Cooking Coconut Milk Market size to exceed $655mn by 2026
Published Date: January 25, 2021 Authors: Kunal Ahuja, Kritika Mamtani
Cooking Coconut Milk Market size is set to surpass USD 655 million by 2026, according to a new research report by Global Market Insights, Inc
Coconut milk is a rich source of lauric acid which aids in the production of energy or ketones in the body. Also, coconut milk reduces inflammation, stomach ulcers and improve body immunity by increasing the resistance against viruses and bacteria. The high level of calories and Medium-Chain Triglycerides (MCT) provide an added benefit to the product. Henceforth, these benefits are likely to raise the demand for the product in cooking applications.
Worldwide growing population should support the growing demand for conventional food products
The conventional segment will hold a significant share in the global cooking coconut milk market in 2019 and expected to reach over USD 190 million by 2026. As per the new United Nations report the world population is increasing at very fast pace. Hence, the continuous population growth around the world led to increase the demand for conventional food products and drive the growth for conventional cooking coconut milk industry. Additionally, the rising adoption of natural food products, shifting consumer preference for a vegan diet, multiple health benefits coconut milk of will fuel the market share.
Growing HoReCa sector owing to adaptation of modern lifestyle should support the cooking coconut milk market outlook
In the past few years, HoReCa sector has turned out to be one of the fastest growing sectors, owing to changing consumer’s lifestyle, adaptation of modern lifestyle in developing region, and change in eating pattern especially among the millennials. Therefore, this growing HoReCa sector anticipated to generate huge demand for different deserts such as, ice-cream, puddings, Greek Yoghurt, Caramel, Smoothies and many others. Moreover, the mounting trend of eating dessert after a meal as an effective digestive product is enhancing the demand for dessert. Moreover, climate change is another factor likely to create high demand for frozen desserts such as ice cream and yogurt on a global scale.
Extensive usage of bottle packaging should propel its market demand over the coming years.
Bottle segment is the second largest shareholder in the packaging type of cooking coconut milk market and predicted to register over 8% CAGR over the coming timeframe. Extensive usage of different types of bottles such as glass bottles and plastic bottles in the packaging of beverages should drive its market statistics. Glass bottle is an integral part of milk packaging, further the introduction of plastic packaging material and method, which can extend products shelf life from hours into weeks and months support the demand for bottle packing.
Browse key industry insights spread across 270 pages with 240 market data tables and 46 figures & charts from the report, “Cooking Coconut Milk Market Analysis 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” in detail along with the table of contents:
Rising disposable incomes are likely to cause high adaptation of modern culture in the Latin America region should support the industry landscape
Latin America cooking coconut milk market is poised to register over 9% CAGR over the coming timeframe, owing to the growing food industry especially in Brazil. The growing expenditure on premium food by countries, such as Brazil and Argentina, who are experiencing a rapid rise in disposable incomes will augment the market trends. Additionally, the growing population and North American cultural influence toward health and wellbeing will boost the cooking coconut milk industry demand in the region. Moreover, rising health consciousness and various side effects of chemical products are shifting consumer preference to plant-based products, which will boost the cooking coconut milk demand in the Latin America region.
Key companies in cooking coconut milk market are adopting various strategies such as acquisition and product innovation which enhance their performance and product offering around worldwide. In March 2020, Thai Coconut launched “COCOBURI”, a 100% Namhom coconut water with young coconut meat. This initiative was taken to enter ready to drink coconut water market. The major players include Shriram Coconut Products, Goya Foods, Inc., Dabur India Limited, Danone SA, Nestle India Limited. and Sunopta Inc.
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