The global coconut milk products market accounted to US$ 812.4 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 - 2027, to account to US$ 1,775.4 Mn by 2027.
The Asia Pacific accounted for the largest market share in the global coconut milk products market owing to its wide utilization in various regional cuisines and rising demand from the food and beverage industry.
Surge In Demand for Plant-Based Food Products
The demand for the plant-based food products is increasing with the rise in health awareness. The coconut milk is dairy free alternative which is an excellent source of fiber, calcium, zinc, iron, and magnesium. It also provides benefits such as bone strengthening, cardiovascular health benefits, immune strength, weight loss, and offers allergen free properties. Thus, leaders in the coconut milk products market are also focusing more on inventing new products with added nutritive value.
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Leading companies profiled in the report include Danone S.A.,Goya Foods, Inc.,Gracekennedy Limited,Mccormick & Company, Inc.,Nestle S.A.,Pacific Foods Of Oregon, Llc,Sambu Group,THAI Agri Food Plc,Thai Coconut Public Company Limited,Celebes Coconut Corporation
Increase in Adoption of Coconut Milk in Cosmetic Industry provides opportunity for the Coconut Milk Products market growth
Coconut milk is largely used in several food applications owing to its plant-based nature and health benefits associated with its consumption. Every part of the coconut, such as water, milk, sugar, flesh, and oil can be used in several ways. It is used in the cosmetic industry to produce natural skin care products. It is used in moisturizing lotion and face creams owing to its superior moisturizing properties. Coconut milk is also used in shampoo and conditioners, which promotes hair growth, makes it less greasy, and adds volume to hair. Currently, leading beauty brands are using coconut milk in a wide range of products from moisturizers to make-up products.
GLOBAL COCONUT MILK PRODUCTS MARKET SEGMENTATION
By Product Type
- Coconut Cream
- Coconut Milk Powder
By End Use
- Food & Beverage Processing
- Cosmetics & Personal Care
- Functional Food & Dietary Supplements
- Food Services
By Distribution Channel
- Direct Sales
- Indirect Sales
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End User Insights
The food and beverage processing is leading the end use segment in the coconut milk products market. Coconut milk products such as coconut cream and coconut milk powder are extensively used by the food and beverage industry. Products based on coconut milk have high nutrition content, low calories, and high fiber content which helps the development of the body. Thus, the leaders are focused to offer better and improved product to the consumers in the coconut milk products market.
Merger & acquisition, corporate communication, project finance and product news were observed as the most adopted strategies in global coconut milk products market. Few of the recent developments in the global coconut milk products market are listed below:
2019: Nestlé SA invests US$ 72 million in single largest coconut milk processing plant in Sri Lanka. It helped them in increasing product offering to wider customers in food and beverage industry
2018: GraceKennedy Limited increased its new product offerings of coconut milk powder on Amazon. It was priced between US$ 14.94 and US$ 38.49 and sold under the Grace brand.
2017: Danone S.A. acquired WhiteWave Foods to combine their activities in North America to function as a strategic business unit, named as DanoneWave. WhiteWave sells coconut milk products under the Alpro and Oikos brand. This helped Danone S.A. to increase their product ranges in coconut milk product categories
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