Coconut Milk Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2038
Global Coconut Milk Market size is anticipated to witness a healthy growth owing to its increasing application in food & beverage and agriculture industry. Shift in consumer dietary pattern and growing vegetarian population is expected to boost product demand. Due to environmental and ethical concerns people have inclined towards vegetarian diet that has increased the consumption of coconut milk. It helps in strengthening immune system of the body and reduces the incidence of illness.
Rising consumer health consciousness and improved distribution network is expected to propel product demand. It contains lauric acid that can easily be absorbed by the body for energy. Farmers use it in cultivation to speedup crop growth. These factors are expected to propel coconut milk market growth during the forecast period.
Globally, there has been a significant growth in people suffering from lactose intolerance. According to American Journal of Clinical Nutrition, 75% of the world's population are suffering from the disease, and U.S. accounted for around 25%. Unlike cow’s, coconut milk is free from lactose, this will propel coconut milk market over the forecast period.
It is a liquid obtained after mixing grated meat (excluding brown portion) and water of mature coconut. It has high oil content of which mostly are saturated fats that helps in reducing cholesterol, improving blood pressure and preventing heart attacks. Grating of meat can be done manually or with help of grating machine. Its fat content depends upon fat level of meat and generally it is around 24%. The milk is rich source of manganese, phosphorous, manganese and iron. It contains cytokinin or zatin that helps in the growth of crops.
Major restraint for coconut milk market is limited sources of tender coconuts used for preparation of product. Its excess consumption can cause high blood cholesterol by increasing high density lipoprotein cholesterol level and lead to allergies. These factors may restrict the coconut milk market growth over the forecast period.
Coconut milk market based on grade is classified into two types, namely thick and thin. Thick type has the largest share with its applications in desserts and sauces as it has soluble and suspended solids with higher fat content (around 20 - 22%). Thin type has less suspended solid & fat content (5 – 7%) and used in general for cooking.
Further, on basis of application, the coconut milk market is segmented into food & beverage and agriculture. Food & beverage segment has a major share owing to increasing application in bakery, confectionery, dairy products and frozen desserts. It is generally applied in dairy & frozen desserts. Furthermore, it’s application in agricultural fields can encourage plant growth.
Coconut milk market based on distribution channel is segmented into super/ hyper stores, department stores, grocery and online retailers. Super stores accounted for a major share as urban and semi urban population prefers these outlets owing to easy accessibility of product. There has been a considerable increase in the number of stores with major players such as Walmart. In addition, boom in online retail industry coupled with more discount offers and easy delivery, will propel product sales through online channel. Grocery and department stores accounted for a decent share and expected to witness substantial growth over the forecast period with an increasing local demand for the product.
North America, led by the U.S. will account for a major share in the coconut milk market. It is mainly due to increasing population suffering from obesity and lactose intolerance. In Asia Pacific, product demand is driven by shift in consumer preference towards vegetarian diet in countries such as India and China. Increasing demand for dairy products in the region will propel regional market growth.
Latin America has nascent share but with rising population suffering from lactose intolerance, product demand will augment over the forecast period. In Argentina, around 60% population is lactose intolerant.
The major players of coconut milk market are Pureharvest, Gaya Foods, Whitewave Foods, Edward & Sons, McCormick, Ducoco, Thai Agri Food and Pacific Food. Increasing research and development activities to enhance the nutrition content and flavour of product has spurred the consumption of the product. Recently Vita Coco has launched its product with added calcium and minerals. Companies are expanding their existing product portfolio like Starbucks have launched coconut milk based drinks. These factors are anticipated to further boost the coconut milk market.
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