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A recent report published by Infinium Global Research on the coconut milk market provides an in-depth analysis of segments and sub-segments in the global as well as regional coconut milk market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional coconut milk market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global coconut milk market. According to the report, the global coconut milk market is projected to grow at a CAGR of 13.5% over the forecast period of 2021-2027.
Coconut is economically important and generally used in many traditional foods of Pacific and Asian regions. Asia is the major coconut producer all over the world and 90% of the world’s total coconuts are cultivated in Indonesia, the Philippines, India, Sri Lanka, and Thailand. Coconut milk is generally extracted from the grated coconut meat after pressing or squeezing with or without the addition of water. Coconut milk has been used as a major ingredient for several cuisines such as curries and desserts. Coconut milk is used for the production of virgin coconut oil (VCO) besides serving as a food ingredient.
Coconut milk market size is expected to reach approximately USD 2.7 billion in 2027, with a CAGR of 13.5% during the forecast period. The increasing adoption of coconut milk products in several food recipes is driving market growth. Coconut milk is used in Thai curries, Burmese Khow Suey, or Indian cuisine's glistening fish and meat dishes like Mutton Stew, Chingri Malai Curry, Meen Moilee. Additionally, coconut milk is a powerful ingredient that can be used in various ways in the kitchen, including for vegan recipes as it is free of lactose. Coconut Milk is found in the white flesh of fully ripened brown coconuts and it can be a tasty substitute for cow’s milk. Like, cream, coconut milk has a thick consistency and a rich texture. Furthermore, rising demand for plant-based food products will drive market growth. The plant-based foods industry is becoming a booming business. The upsurge in the demand for innovative products has driven a significant increase in new product development across chilled, ambient, and the frozen segments. However, the availability of alternative products to coconut milk such as spiced milk, soy milk, and yogurt hinders the market growth. Moreover, growing awareness about the health benefits of coconut milk will provide growth opportunities to the market players.
COIVD-19 pandemic has disrupted the supply chains which led to a shortage of coconut products. Transportation facilities were also reduced drastically due to the implementation of lockdowns by the governments affected the prices of coconut milk. The panic buying and increase in the stocking of commodities led to a surge in the demand for coconut products. Supermarkets and Hypermarkets which are important modes of distribution were also not fully operational. This covid pandemic highlighted the importance of health. As the restrictions are lifted coupled with economic recovery market is moving towards normalcy.
Geographically, Asia-Pacific is expected to generate the highest revenue and hold a significant share of the market. North America and Europe projected to be the second and third largest revenue-generating region. Asia-Pacific is the leading region in the production and export of coconut and also houses a significant portion of the world population. Coconut-based products and coconut milk are an important part of their staple food and lifestyle. Therefore, consumption of coconut milk is very high in this region which is the main cause for the high demand for these products. There is a rise in awareness regarding health consciousness among people in the North American and European regions. Thus the health benefits offered by coconut milk are numerous. This is leading to an increase in demand for these products in this region.
The report on global coconut milk market covers segments such as nature, application, and distribution channel. On the basis of nature, the sub-markets include organic, and conventional. On the basis of application, the sub-markets include cosmetics & personal care, food & beverage, and others. On the basis of distribution channel, the sub-markets include department stores, online retailers, super/hyper stores, and grocery.
The report provides profiles of the companies in the market such as The Sambu Group, The Whitewave Foods, Thai Agri Foods, GraceKennedy Group, Mc Cormick & co, Pacific Foods of Oregon, M&S Food Industries, Goya Foods, Celebes Coconut Corporation, and Fresh Fruit Ingredients Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of coconut milk market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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