Coconut Milk Products Market to reach US$ 2.74 billion, registering a CAGR of 7.8% during 2023 to 2033
Zion Market Research has published a new report titled “Coconut Milk Products Market for Nature (Organic And Conventional), Flavor Type (Sweetened And Unsweetened), Product Type (Full Fat Coconut Milk Products, Lite Coconut Milk Products, Refrigerated Coconut Milk Products, Cream Of Coconut, And Coconut Milk Products Powder), End-Use (Food And Beverage Manufacturers, Food Services, Cosmetics & Personal Care, And Retail) by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa): Global Industry Perspective, Comprehensive Analysis and Forecast.
According to the coconut milk products market in the United States is projected to grow at an 8.5% CAGR through 2033. With an 89.5% market share in terms of value in 2022, the United States remains a dominant player in the coconut milk products market.
Coconut milk is a white liquid which is extracted from the pulp of coconut. It has rich and delicious taste of coconut milk and has high oil content. The product is also used to produce milk substitutes such as soy milk, almond, etc. Coconut milk helps to improve the immune system and reduce critical illness. The sweetened processed coconut milk is used in various food products in order to enhance the taste of the food and beverages.
The rise in consumer shift towards plant-based food products consumption and buying a specific product is one of the major factors that are supporting the growth of the market. The key players in the market are trying to create vegan products that are suitable to consumer needs. Manufacturers of food and beverage products are also using coconut milk goods to create vegan goods in order to improve the nutritional value of the final products.
One of the major factors that is hampering the growth of coconut milk market is limited sources of tender coconuts used for preparation of product. Its excess consumption can cause high blood cholesterol by increasing high density lipoprotein cholesterol level and lead to allergies. These factors may restrict the coconut milk market growth over the forecast period
The global coconut milk products market is fragmented based on nature, flavor type, product type, end-use and region. Based on nature, the segmentation is done as organic and conventional. Based on flavor type the segment is sub-segmented into sweetened and unsweetened. Based on product type the segmentation is done as full fat coconut milk products, lite coconut milk products, and refrigerated coconut milk products, cream of coconut and coconut milk products. Based on end-use the segment is segmentation is done as food and beverage manufacturers, food services, cosmetics & personal care, and retail. The coconut cream contains significant amounts of medium chain fatty acids that helps in the easy functioning of the brain, and are easily digestible. These benefits are boosting the demand for coconut cream over the past few years.
On region bases, the market is segmented into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. Asia-Pacific comprised of the most significant share of the Coconut Milk Products market in terms of volume during 2018. North America, led by the U.S. is expected to have major share in the coconut milk market. This is due to increasing population suffering from obesity and lactose intolerance. In Asia Pacific, product demand is compelled by shift in consumer preference towards vegetarian diet in countries like India and China. The rise in demand for dairy products in the region will propel the overall growth of market.
Some of the major players operating in the global Coconut Milk Products market are -
- Celebes Coconut Corporation
- Charoen Pokphand Foods
- Chef’s Choice Food Manufacturer Company Ltd.
- Ducoco Ailmentos SA
- Fresh Fruit Ingredients Inc.
- Goya Foods
- GraceKennedy Group
- M&S Food Industries
- Mc Cormick & Co.
- Pacific Foods of Oregon.
The report segments the global coconut milk products market as follows:
Coconut Milk Products Market: Nature Segment Analysis
- Organic
- Conventional
Coconut Milk Products Market: Flavor Type Segment Analysis
- Sweetened
- Unsweetened
Coconut Milk Products Market: Product Type Segment Analysis
- Full Fat Coconut Milk Products
- Lite Coconut Milk Products
- Refrigerated Coconut Milk Products
- Cream Of Coconut
- Coconut Milk Products
Coconut Milk Products Market: Flavor Type Segment Analysis
- Food And Beverage Manufacturers
- Food Services
- Cosmetics & Personal Care
- Retail
Coconut Milk Products Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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