Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- Global Coconut Milk Market is expected to exhibit a CAGR of 14.61% over the forecast period (2018- 2023), according to the latest research report from Market Research Future (MRFR). The global coconut milk market is driven by a number of factors, including the rising popularity of veganism, the growing demand for alternatives to conventional dairy products, and the rising awareness about the health benefits of coconut milk. The global coconut milk market is expected to rise to a valuation of USD 2,350.8 million by the end of 2023.
Growing Popularity of Veganism Drives Demand for Coconut Milk
One of the major factors driving the global coconut milk market is the rising popularity of the vegan movement around the world. Coconut milk is one of the prime substances targeted by vegan product manufacturers, as vegans don’t consume animal milk and are thus dependent on plant alternatives such as soy milk or coconut milk. The growing popularity of the vegan movement in developed areas of the world is likely to drive the global coconut milk market over the forecast period.
Competitive Analysis:
Leading players in the global coconut milk market include McCormick & Company, Inc., Dabur India Ltd., Vita Coco, Thai Agri Foods Public Co. Ltd., Theppadungporn Coconut Co. Ltd., ThaiCoconut Public Company, Danone SA, Celebes Coconut Corp., Ducoco, and Goya Foods Inc.
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Growing Prevalence of Lactose Intolerance Drives Demand for Coconut Milk
Another key driver for the global coconut milk market is the growing prevalence of lactose intolerance in North America and Europe. People with lactose intolerance have trouble digesting milk and milk products due to the presence of lactose in it, which can lead to abdominal distress and digestive problems. The growing prevalence of this condition has driven the demand for alternative products that can be sold as a milk replacement. Coconut milk is one of the most popular products in this regard and is likely to remain a key beneficiary of the growing prevalence of lactose intolerance in the coming years.
Rising Prevalence of Advertising Fraud could Hamper Coconut Milk Market’s Growth
While the rising awareness about the health benefits of coconut milk has been a major driver for the global coconut milk market, the lack of conclusive studies defining the scope of the medical benefits of coconut milk has led to several cases of false advertising. In April 2019, Danone US was hit with a false ad suit for marketing coconut milk products as being healthy despite the presence of saturated fats in them in high quantities.
In March 2019, Coconut Palm Company, a Chinese manufacturer of coconut milk products, was hit with an order to stop its misleading and “vulgar” advertisement implying that consuming coconut milk leads to an increase in breast size of female consumers. Buxom women form a key part of the company’s advertising and promotional campaigns for the drink, leading to consistent troubles with the regulators.
Instances such as these highlight the need for stricter enforcement of regulations and more comprehensive research so that the scope of benefits of coconut milk can be comfortably defined.
Segmentation:
The global Coconut Milk Market is segmented on the basis of category, form, packaging type, distribution channel, and region.
By category, the global coconut milk market is segmented into conventional and organic. Conventional production of coconut milk dominates the global coconut milk market, even though the awareness about organic production of coconut milk is growing and could play a key role in the growth of the coconut milk market over the forecast period.
By form, the global coconut milk market is segmented into powder and liquid, with liquid formulations currently dominating the global coconut milk market. The liquid segment is expected to reach a valuation of USD 1,550.5 million by 2023, with the powder segment expected to exhibit the highest CAGR of 14.78% over the forecast period. The increasing use of coconut milk powder in culinary preparations could also emerge as a key driver for the segment over the forecast period.
Browse the market data and information spread across 122 pages with 110 data tables and 28 figures of the report “Coconut Milk Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/coconut-milk-market-3024
Regional Analysis:
Asia Pacific was the dominant regional market for coconut milk in 2017 and is likely to continue in this position over the forecast period due to the high production of coconuts in Southeast Asia and the growing support from governments for proper outlays on the production of coconut milk on an industrial scale. The growing efforts from emerging Southeast Asian economies to formalize and maximize the benefits of local traditional trades are likely to boost the prospects of the coconut milk market in the region over the forecast period. The Asia Pacific market for coconut milk is expected to exhibit the highest CAGR of 14.5% over the forecast period.
North America is the second largest regional market for coconut milk and is likely to retain an important position in the global coconut milk market over the forecast period.
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