The Global Coconut Milk Market Projected to Grow at a CAGR of 14.60% and Garner a Revenue of $3,051.40 Million in the 2021-2028

The biggest driving factor for the coconut milk market is the increased demand for coconut milk due to the growing popularity of plant-based milk products across the globe. The market in the Asia-Pacific region is predicted to be the most lucrative in the coming years.

As per analysis by Research Dive, the global coconut milk market is expected to register a revenue of $3,051.40 million by 2028, growing from $1,027.50 million in 2020, at a healthy CAGR of 14.60%.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/4137

𝐂𝐨𝐜𝐨𝐧𝐮𝐭 𝐌𝐢𝐥𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The biggest driving factor for the coconut milk market is the increased demand for coconut milk due to the growing popularity of plant-based milk products across the globe. Moreover, growing demand for plant-based nutrition sources along with increasing interest towards veganism are some of the elements that may lead to an increase in the demand for coconut milk and growth in the market during the analysis timeframe.

Disadvantages associated with coconut milk along with changing climatic conditions affecting the production of coconuts and coconut milk, these are some of the restraints that may create a negative impact on the market during the forecast period.

The growing trend of dairy free alternatives in people who are lactose intolerant is one of the factors that brings new opportunities in the market. Moreover, availability of healthy and tasty coconut milk might significantly contribute towards the growth of the coconut milk market. All such factors may eventually drive the growth of the market.

Based on packaging type, the market is mainly classified into tetra packs, plastic bottles, and cans. Tetra packs sub-segment will have a significant share as well as fastest growth and it is expected to generate a revenue of $1,885.30 million by 2028, increasing from $611.2 million in 2020. Tetra packs have high shelf life compared to other packaging, positively affecting the market.

Based on distribution channel, the market is mainly classified into direct distribution and retail distribution. The retail distribution sub-segment will have a significant share and it is expected to generate a revenue of $1,864.10 million by 2028, increasing from $617.5 million in 2020. The sub-segment is growing across the globe due to customer preferences of shopping in markets as most of the people prefer to buy coconut milk from nearby stores.

According to geographical analysis, the coconut milk market for the Asia-Pacific region accounted for $417.2 million in 2020 and is anticipated to generate a revenue of $1,290.70 million by 2028, owing to the presence of major market players of coconut milk and their innovations particularly in India.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐨𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐨𝐜𝐨𝐧𝐮𝐭 𝐌𝐢𝐥𝐤 𝐌𝐚𝐫𝐤𝐞𝐭
The COVID-19 pandemic has made a negative impact on the coconut milk market because of disruption in the supply chain of coconuts and their products. Moreover, manufacturers across the globe have suffered with less availability of raw materials during the pandemic. Furthermore, complete lockdown and strict government regulations are some of the factors that have negatively affected the global market for coconut milk.

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𝐌𝐚𝐣𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
The key players operating in the global coconut milk market include Dabur India Ltd, Goya Foods Inc., McCormick & Company Inc., Celebes Coconut Corp., Vita Coco, Thai Agri Foods Public Co. Ltd, Danone SA, Pureharvest, Thai Coconut Public Company, and Cocomi Bio Organic.

𝐌𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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