Coconut Milk Products Market Expected to Expand at a CAGR of 6.9% in Terms of Revenue over 2018-2026
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Coconut Milk Products: Overview
Coconut milk is a liquid extracted from the grated pulp of coconuts. There are several products obtained from coconuts and coconut milk. Coconut milk products are rich in oil content and fats. Coconut milk products are used in food processing and in various culinary applications to provide rich taste and consistency to food products. Coconut milk products are staple of Asian cuisines and dishes. Besides, there are coconut milk products that are used as plant-based alternatives for conventional dairy milk, and are also used as a refreshing beverage. These coconut milk products are available in cartons, and are refrigerated to increase their shelf life.
Target Segments for Coconut Milk Products
The global coconut milk products market is segmented on the basis of nature, flavor type, product type, end use, and region. On the basis of product type, the market for coconut milk products is segmented into full fat coconut milk, lite coconut milk (low fat), refrigerated coconut milk, cream of coconut, and coconut milk powder. The full fat coconut milk segment is anticipated to register a market share of 22.2% in 2018, owing to increasing popularity of Asian cuisines all over the world, and the application of coconut milk products in the food processing and food service industry. However, refrigerated coconut milk products are anticipated to register a fuelling growth of 7.8% over the forecast year. Refrigerated coconut milk is an alternative to conventional milk, and this segment is witnessing substantial growth, owing to increasing vegan population, increasing lactose intolerance among consumers, and other factors. On the basis of flavor type in the coconut milk products market, the unsweetened coconut milk segment is estimated to register a CAGR of 7.3% over the forecast period, which is anticipated to play a prominent role in the sweetened coconut milk market, owing to the increasing health conscious population and growing health issues among them.
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Target Geographies for Coconut Milk Products
The report on the coconut milk products market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
North America is anticipated to grow at a CAGR of 8%, and account for a market share of 25.6% over the forecast year. North America is anticipated to be a prominent market for coconut milk products, owing to the rapidly growing trend of vegan diets and plant-based products. Coconut milk products are gaining popularity as potential replacements to dairy-based milk, and also as a refreshing beverage. Besides, increasing food-borne allergies and lactose intolerance among the population are adding to the growth of the coconut milk products market in this regions. Asia Pacific has a a strong market position for coconut milk products such as coconut milk cream, coconut milk powder, and full fat coconut milk, since these coconut milk product are widely used in Asian cuisines and delicacies as one of the major ingredients. Moreover, several manufacturers are launching coconut milk beverages such as refrigerated coconut milk, owing to the increasing health consciousness among consumers in this region.
Coconut Milk Products Market: Competition Dashboard
TMR has profiled some of the most prominent companies that are active in the global coconut milk products market, such as Mc Cormick & Co., The Whitewave Foods Company, Goya Foods, Thai Agri Foods, Charoen Pokphand Foods, Ducoco Ailmentos SA, Chef’s Choice Food Manufacturer Company Ltd., Pacific Foods of Oregon, GraceKennedy Group, Thai Coconut Public Company Limited, Fresh Fruit Ingredients Inc, and others.
Coconut Milk Products Market: Trends
Manufacturers of coconut milk products are focused on launching innovative and new products that contain different blends developed according to the taste preferences of consumers. Furthermore, key players are launching multi-flavored coconut milk products such as vanilla flavored coconut milk, banana flavored coconut milk, chocolate flavored coconut milk, and others, in order to expand their product offerings and increase the scope of product type. Besides, to attract a lager range of consumers and to increase their presence in existing markets, some coconut milk product players are introducing or acquiring multiple brands of coconut milk products. Companies are also focusing on the millennial segment, since they prefer consuming healthy food products. Increased corporate culture owing to busy life schedules has shifted consumers towards opting for healthy food and beverages. Plant-based coconut milk products are natural and healthy, and hence, consumers are inclined towards them.
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