Coconut Milk Market: Conventional Coconut Milk Segment to Depict Low Market Attractiveness Through 2027: Global Industry Analysis and Opportunity Assessment 2017-2027
- REP-GB-2694
- 2017-07-12
- 354 Pages
- Format:
- Category: Food and Beverages
Organic coconut milk is expected to be the most favoured among consumers
Although conventional coconut milk has high revenue share, the attractiveness of the conventional coconut milk segment is expected to remain low as compared to the organic segment. Revenue from the organic coconut milk segment is expected to increase at a CAGR of 8.2% during the forecast period and is anticipated to contribute close to 30% revenue share by the end of 2027. The organic segment is estimated to be valued at more than US$ 220 Mn by 2017 end and is projected to reach a market valuation in excess of US$ 500 Mn by the end of 2027, creating absolute $ opportunity of US$ 12.2 Mn in 2017 over 2016 and an incremental $ opportunity of US$ 288.3 Mn between 2016 and 2027.
The conventional segment by nature is estimated to be valued at more than US$ 600 Mn by 2017 end and is expected to increase at a CAGR of 7.0% over the forecast period, to reach a market valuation of more than US$ 1100 Mn by the end of 2027, creating absolute $ opportunity of US$ 39.3 Mn in 2017 over 2016 and an incremental $ opportunity of US$ 618.9 Mn between 2016 and 2027.
Increasing popularity of Asian cuisine and a growing lactose intolerant population likely to boost the global coconut milk market
Since the last few years, Asian cuisine has gained immense popularity among food lovers across the globe. They have been developing a taste for cuisines that include coconut or coconut milk and this is the key factor likely to fuel revenue growth of the global coconut milk market during the projected period. Consumption of Asian food in countries such as the U.S. and Canada has increased substantially, owing to increasing tourist population visiting countries in Asia and sampling and developing a taste for the local cuisine. For instance, sales of Asian food at Asian restaurants in the U.S. have almost doubled in the past few years, indicating that preference has grown substantially in a short span of time.
An increasing lactose intolerant population is another factor boosting the growth in demand for coconut milk. Rising number of lactose intolerant people worldwide is a top factor expected to drive demand for organic and conventional coconut milk globally. Coconut milk does not contain lactose and retains essential nutrients, hence becoming a choice for lactose intolerant population.
Our analysis indicates that increasing consumption of vegan desserts and ice creams also boost the coconut milk market. Rising number of vegan individuals particularly in Europe is a major factor driving the growth in consumption of organic and conventional coconut milk and associated products. Increased demand for vegan ice creams and desserts is driving the sales of plant-based substitutes for regular milk. There has been an increase in the use of coconut milk in vegan ice creams and desserts, as people have developed the taste for coconut milk over time. Top-notch hotels have also started offering vegan desserts and ice creams on their menu, owing to increasing demand.
North America will grab largest market share of the global coconut milk market during the forecast period
North America is expected to account for relatively high value share and Y-o-Y growth in the global coconut milk market by 2027 end. Increasing consumer preference for coconut milk and associated products is expected to contribute in revenue growth of North America over the forecast period. In the North America coconut milk market, the organic segment by nature will dominate in terms of CAGR – both value (9.2%) and volume (8.3%) – over the forecast period.
The key focus of players in the coconut milk market is on developing products that offer various health benefits after consumption, in order to leverage opportunities arising from a growing number of health conscious consumers in the global market. This market is likely to exhibit a significant CAGR in terms of revenue during the forecast period. Coconut milk is associated with numerous benefits as coconuts are a rich source of lauric acids that easily gets absorbed by the body and is used as a source of energy. The benefits of coconut milk include prevention of instances of stroke or heart attacks, lowering cholesterol levels and maintaining blood pressure. While studying this market in detail, we have observed that coconut milk is a good alternative to people who are allergic to dairy based products as it is free from dairy, lactose, nuts, grains and soy. Our new publication titled “Coconut Milk Market: Global Industry Analysis and Opportunity Assessment 2017-2027” presents an overall market scenario with a list of benefits associated with the product, which is boosting the global coconut milk market. Our expert team of analysts have observed that coconut milk improves gut health and helps in nourishing the digestive lining. The healthy fats in coconut milk also help in controlling insulin levels, thereby preventing diabetes. Minerals present in coconut milk are essential to maintain blood volume and regulate heart health. The presence of healthy fats and electrolytes in coconut milk help in the prevention of constipation.
We have also targeted key regions to understand the global coconut market and our study indicates that North America is estimated to hold relatively higher revenue share for coconut milk over the period of forecast. Asia Pacific is expected to be the fastest growing region in the global coconut milk market due to increased demand from India and China. Key players in the coconut milk market focus on expanding their geographical presence in order to leverage growth opportunities posed by the global market.
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Report Structure
Wheel of Fortune is a unique element of this report. The key part of this report is Future Market Insights’ analysis and recommendations on the global coconut milk market. The overview of the market mainly consists of market taxonomy and market dynamics that underlines factors influencing the growth of the global coconut milk market. Our analysts have provided key strategic recommendations for both existing and new players in the market to emerge sustainably profitable. Decline or increase in prices during the assessment period is based on historic market trends; any decline or increase in prices over the estimated period is kept linear across countries. The general market scenario is assumed for coconut milk sales and several driving factors are assumed to develop the market forecast. The report covers the competitive landscape that provides a dashboard view of companies manufacturing and providing services in the global coconut milk market. The report consists of company profiles of some of the key players and a strategic overview of mergers and acquisitions along with their regional expansion plans.
Research Methodology
Our analysts have formulated a detailed discussion guide to interview industry experts. In-depth secondary research is leveraged to identify top industry players, products, applications, overall market size, industry connotations, distributors, and manufacturers. Data is validated by the triangulation method wherein the secondary and primary data along with our exclusive analysis is consolidated to develop the final report. For secondary research, we have followed various companies’ websites, annual reports, white papers, and financial reports. Paid publications such as Factiva, GBI, Genios and Meltwater have been referred to make this report an exclusive one.