The revenue generated from the global coconut milk products market has been estimated to be valued around $885.9 million in 2018, which is projected to increase at a CAGR (compound annual growth rate) of 6.9 per cent, to reach $1,508.7 million in 2026.
This was one of the findings of Transparency Market Research’s (TMR) latest market forecast report, titled Coconut Milk Products Market: Global Industry Analysis and Opportunity Assessment 2018-2026.
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. They are staples 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.
The global coconut milk products market is segmented on the basis of nature, flavour 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 per cent in 2018, owing to the 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 per cent 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 flavour type, in the coconut milk products market, the unsweetened coconut milk segment is estimated to register a CAGR of 7.3 per cent 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.
North America is anticipated to grow at a CAGR of eight per cent, and account for a market share of 25.6 per cent 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 these 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 products 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.
TMR has profiled some of the most prominent companies that are active in the global coconut milk products market, such as McCormick and 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, Grace Kennedy Group, Thai Coconut Public Company Limited, Fresh Fruit Ingredients Inc, and others.
