According to a new study by Future Market Insights, the global coconut milk products market in 2019 is estimated at ~US$ 880 Mn. The coconut milk products market growth remains driven by a range of factors, such as growing health consciousness among consumers and increasing demand for plant-based products.
Coconut milk is a comparatively stable emulsion of oil in water with enzymes that function as emulsifiers and thickeners. Coconut milk products are made from grated pulp of mature coconuts, which give an exotic aroma and improve the flavor of food products. Coconut dairy products are accessible in powder form, providing extra advantages such as enhanced shelf life, simple transportation, and less storage space.
In Oceania, East Africa, Southeast Asia and South Asia, coconut milk products have been a traditional food component. They are also used in tropical Latin America, West Africa, and Caribbean, where coconuts were introduced in the colonial era. The demand for organic coconut milk products is projected to increase at a greater pace in the foreseeable future, due to increased health awareness and altering customer preferences.
The coconut milk products market is mainly segmented on the basis of product, nature, end use and distribution channel:
Nature: Although conventional coconut milk products continue to influence the growth strategies, manufacturers are focusing increasing the production of organic coconut milk products amid rising consumer preference for products sourced from plants which are not treated with chemicals.
Flavor: On the basis of flavor, sweetened coconut milk product market continue to gain relatively high traction as compared to unsweetened variants.
For More Detailed Insights on Coconut Milk Products Consumption Assessment
Product: On the basis of product, the coconut milk product market is segmented as full fat coconut milk, lite coconut milk, refrigerated coconut milk, cream of coconut, and coconut milk powder. Full fat coconut milk is likely to remain the most preferred product among the end users.
End use: Growing adoption in F&B industry continues to account for relatively high sales, while rising adoption in foodservice sector is likely to result in increased market share over the forecast period. In addition, the use of coconut milk products in cosmetics & personal care industry has been growing at a rapid pace in recent years.
Utilization of Coconut Milk Products in F&B Industry Boosting Market Growth
Demand for processed food product has been moving on an upward swing, with growing number of working population and busy lifestyles. Maintaining product quality and enhancing its dietary value are significant problems for producers in the food processing sector. Therefore, the usage of coconut milk products is a suitable option, as they have long shelf life and high nutritional value. Moreover, the development of the food processing industry is likely to boost demand for coconut milk products. Coconut milk products give a distinctive flavor and texture that enhance the taste of final products, and are also used in preparing different bakery items such as cakes, wafers, pies, cookies, bakery mixes, etc. Increasing use coconut milk products in bakery products to enhance flavor and dietary value and to attract a large number of health conscious population will work to the advantage of the manufacturers.
Manufacturers Gaining Consumer’s Trust through Production Transparency
New techniques have supplied customers with access to smart labels that allow them to monitor the product's journey. Consumers are now requesting food businesses to make their products more transparent, going beyond free status, ingredients, and dietary concentrations. Buyers are demanding to know the product context – where and how the components came from, when the end product was manufactured. Trust and transparency have become significant difficulties in the food and beverage sector, as there are no rigid laws and rules on clean labeling laid down by governments. Companies began to use clean labeling as a catchword for advertising reasons and used it to sell their products as clean label products. Cleaner procedures are crucial for companies to sell their clean label food goods without alienating consumer confidence. The result of these factors is likely to lead to increased demand for plant-based products including coconut milk products.
This study by FMI offers insights into the coconut milk products market for the forecast period of 2019-2029. The coconut milk products market is projected to record a CAGR of ~7% during the forecast period.
Future Market Insights (FMI) is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace, with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure that our clients prepare for the evolving needs of their consumers.