May 08, 2024 (MENAFN via COMTEX) --
(MENAFN - EIN Presswire)
Coconut Milk Market
The coconut milk market is projected to reach $2.9 billion by 2027, driven by rising health consciousness and expanded distribution networks.
The demand for coconut milk is soaring as consumers seek healthier alternatives." - Allied Market Research
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, May 8, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled"Coconut Milk Market by Packaging Type, Category, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027," the global coconut milk market size was valued at $1.1 billion in 2019 and is anticipated to reach $2.9 billion by 2027, with a CAGR of 17.1% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $1.8 billion from 2019 to 2027. The growth of the growth of the coconut milk market is propelled by rising consumer health consciousness and an improved distribution network. Consumers are prepared to pay more for those products that provide health advantages, and this awareness is expected to be a driver for the development of the development of the coconut milk products market.
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Coconut milk and its products are still in nascent stages in various regions of Africa, such as Zimbabwe, Liberia, Eritrea, and Burundi, along with other developing regions. These are still untapped, which presents lucrative coconut milk market opportunities for manufacturers of coconut milk.
Increase in use of coconut-based products in food & beverage applications is expected to drive the market for coconut milk in the future. Coconut milk is widely used as ingredient in a variety of cosmetic products and processed food products such as cookies, cakes, milkshakes, and ice cream. With growth in consumption of processed food products, owing to rise in urban population, the demand for coconut milk is expected to grow at a significant rate in future.
According to the coconut milk market analysis, the market is segmented on the basis of packaging type, category, end user, distribution channel, and region. Based on packaging type, the coconut milk market is categorized into plastic bottles, tetra packs, and cans.
Key findings of the study
The organic coconut milk market was valued at $435.7 million in 2019 and is anticipated to reach $1227.2 million by 2027, with a CAGR of 18% during the forecast period.
In 2019, by packaging type, the tetra pack segment held the highest share, accounting for 62.6%.
On the basis of end users, the food services segment led the market, garnering 54.07% of the global coconut milk market share in 2019.
Depending on the distribution channel, the direct distribution segment is estimated to exhibit the highest CAGR of 18%.
In 2019, Asia-Pacific was the most prominent market and is expected to grow at a significant CAGR throughout the forecast period.
In 2019, the Asia-Pacific region stood out as the leading market for coconut milk, capturing the largest share due to its substantial consumer base and population growth. Small and medium enterprises (SMEs) in this region are focusing on expanding their sales through online channels, with investments in marketing and advertising endeavors to raise product awareness. Moreover, the rising adoption of organic coconut milk among consumers is expected to drive market growth significantly in the forecast period.
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The key players profiled in this report include:
i & Company Inc. (US)
ii Foods Inc. (New Jersey)
iii Coconut Corp. (Philippines)
iv Coco )
v Coconut Corp. (Philippines)
vi Agri Foods Public Co. Ltd (Thailand)
vii SA (France)
viii (Australia)
ix Coconut Public Company (Thailand)
x India Ltd (India).
Tetra packs are widely used globally and is one of the prime packaging types for coconut milk; thus, is expected to influence the overall coconut milk industry. The tetra pack segment was valued at $699.5 million and is expected to grow with a CAGR of 16.5% from 2021 to 2027, to reach $1,778.8 million by 2027.
By category, the conventional segment held a major coconut milk market share, and is expected to remain dominant throughout the forecast period. This is attributed to widespread availability of conventional coconut products across the globe. Moreover, conventional category of coconut milk in Asia-Pacific has gained a large consumer base, which, in turn, is expected to augment the coconut milk industry growth.
Based on end user, the food services segment held a major share of the coconut milk market. This is attributed to increase in purchasing power of consumers and rise in spending on luxury foods & beverages have led to a rapid growth of the food service industry, resulting in an increased demand for coconut milk and its products.
The retail distribution channel including hypermarkets/supermarkets segment was the leading channel with maximum share in 2019, growing with significant CAGR during the coconut milk market forecast period. This is attributed to increase in business of retail sales in different regions and availability of large shelf space for maximum sales.
Analyst Review
According to CXOs, rise in health awareness and customer inclination toward healthy, refreshing, and rehydrating drinks from carbonated drinks boost the market. Rise in demand for coconut milk from regions such as North America and Europe, has led to incremental trade flow for coconut milk from Asian countries. Owing to increase in awareness about the health benefits of coconut milk, the market for coconut milk is expected to grow significantly in the coming years. Moreover, health benefits associated with coconut milk are helps in weight loss, improves cardiac health and enhances function of the immune system.
Manufacturers are focused toward providing innovative and attractive product offerings, in terms of packaging and category of the products to gain a higher share in the coconut milk market.
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Frequently Asked Questions?
Q1. At what CAGR, the coconut milk market will expand from 2021 - 2027?
Q2. What will be the market value of coconut milk market the end of 2027?
Q3. Which are the top impacting factors of coconut milk market growth?
Q4. Who are the leading players in coconut milk market?
Q5. What are the segments of coconut milk market?
Q6. What are the key growth strategies of coconut milk market players?
Q7. By packaging type, which segment would exhibit the highest market share?
Q8. By End User, which segment holds a dominant position in 2019 and is expected to maintain the lead during the forecast period?
Q9. How will the COVID-19 pandemic impact the coconut milk market in 2020?
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 to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging 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 of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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