Cooking Coconut Milk Market Size By Nature (Organic, Conventional), By End-Use (Food & Beverage, Bakery & Confectionary, Deserts), By Packaging (Bottles, Cans, Pouches), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jan 2021  |  Report ID: GMI4912  |  Authors: Kunal Ahuja, Kritika Mamtani

Report Format: PDF   |   Pages: 270   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Cooking Coconut Milk Market size exceeded USD 385 million in 2019 and is estimated to grow at over 8.5% CAGR between 2020 and 2026. The Lancet medical journal estimates that over 65% of the human population is lactose intolerant, and this increasing instance of lactose intolerance among consumers has compelled them to search for lactose-free dairy alternatives. Cooking coconut milk aids to meet their daily intake of proteins, vitamins, and other essential nutrients obtained from milk. The rising demand for lactose-free dairy alternatives provided promising opportunities for the use of coconut milk in cooking. Furthermore, the increasing consumer awareness regarding animal rights and the need to reduce the damage to the environment are expected to further promote the growth of the cooking coconut milk industry in the coming years.
 

Cooking Coconut Milk Market

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Food products are classified as one of the most essential good during the COVID-19 pandemic. There has been an impact on demand side for food products. But there has been experiencing supply chain disruptions owing to the imposition of nationwide lockdowns. However, panic buying has positively affected the demand for canned, bottles, and pouches products due to its long-shelf life. People have started to buy huge amounts of shelf?stable products coupled with their nutritional value whereas, in the past few months, demand for packaged or canned products has decreased due to the unlocking and adoption of new normal among the consumers.
 

The lack of availability of coconuts, used as raw materials for the preparation of the product in a few countries of the world, is expected to restrain the cooking coconut milk market demand to some extent in the next few years. However, the players present in the market are trying to fulfil the global demand for the product through strategic partnership with the distributors or retailers. Also, stringent government regulations such as the GSO standard for the labelling of packaged food should restrict the growth of the market in GCC countries.  The regulation states that dairy alternative sources including hemp, soy, almond, rice, oats, and hazelnuts used shall be mentioned in labels with the product name, packer’s name, country of origin, ingredients list, instructions, and end use of the product. Therefore, end-use labelling regulations may restrict the application of the products to limited end-use.
 

Cooking Coconut Milk Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:USD 388.78 Million
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:8.5%
2026 Value Projection:USD 659.18 Million
Historical Data for:2015 to 2019
No. of Pages:270
Tables, Charts & Figures:286
Segments covered:Nature, Application, Packaging
Growth Drivers:
  • North America: Shift in consumption pattern from non-vegetarian to vegan food
  • Europe: Growing consumption pf bakery and confectionery products
  • Asia Pacific: Rising consumption of dairy products and ample cultivation of coconuts
  • Latin America: Increasing prevalence of lactose intolerance
  • Middle East & Africa: Rising consumption of desserts in the region
Pitfalls & Challenges:
  • Limited sources of tender coconuts used as raw materials for preparation of coconut milk

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Rising consciousness amongst consumers regarding side effects of artificial chemicals will upsurge the growth for organic cooking coconut milk.

Organic Cooking Coconut Milk Market

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Organic cooking coconut milk market revenue should surpass USD 460 million by 2026 and is anticipated to register over 9.5% CAGR in the forecast period. The growth is attributed to increasing consumer consciousness about the side effects of artificial chemicals in food products. In addition, coupled with low-cost internet, surge of smart-phone usage, support an upsurge in access to information about organic food and its benefits over the convention food products should further boost the growth of organic cooking coconut milk industry.
 

Growing preference for sustainable packaging should propel the segment growth for can based packaging.

Cooking Coconut Milk  Market By Cans Packaging

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Can based packaging segment is anticipated to surpass USD 420 million by 2026 and is anticipated to grow at a CAGR of over 8.5% between 2020 and 2026. The increasing demand for sustainable packaging is one of the critical factors, which drive the segment growth of cooking coconut milk market. Metal cans used for packaging different food & beverages can be recycled and returned to the store shelf as a new can in about 60 days. Furthermore, rising concerns about environmental pollution have increased the acceptance of recyclable packaging among consumers.  Metal cans have ability to be used several times without any quality change in the material which further promotes the usage of metal cans as a cost-effective and sustainable packaging solution.
 

Growing food & beverage industry globally to provide lucrative growth opportunities for the market.

Cooking Coconut Milk  Market, By Food and Beverages Application

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The food and beverage application in the global cooking coconuts milk market is anticipated to show more than 45% of market share by 2026. The global food & beverage industry has seen strong growth over the last 10 years and is expected to continue in the coming years as well. This is being seen, not just in the more mature retail markets in the U.S. and Europe, but also in fast-growing emerging markets in Asia Pacific and the Middle East & Africa. Henceforth, this growing food & beverage industry worldwide will fuel the demand for the cooking coconut milk in multiple applications such as curries, soup, whipped cream, and others. The availability of a large raw material production base and advancements in the latest technologies for production and management of stocks support the industry share.
 

High coconut cultivation in the Asia Pacific region, presents high potential for the new market players.

Asia Pacific Cooking Coconut Milk  Market

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The Asia Pacific cooking coconut milk market is anticipated to register over 9% CAGR between 2020 to 2026. The region has huge potential for the market, owing to the highest cultivation of coconuts in the region. The main coconut-producing countries in Asia Pacific, Indonesia, Philippines, and India, account for more than 70% of the global coconut production. Therefore, new players in the region have huge opportunities to enter the cooking coconut milk market and export the product all over the world. Moreover, changing consumption patterns of people coupled with increasing consumer spending on eating resulted in the rise in demand for natural and organic food products and led to adopt healthy living will support the regional market statistics.
 

Strategic acquisitions and Mergers among industry participants to accelerate the global market competitiveness.

Global cooking coconut milk market is highly fragmented owing to presence of large number of players. The top 8 players in the market include McCormick & Company, Ducoco, SunOpta, Theppadungporn Coconut Co., Ltd, Sambu Group, Danone SA, Vita Coco, and Thai Coconut Public Company. The key industry participants are implementing various strategies, including product development & launches, research & development activities, capacity expansions and acquisitions and mergers in order to increase business share and to tap the growth opportunities in the market.
 

In December 2020, McCormick & Company announced the acquisition of 100% of the shares of FONA International LLC. This acquisition, the company McCormick gets access to a diverse customer base of FONA International LLC across food, beverage, and nutritional markets and help the company to increase its revenue and sale worldwide.
 

In October 2020, Goya Foods announced an investment of USD 80 million for the expansion of its manufacturing & distribution facility in Brookshire, Texas. This initiative was taken to enhance the company’s production capacity in order to meet the increasing consumer demands.
 

The global cooking coconuts milk market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Liters & revenue in USD Million from 2015 to 2026 for the following segments.
 

By Nature

  • Organic
  • Conventional

By Application

  • Food & beverage
    • Curries
    • Soup
    • Whipped Cream
    • Others
  • Bakery and Confectionery
    • Cakes and Pastry
    • Donuts
    • Rolls
    • Others
  • Deserts
    • Ice-Cream
    • Puddings
    • Others

By Packaging

  • Bottles
  • Cans
  • Pouches
  • Others

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       

Frequently Asked Questions (FAQ) :

The global market for cooking coconut milk had reached over USD 385 million in 2019 and is likely to register 8.5% CAGR up to 2026 driven by the rising instances of lactose intolerance among consumers.
Organic cooking coconut milk industry share is projected to exceed USD 460 million by 2026 owing to the growing awareness regarding the side effects of artificial chemicals in food products.
The cooking coconut milk market value from the can-based packaging segment is poised to register over 8.5% CAGR up to 2026.
The Asia Pacific cooking coconut milk market size could grow at a 9% CAGR between 2020 to 2026 due to the higher cultivation of coconuts in the region.
McCormick & Company, Ducoco, SunOpta, Theppadungporn Coconut Co., Ltd, Sambu Group, Danone SA, Vita Coco, and Thai Coconut Public Company are a few of the prominent cooking coconut milk providers.?

Premium Report Details

  • Published Date: Jan 2021
  • Pages: 270
  • Tables: 240
  • Charts / Figures: 46
  • Companies covered: 21

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