What Is the Size of Global Coconut Milk And Cream Industry?
Global Coconut Milk and Cream market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. 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.
The rising awareness regarding the health benefits of coconut such as supporting cardiovascular health, offering anti-inflammatory, anti-microbial, and anti-fungal properties, may reduce stomach ulcers, and others along with the increase in consumption of coconut-based products among consumers are likely to boost the demand for coconut milk and cream products.
The global coconut milk and cream market faces challenges due to the availability of a variety of substitutes in the market, and differences in prices among the substitutes. Availability of coconut cream and milk alternatives such as soy milk, almond milk, whipping cream, greek yogurt, and others in the market may hamper the growth of the Global Coconut Milk and Cream Market. Although the applications of different plant-based products such as soy milk and almond milk vary per taste and composition, these are most likely to replace or substitute coconut milk in terms of price and availability. The COVID-19 pandemic positively impacted the Coconut Milk and Cream Market owing to the increased demand for functional products that offer health benefits.
Global Coconut Milk and Cream Market By Type
The Global Coconut Milk and Cream market is segmented by Type into Coconut Milk- Organic and Conventional. Coconut Cream- Organic and Conventional. Coconut milk segment held the largest share of the Global Coconut Milk and Cream Market by type in 2021, owing to the growing demand for plant-based milk products including coconut milk among consumers of all age groups.
The rising disposable income and change in the eating pattern along with the growing preference for plant-based products over animal based-products are expected to fuel the demand for the segment in the Global Coconut Milk and Cream Market.
Global Coconut Milk and Cream Market by Packaging Type
The Global Coconut Milk and Cream Market is segmented by Packaging Type into Plastic Bottles, Tetra Packs, Cans. The tetra pack segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, owing to its easy handling, transportation, and convenience to open, store, and recycle. The increasing preference for lightweight packaging material as well as packaging which saves shelf space among manufacturers is anticipated to augment the growth of the segment in the Global Coconut Milk and Cream Market.
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Global Coconut Milk and Cream Market by geography
The Global Coconut Milk and Cream market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia-Pacific region accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, owing to the rising prevalence of lactose intolerance in the region.
The rising demand for dairy alternative products such as coconut milk and cream among lactose intolerant, vegan, and other consumers along with large-scale intensive farming of coconut in Asian countries is expected to augment the growth of the region in the Coconut Milk and Cream Market.
Global Coconut Milk and Cream Market by Distribution Channel
The Global Coconut Milk and Cream market is segmented by Distribution Channel into Direct, Wholesalers, Hypermarkets/Supermarkets, Specialty Stores, Online Retail, Other Retail Sectors. Supermarkets/hypermarket segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to a large consumer base, wide availability of brands, and capacity to hold multiple users simultaneously.
The availability of a wide range of Coconut Milk and Cream of different brands in supermarkets or hypermarkets coupled with increasing demand for plant-based protein among lactose intolerant, health-conscious consumers, and others are anticipated to propel the growth of the segment in the market.
Global Coconut Milk and Cream Market by Flavor
The Global Coconut Milk and Cream market is segmented by Flavor into Sweetened & Unsweetened. Unsweetened segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to the increase in health-conscious consumers opting for low-calorie food products such as unsweetened coconut milk and cream. The surging popularity of unsweetened coconut milk and cream due to its low-sugar, fat, and carbohydrate content among consumers is anticipated to boost the demand for the segment in the market.
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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