NEWARK, Del, July 27, 2022 (GLOBE NEWSWIRE) -- The global coconut milk market is projected to hold a market value of USD 1152.71 Million in the year 2022 and is expected to grow with a robust CAGR of 7% surpassing USD 2131.6 Million by the year 2032. Owing to the versatile use of coconut milk and its widespread adoption have led to a phenomenal growth of the coconut milk market during the forecast years of 2022 to 2032.
The perfect combination of protein, oil and water, coconut milk is prepared with freshly shredded coconut meat. The diluted form of the mixture is known as coconut milk whereas the concentrated form is known as coconut cream. Both coconut milk and cream are utilized in a variety of recipes including meat and fish dishes along with curries.
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The multi-purpose use of coconut milk and coconut cream in making bakery products such as pastries and various other sweet dishes are factors leading to the tremendous growth of the coconut milk market. In order to escalate the flavor of any dish be it savory or sweet, coconut milk is used resulting in the opening of more key trends and opportunities.
Key Takeaways
- Coconut milk is widely used as a protein supplement and being one of the widely used ingredients in cocktails, alcoholic beverages and other drinks, coconut milk is projected to witness a significant rise in its sales over the forecast years.
- Besides its diverse use in the food and beverage industry, coconut milk is also considered good for skin care because of its hydrating and nourishing characteristics. Therefore, there is witnessed an increase in the demand for coconut milk along with an acceleration of coconut milk adoption trends.
- For convenient usage, coconut milk is stored and processed in a variety of ready-to-use configurations including pouches, canned goods, and dried products. With the increasing demand for coconut milk, the packaging industry is also bound to propel through the forecast years.
- Coconut cream and milk are mostly used in the food and baking industries surging the demand for coconut milk.
- Coconut milk has been recently employed in the personal care and beauty products industries, and it is projected to see increased coconut milk market growth over the forecasted period.
Competitive Landscape
Theppadungporn Coconut, Renuka Foods PLC, Goya Foods Incorporation, Asiatic Agro-Industry, The Sambu Group, PT. Sari Segar Husada, Thai Agri Foods PLC, M&S Food Industries, Primex Coco Products Incorporation, Santanku Sdn. Bhd, are some of the key companies profiled in the full version of the report.
Many new coconut milk market opportunities are being created in the coconut milk market as manufacturers invest in research and development to develop more advanced coconut milk solutions.
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More Insights into the Coconut Milk Market
The United States in the North American region is projected to dominate the coconut milk market with possession of the maximum market share of 65%. Owing to the spike in lactose intolerant consumers, the coconut milk market has seen a reasonable hike in the past few years, and it continues to showcase its domination in the global coconut market.
In terms of value, the United States is predicted to have a total valuation of USD 568.1 Million in the year 2022. As a result of the numerous health benefits offered by coconut milk, a rising number of customers are opting for it.
With increasing customer inclination toward the health benefits that coconut milk has to offer, people are opting for it increasingly. Rising consumer health consciousness is driving the coconut milk market expansion in the country as well as shooting up the coconut milk market key trends and opportunities.
Following the footsteps of the U.S, the United Kingdom is the second largest leader in the coconut milk market accounting for a market size of USD 159.9 million. The United Kingdom meat and dairy market are currently facing significant competition from the naturally sourced organic food industry.
Consumers in this country are more likely to substitute more sustainable plant-based alternatives for traditional foods, and coconut milk market trends are not restricted to foods & beverages. Consumers prefer to use cosmetics that are not tested on animals.
In the U.K, coconut market trends are not just limited to the food and beverage industry, they have widely been adopted in the cosmetic industry owing to its numerous skincare benefits and prevalence in cosmetics that are not tested on animals.
Market Segmentation for Coconut Milk
By Form:
- Liquid Coconut Milk
- Coconut Milk Powder
By Nature:
- Organic Coconut Milk
- Conventional Coconut Milk
By End-Use:
- Household
- Food Service
- Food & Beverages Manufacturing
- Cosmetics & Personal Care
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Product launches & Recent Developments
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