The global coconut milk product market is projected to grow at a compound annual growth rate of 9.3 percent between the period 2019 and 2027. These were the findings of a recent Market Study report. It also provided granular analysis of the market share, size, segmentation, revenue forecasts and geographic regions of the market.
Coconut milk products are the products made from the coconut with further processing. Coconut cream and coconut milk powder are the most preferred coconut milk products globally. These products are rich in fats and nutrition.
They are used as a dairy alternative by the people suffering from lactose intolerance. They are also used in various recipes due to their mild and sweet taste.
The growing demand for plant-based food products in developed and developing countries is the primary factor driving the global coconut milk products market. Moreover, the rise in adoption of coconut milk products in several food recipes and products further boosts the coconut milk products market globally.
The overall global coconut milk products market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the coconut milk products market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as vice-presidents, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialising in the coconut milk products market.
The global coconut milk products market is accounted to $812.4 million in 2018, and is expected to grow at a CAGR of 9.3 percent during the forecast period 2019 and 2027, to account to $1,775.4 million by 2027.
The coconut milk products market is bifurcated on the basis of the product type into coconut cream, coconut milk powder, and others. The coconut cream contains a considerable amount of medium chain fatty acids which helps in easy functioning of the brain and are easily digestible. These benefits are boosting the demand for coconut cream over the past few years.
On the basis of application, the coconut milk products market is bifurcated into food and beverage processing, cosmetics and personal care, functional food and dietary supplements, food services and household.
The food and beverage processing is leading the end-use segment of the coconut milk products market. Coconut milk products, such as coconut cream and coconut milk powder, are used on a large scale in the food and beverage industry to add flavour to the products.
It is a regular ingredient for several food recipes mainly in Latin America, Caribbean, West Africa, and South-East Asia and is extensively used to produce milk substitutes.
Coconut milk is also considered an effective source to lower cholesterol levels and reduce blood pressure. A research study in coconut milk stated that drinking dairy-free coconut milk prevents heart diseases.
Saturated fats in coconut milk helps to control cholesterol and safeguard from diseases such as stroke, heart disease, and high blood pressure.
The high nutrition content, low calorie, and high fibre content of the coconut milk products attract the food and beverage manufacturers for using coconut-based products, such as coconut cream and coconut milk powder in different products, and therefore, leading to the growth of the coconut milk products market.
Some of the players present in coconut milk products market are Danone S A, Goya Foods, Inc, GraceKennedy Limited, McCormick and Company, Inc, Nestle S A, Pacific Foods of Oregon, LLC, Sambu Group, Thai Agri Food PLC, Thai Coconut Public Company Limited, and Celebes Coconut Corporation, among others.
The report has segmented the global coconut milk products market on the basis of product type, nature, end-use and region:
Coconut milk product market growth, by product type
Coconut cream
Coconut milk powder
Others
Coconut milk products market trends by nature
Organic
Conventional
Coconut milk product market size, by end user
Food and beverage processing
Cosmetics and personal care
Functional food and dietary supplements
Food services
Household
