Coconut Milk Products Sales Surging at 7.6% CAGR amid Rising Prevalence of Lactose Intolerance: Future Market Insights

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DUBAI, UAE, June 16, 2021 /PRNewswire/ -- The global coconut milk products market is expanding at a steady pace owing to the increasing demand for dairy alternatives. As per a report by FMI, coconut milk product sales have grown at a CAGR of 5.4% between 2016 and 2020. The coconut milk products market is projected to surge at a CAGR of 7.6% by the forecasting period 2021 to 2031.

According to International Diabetes Federation (IDF), around 463 million adults, from the age of 20 to 79 years, were living with diabetes in 2019. The incidence of diabetes is expected to reach nearly 700 million by the year 2045. This growing prevalence of diabetes is creating awareness about the importance of health and overall wellbeing, consequently, fueling the demand for coconut milk products.

As per a study by the U.S. National Library of Medicine, nearly 65 percent of the world's population have diminished ability to digest lactose after infancy. Increasing the incidence of lactose intolerance will create lucrative growth opportunities for the coconut milk products market.

North America is leading the global coconut milk products market. According to the Centers for Disease Control and Prevention (CDC), 34.2 million Americans have diabetes. This has resulted in increasing demand for dairy alternatives, in turn, spurring the growth of the coconut milk products market in the region.

"To strengthen their footprint, the leading manufacturers are focusing on launching better quality. This also is helping them in expanding their product portfolio and expanding their product distribution channel es," says the FMI analyst. 

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Key Takeaways

• The U.S. is dominating the global coconut milk products market and is estimated to hold a share of 88.5% in 2021. 
• Surging demand for plant-based personal care products is boosting the market growth in the U.K.
• India is expected to emerge as a highly lucrative market for coconut milk products. The market in India is expected to grow at a CAGR of 6.4% through 2031.
• With a growing preference for plant-based food and beverages, the demand for coconut milk products is estimated to rise in China.
• Hypermarkets and supermarkets are projected to hold nearly 34.9% of the market share in 2021.

Key Drivers

• Growing demand for plant-based food and personal care products will spur market growth.
• Rising prevalence of diabetes and lactose intolerance will boost the demand for coconut milk products.
• Increasing awareness about the health benefits of coconut milk will fuel the demand for coconut milk products.

Key Restraints

• Availability of substitutes such as oat milk, almond milk, and soy milk products hinders the market growth.
• High cost coconut milk products compared to dairy milk products might hamper the growth of the market.

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Competitive Landscape

According to FMI, coconut milk products market is highly competitive owing to presence of large number of regional and global players.

Key strategies implemented by market players include consistent expansion of their production distribution channel and launching better quality products to gain competitive edge. Besides this, they have increased their focus on advertisement and promotion to increase their market share. For instance,

·  Goya Foods, launched a new product line named 'Better for You,' in 2019. The line featured over 300 products and 40 variation of various frozen vegetables, fruits, rice, and oils.

·  In October 2020, Pacific food launched a new ad campaign with a tagline "Specifically Pacific." The objective of the campaign was increase awareness about their product portfolio.

Leading players profiled by FMI operating in coconut milk products market include:

• Danone S.A
• Theppadungporn Coconut
• Thai Coconut Public Company Limited
• Renuka Foods PLC
• M&S Food Industries
• Goya Foods Incorporation
• Primex Coco Products Incorporation
• Asiatic Agro-Industry
• Santanku Sdn. Bhd.
• The Sambu Group
• Monty & Totco Corporation Limited
• PT. Sari Segar Husada
• Pacific Foods of Oregon
• Thai Agri Foods PLC
• Ahya Coco Organic Food Manufacturing
• Celebes Coconut Corporation
• Heng Guan Food Industrial
• Nestle SA
• The WhiteWave Foods Company
• Grace Kennedy Limited
• Coconut Palm Group
• McCormick & Company Incorporation

More Insights on FMI's Coconut Milk Products Market

The latest market study on global coconut milk products market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of

By Product Type

• Coconut Milk Powder
• Coconut Cream Powder

By Nature

• Organic
• Conventional

By End-Use

• Food and Beverage Processing
• Bakery and Confectionery
• Ice-creams and Desserts
• Breakfast Solutions
• Curries, Sauces and Soups
• Juices, Milkshakes and Cocktails
• Other Food and Beverage Processing
• Personal Care and Cosmetics
• Functional Foods and Dietary Supplements
• Foodservice/HoReCa (Hotels/Restaurants/Cafe)
• Household

By Distribution Channel

• Direct Sales/B2B
• Indirect Sales
• Hypermarkets/Supermarkets
• Convenience Stores
• Mass Grocery Retailers
• Specialty Stores
• Online Retailing

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• MEA
• Oceania

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SOURCE Future Market Insights