Global Coconut Milk and Cream Market by End-User
The Global Coconut Milk and Cream market is segmented by End-User into Households, Food Services Industry, Processed Food, Others. The households segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to the growing use of coconut milk and creams in households coupled with the increase in disposable income.
Rising trend for veganism and dairy-free globally has increased the demand for plant-based products like coconut milk and cream among consumers along with the increasing use of coconut milk and creams as an ingredient while preparing food is likely to boost the demand for the segment in the Global Coconut Milk and Cream Market.
Competition Scenario in Global Coconut Milk and Cream Market
The Coconut Milk and Cream Market is highly competitive with ~200 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in Coconut Milk and Cream. Country-niche players comprise ~55% of the total number of competitors, while the regional players comprise the second highest of the total number of competitors. Some of the major players in the market include Mc Cormick & Company, Inc., Nestlé, PACIFIC FOODS OF OREGON, LLC, Califia Farms, LLC, Goya Foods, Inc., Danone, Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, etc.
What is the Expected Future Outlook for the Overall Global Coconut Milk and Cream Market Across the globe?
The Global Coconut Milk and Cream market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
Global Coconut Milk and Cream market is largely driven by the rise in vegan population along with the increasing incidence of lactose intolerance and surging demand for plant-based products including coconut milk and others.
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In August 2021, So Delicious, a plant-based brand of Danone, launched a program named “Good People Loop” to support the economic and social empowerment of coconut farming partners across its supply chain. Under this program, the company aims to empower coconut farmer partners to adopt sustainable practices like compositing, mulching organic matter, and intercropping to improve crop yield. The program aims to increase coconut farmer income by 100% and crop yields by 50% over the next five years. The majority of the company’s coconut partner is based in the Philippines.
In September 2022, Goya Foods, Inc., the largest Hispanic-owned food company in the USA, launched an online store to ship their products including coconut milk and cream directly to the consumers. The company aims to expand its digital footprint in the market and offer easy access to its products to consumers.
In May 2021, Axelum Resources Corp. entered into the e-commerce sector and collaborated with local online platforms like Shopee and Lazada. These product feature company’s products including coconut milk powder, coconut cream and milk, and coconut cooking oil. The company aimed to reach a large consumer base.
The Global Coconut Milk and Cream Market is forecasted to continue a positive growth, primarily driven by the growing trend for veganism and plant-based diet along with the increasing prevalence of lactose intolerance in consumers. The surging demand for functional and healthier food products coupled with the increasing adoption of plant-based products like coconut milk and cream to lead a certain or healthier lifestyle is anticipated to augment the growth of the market. Though the market is highly competitive with ~200 participants, global players control the dominant market share.
Market Taxonomy
By Type
- Coconut Milk
- Organic
- Conventional
- Coconut Cream
- Organic
- Conventional
By Packaging Type
- Plastic Bottles
- Tetra Packs
- Cans
By Flavor
- Sweetened
- Unsweetened
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By End-Users
- Households
- Food and Catering Service
- Processed Food
- Others
By Distribution Channel
- Direct
- Wholesalers
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Retail
- Other Retail Sectors
By Geography
- North America
- USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Mc Cormick & Company, Inc.
- Nestlé
- Pacific Foods Of Oregon, LLC
- Califia Farms, LLC
- Goya Foods, Inc.
- Danone
- Sambu Group
- Axelum Resources Corp.
- Kapar Coconut Industries
- Greenville Agro Corporation
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