Coconut Milk Market to Reach $2.9 Billion by 2027, Says Allied Market Research Study.

According to the report titled "Coconut Milk Market by Packaging Type, Category, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027" published by Allied Market Research, the global coconut milk market exhibited the following key findings:

Market Size: The global coconut milk market was valued at $1.1 billion in 2019.

Projected Growth: It is anticipated to reach $2.9 billion by 2027.

Compound Annual Growth Rate (CAGR): The market is expected to grow at a CAGR of 17.1% during the forecast period.

Incremental Revenue Opportunity: The market is expected to exhibit an incremental revenue opportunity of $1.8 billion from 2019 to 2027.

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The growth of the coconut milk market is primarily driven by increasing consumer health consciousness and an enhanced distribution network. Consumers are increasingly willing to pay premium prices for products that offer health benefits, which is expected to drive the development of the coconut milk products market.

In many regions of Africa, such as Zimbabwe, Liberia, Eritrea, and Burundi, as well as other developing regions, coconut milk and its products are still in the nascent stages. These regions represent untapped opportunities for manufacturers of coconut milk, presenting lucrative market prospects.

The increasing use of coconut-based products in food and beverage applications is anticipated to propel the market for coconut milk in the future. Coconut milk is widely utilized as an ingredient in various cosmetic products and processed food items such as cookies, cakes, milkshakes, and ice cream. With the growth in consumption of processed food products, driven by the rise in urban population, the demand for coconut milk is expected to grow significantly in the future.

The coconut milk market is segmented based on packaging type, category, end user, distribution channel, and region. Regarding packaging type, the coconut milk market is categorized into plastic bottles, tetra packs, and cans. This segmentation allows for a comprehensive analysis of market trends, consumer preferences, and industry dynamics, enabling stakeholders to identify growth opportunities and formulate effective strategies.

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The widespread use of Tetra packs globally makes them one of the primary packaging types for coconut milk, exerting a significant influence on the overall coconut milk industry. The tetra pack segment was valued at $699.5 million and is expected to grow at a compound annual growth rate (CAGR) of 16.5% from 2021 to 2027, reaching $1,778.8 million by 2027.

In terms of category, the conventional segment held a major share of the coconut milk market and is expected to remain dominant throughout the forecast period. This dominance can be attributed to the widespread availability of conventional coconut products across the globe. Additionally, the conventional category of coconut milk in the Asia-Pacific region has garnered a large consumer base, further augmenting the growth of the coconut milk industry.

Regarding end users, the food services segment held a significant share of the coconut milk market. This is attributed to the increase in purchasing power of consumers and the rise in spending on luxury foods and beverages, which have led to rapid growth in the food service industry. Consequently, there is an increased demand for coconut milk and its products within this segment.

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In 2019, the retail distribution channel, including hypermarkets and supermarkets, emerged as the leading channel with the maximum share in the coconut milk market. This segment exhibited significant growth with a considerable compound annual growth rate (CAGR) during the forecast period. The growth in this segment is attributed to the increase in retail sales business across different regions and the availability of large shelf space, facilitating maximum sales.

Regionally, Asia-Pacific stood out as the most prominent region in 2019, capturing the maximum share of the coconut milk market. This dominance can be attributed to the region's huge consumer base and population growth. Small and medium enterprises (SMEs) operating in the Asia-Pacific region are focusing on online sales channels to boost their sales. These companies are also investing in various marketing and advertising activities to enhance product awareness. Additionally, the surge in the penetration of organic coconut milk among consumers is anticipated to further fuel market growth during the forecast period.

Key Players Profiled in the Report:

1. McCormick & Company, Inc. (US)
2. Goya Foods Inc. (New Jersey)
3. Celebes Coconut Corp. (Philippines)
4. Vita Coco (US)
5. Thai Agri Foods Public Co. Ltd (Thailand)
6. Danone SA (France)
7. Pureharvest (Australia)
8. Thai Coconut Public Company (Thailand)
9. Dabur India Ltd (India)

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Key Findings of the Study:

1. Organic Coconut Milk Market Size:
The organic coconut milk market was valued at $435.7 million in 2019.
anticipated to reach $1227.2 million by 2027, with a compound annual growth rate (CAGR) of 18% during the forecast period.

2. Packaging Type:
In 2019, the tetra packs segment held the highest share, accounting for 62.6%.

3. End User Segment:
The food services segment led the market in 2019, garnering 54.07% of the global coconut milk market share.

4. Distribution Channel:
The direct distribution segment is estimated to exhibit the highest CAGR of 18%.

5. Regional Dominance:
In 2019, Asia-Pacific was the most prominent market.
expected to grow at a significant CAGR throughout the forecast period.

These key findings provide insights into various aspects of the coconut milk market, including market size, segmentation by packaging type, end user, distribution channel, and regional dominance. They help stakeholders and industry players understand market trends, opportunities, and challenges, aiding in informed decision-making and strategy formulation.

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About Us
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 of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domain.

We have professional corporate relations with various companies and this helps us dig out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in 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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