The global coconut milk market size isprojected to grow from USD 1,009.07 million in 2021 to USD 2,172.49 million in2028. The surging usage of plant-based milk in various food items, such assmoothies, yogurt, cakes, and other similar items would affect growthpositively. In April 2021, for instance, Dunkin’ Donuts LLCannounced its plansto launchcoconut milk in its menu in the U.S. by the endof April. It will come in three flavors: blueberry pomegranate, golden peach,and pink strawberry. Fortune Business Insights™published this information in areport, titled, “Coconut Milk Market, 2021-2028.”The report further states that the market stood at USD 919.57 million in 2020.It is set to exhibit a CAGR of 11.58% in the forecast period between 2021-2028.
NescaféIntroducesVegan Flat White Pods in the U.K.
In January 2021, Nescaféunveiledits latest veganflat white pods in the U.K. The new latte pods are registered by the VeganSociety and can be incorporated in Nescafé’s Dolce Gusto coffee machines. Thesewould enable consumers to develop robust coffee combined with lactose-free milkfor a delicious, vegan, and smooth Flat White. The company aims to cater to thehigh demand for plant-based and dairy-free products.
Closure ofProcessing Plants & Shortage of Laborers to Obstruct Growth amid COVID-19
The demand for coconut milk has declined amid theCOVID-19 pandemic because of the shutdown of processing plants and shortage ofworkforce across the globe. As per Sri Lanka Export Development Board, betweenJanuary-June 2020, coconut exports and deliveriesloweredby 10.33%. But, asvarious countries are gradually lifting their trade bans, the market wouldshowcase good growth in the near future.
ReportCoverage-
We aim to provide unique market researchsolutions under one roof to help our clients choose the best strategy as pertheir requirements. Our syndicated or custom reports deliver accuratestatistics and a comprehensive analysis on revenue. The competitive landscapesection contains detailed profiles of prominent players. They also includecompany description, revenue, and sales generated in the coconut milk business.
Drivers& Restraints-
Rising Cross-cultureTrend in Western Countries to Accelerate Growth
In today’s world, consumers are constantlywilling to experiment with new flavors and hence, the demand for flavorsomefood items is surging rapidly. Millennials and Gen Z are the major groups whoalways look out for exotic and unique flavors in their food and beverages. Accordingto a study published in 2019 by the Institute of Food Technologists (IFT),Chinese cuisine is considered to be the most-liked Asian cuisine. It isfollowed by Japanese, Thai, and Korean. Besides, in western countries,cross-culture food trendsare also expected to drive the coconut milk marketgrowth. The product is immensely used in multipleAsian recipes. Coupled withthis, the surging number of Asian restaurant chains across the globe wouldpropel growth.However, frequently fluctuating prices of coconuts may hamper thedemand for this type of milk.
Segments-
Supermarkets/HypermarketsSegmentto Grow Rapidly Stoked by Availability of Various Branded Products
Based on the distribution channel, the is categorizedinto supermarkets/hypermarkets, convenience stores, grocery stores, and onlineretail. Amongst these, the supermarkets/hypermarketssegment is anticipated to generatethe highest share in the upcoming years. This growth is attributable to theincreasing availability of products belonging to numerous brands and priceranges. Hence, it is easy for consumers to choose the right product from aislesas per their requirements. By nature, the organic segment held 26.80% in termsof the coconut milk market share in 2020.
RegionalInsights-
Presence ofNestle S.A. and Celebes Coconut Corporation to Help Asia Pacific Lead
Geographically, Asia Pacific is set to remain atthe forefront throughout the forthcoming years on account of the presence ofnumerous renowned companies, such as Thai Coconut Public Company Ltd., NestleS.A., and Celebes Coconut Corporation in this region. Also, the increasingtrend of veganism would boost growth. The region accounted for USD 398.08million in 2020 in terms of revenue. On the other hand, the rising cases oflactose intolerance in North America would help the market to grow.Additionally, the surging launch of ready-to-drink (RTD) beverages equippedwith coconut milk would aid regional growth.
CompetitiveLandscape-
Key CompaniesAimto Diversify Portfolios & Expand Footprint through New Product Launches
The market is highly fragmented with the presenceof various big, small, and medium enterprises. Most of them are aiming tobroaden their geographical presence and diversify their portfolios by launchinginnovative foods and beverages infused with this type of milk. Below is one ofthe significant industry developments:
· March 2020:So Delicious DairyFree introduced a delicious blend of delectable toppings and coconut yoghurtalternative namedPairings Coconutmilk Yogurt Alternatives. It is Non-GMOProject verified, vegan and gluten- soy-, nut, and dairy-free. These can beconsumed as plant-based snacks.
FortuneBusiness Insights™ presents a list of reputed coconut milk providers operatingin the global market. They are as follows:
· Danone S.A. (Paris France)
· Nestle S.A. (Vevey, Switzerland)
· Dabur India Ltd. (Ghaziabad, India)
· Cocomi Bio Organic (Sri Lanka)
· The Coconut Company (UK) Ltd. (United Kingdom)
· Coconuts of the Caribbean Ltd. (Tune Puna, Trinidad and Tobago)
· Thai Coconut Public Company Ltd. (Thailand)
· Pt. Sari Segar Husada (Indonesia)
· Celebes Coconut Corporation (Cebu, Philippines)
· Merit Food Products Co., Ltd. (NongKhangKhok, Thailand)
Information Source:
https://www.fortunebusinessinsights.com/coconut-milk-market-105439
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