Coconut Milk Market Growth with a CAGR of 17.1% during the forecast period 2021-2027

According to a new report published by Allied Market Research, titled, "Coconut Milk Market by Packaging Type, Category, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027," the global coconut milk market size was valued at $1.1 billion in 2019 and is anticipated to reach $2.9 billion by 2027, with a CAGR of 17.1% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $1.8 billion from 2019 to 2027. The coconut milk market growth is propelled by rising consumer health consciousness and improved distribution network. Consumers are prepared to pay more for those products that provide health advantages, and this awareness is expected to be a driver for the coconut milk products market development.

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Coconut milk/cream is processed and preserved in different ready to use forms, such as canned products, pouches, and dehydrated form. Coconut milk and cream are used mainly in food and bakery industry. In addition, it has also been used in cosmetics and personal care industries in the recent past and is expected to experience incremental demand in the near future.

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Increase in use of coconut-based products in food & beverage applications is expected to drive the market for coconut milk in the future. Coconut milk is widely used as ingredient in a variety of cosmetic products and processed food products such as cookies, cakes, milkshakes, and ice cream. With growth in consumption of processed food products, owing to rise in urban population, the demand for coconut milk is expected to grow at a significant rate in future.

According to the coconut milk market analysis, the market is segmented on the basis of packaging type, category, end user, distribution channel, and region. Based on packaging type, the coconut milk market is categorized into plastic bottles, tetra packs, and cans.

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Tetra packs are widely used globally and is one of the prime packaging types for coconut milk; thus, is expected to influence the overall coconut milk industry. The tetra pack segment was valued at $699.5 million and is expected to grow with a CAGR of 16.5% from 2021 to 2027, to reach $1,778.8 million by 2027.

By category, the conventional segment held a major coconut milk market share, and is expected to remain dominant throughout the forecast period. This is attributed to widespread availability of conventional coconut products across the globe. Moreover, conventional category of coconut milk in Asia-Pacific has gained a large consumer base, which, in turn, is expected to augment the coconut milk industry growth.

Based on end user, the food services segment held a major share of the coconut milk market. This is attributed to increase in purchasing power of consumers and rise in spending on luxury foods & beverages have led to a rapid growth of the food service industry, resulting in an increased demand for coconut milk and its products.

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Key findings of the study

The organic coconut milk market size was valued at $435.7 million in 2019, and is anticipated to reach $1227.2 million by 2027, with a CAGR of 18% during the forecast period.
In 2019, by packaging type, the tetra packs segment held the highest share, accounting for 62.6%.
On the basis of end user, the food services segment led the market, garnering 54.07% of the global coconut milk market share in 2019.
Depending on distribution channel, the direct distribution segment is estimated to exhibit the highest CAGR of 18%.
In 2019, Asia-Pacific was the most prominent market, and is expected to grow at a significant CAGR throughout the forecast period.

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The key players profiled in this report include are McCormick & Company Inc. (US), Goya Foods Inc. (New Jersey), Celebes Coconut Corp. (Philippines), Vita Coco (US.) Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. Ltd (Thailand), Danone SA (France), Pureharvest (Australia), Thai Coconut Public Company (Thailand), and Dabur India Ltd (India).

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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