Coconut Milk Market Size, Share, Trend, Global Analysis and Forecast to 2023

Market Snapshot:

As per the new report furnished by Market Research Future (MRFR), the global coconut milk market is slated to showcase a highly impressive growth during the forecast period (2017-2023).Coconut milk refers to the thick white liquid extract of coconut. Coconut milk is obtainedby grating and then extracting the liquid from coconut meat. Coconut meat is extensively usedin various food industries for improving the aroma, flavor, and the nutrient content of the food.

Market Drivers and Challenges

The global coconut milk market size is set to expand dramatically due to its increasing application in food & beverage as well as agriculture industry. Moreover, shifting consumer dietary pattern coupled with growing vegetarian population will be few factors that will boost the product demand at a global platform. Because of environmental and ethical concerns, a greater number of people are inclining towards vegetarian diet which in turn is augmenting the consumption of coconut milk. Coconut milk helps strengthen the immunity system of the body, in addition to reducing the incidence of illness.

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A key restraint for the coconut milk market is the limited sources of tender coconuts that are required for the preparation of coconut milk. Increasing consumer health awareness plus an improved distribution network has been highly instrumental in the growing demand for the product. Coconut milk possesses lauric acid which is easily absorbed by the body for energy. Also, farmers make use of it to cultivate so that the rate of crop growth accelerates. The sum of all these factors is projected to fuel the coconut milk market growth during the conjectured period.

Major Key Players:

Ducoco Produtos Alimenticios S/A (Brazil), Goya Foods, Inc. (U.S.), WhiteWave Foods (U.S.), Theppadungporn Coconut Co. Ltd. (Thailand), Native Forest (U.S.), Pure Harvest (Australia), and McCormick & Company (U.S.) are some of the prominent companies making massive contribution to the global coconut milk market.

Industry News:

December 2018 – Danone is all set to debut coconut milk Oikos yogurt in January 2019. With the plant-based industry expanding, the former dairy company is preparing to get into the global coconut milk market by launching a coconut milk variation of its popular brand.

Market Segmentation:

The coconut milk market is segmentedon the basis of form, packaging, application and distribution channel.

The coconut milk market has been segmentedon the basis of form, which is sub-segmented into powder, liquid,and others. The liquid form has been identified as the leading segment with a major share on account of its ready-to-drink and ready-to-use property.

The market is segmented on the basis of packaging, further segmented into box, bottle, vacuum pack, cans,and others. The segment of bottle packaging has grabbed the lion’s share in the global coconut milk market, owing to its on-the-go property and subsequent elevated demand globally.

The coconut milk market is segmentedon the basis of application, which is sub-segmented into convenience foods, beverages, bakery and confectionery, dairy and frozen dessert and others. Among these, bakery and confectioneryaccounts for a large share resulting from its wide application in various industries.

The coconut milk market has been segmentedbased on distributionchannel, which comprises hypermarkets and supermarkets, convenience stores, specialty stores, E-commerce,and others. Sale of coconut milk done through hypermarkets and supermarkets has been found to be high.

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This release was published on openPR.