Products market size by analysing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, China and Japan etc.
- Organic Coconut Milk Powder market report focuses on Organic Coconut Milk Powder volume and value at global level regional level and company level. It is segmented by Product-Type: Pure, Mixed, Application: Beverages, Savory & Snacks, Bakery & Confectionery, Dairy & Frozen Products, Others, Region.
- Packaged Coconut Milk Market report focuses on Packaged Coconut Milk volume and value at global level regional level and company level. It is segmented by Product-Type: Conventional, Organic, Application: Supermarket, Beverage Store, Online Store, Others, Region.
- The Instant Coconut Milk Powder Market research report includes specific segments by Type - Original flavor, Other flavor and by Application - Drinks, Food. This study provides information about the sales and revenue during the historic and forecasted period of 2016 to 2027. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
- The global Dry Coconut Powder market size is projected to reach USD 271 Million by 2027, from USD 252.3 Million in 2020, at a CAGR of 1.2% during 2022-2027.
- The global oat milk market size was valued at USD 360.5 Million in 2019 and is projected to reach USD 995.3 Million by 2027, registering a CAGR of 13.4% from 2021 to 2027. In 2019, the conventional oat milk segment accounted for the highest share in the oat milk market. Major factors driving the growth of oat milk market size are, growing understanding about the benefits of oat milk, increasing vegan diet popularity and increasing cases of milk allergies.
- RTD Soy Milk market is segmented by Type - Whole Soybeans Based, Full-Fat Soy Flour Based, by Application - Infant, Kids, Adults, Elder, Players, stakeholders, and other participants.
- Almond Milk market is segmented by region (country), players, by Type - Original Almond Milk, Vanilla Almond milk, Non-Dairy Almond milk, and by Application - Hypermarkets and Supermarkets, Convenience Stores, Food and Drink Specialty Stores, Players, stakeholders, and other participants.
- Rice Milk Market is segmented by region (country), by company, by Type - Powder Rice Milk, Fluid Rice Milk, By Application - Snacks, Bakery & Confectionery, Beverages and Others
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