According to a new report published by Allied Market Research, titled, “Coconut Milk Market by Packaging Type, Category, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global coconut milk market size was valued at $1.1 billion in 2019 and is anticipated to reach $2.9 billion by 2027, with a CAGR of 17.1% during the forecast period.
Coconut milk is the oil-protein-water mixture, which is produced from fresh grated coconut kernels. The diluted form is called coconut milk while the concentrated form of mixture is called coconut cream. Coconut cream/milk is used to make various recipes such as fish & meat dishes and curries. It is also used in the preparation of bakery products, desserts, sweets, and for coconut milk flavoring. Skimmed coconut milk is also used as a protein supplement. Coconut milk/cream is also used in beverages, cocktails, and alcoholic drinks. Coconut milk/cream also has moisturizing and nourishing properties making it useful for skin care.
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Increase in use of coconut-based products in food & beverage applications is expected to drive the market for coconut milk in the future. Coconut milk is widely used as ingredient in a variety of cosmetic products and processed food products such as cookies, cakes, milkshakes, and ice cream. With growth in consumption of processed food products, owing to rise in urban population, the demand for coconut milk is expected to grow at a significant rate in future.
According to the global coconut milk market analysis, the market is segmented into packaging type, category, end user, distribution channel, and region. By packaging type, it is categorized into plastic bottles, tetra packs, and cans. Based on category, it is segmented into organic and conventional. The end users studied in the report are household, food services, catering services, and others. On the basis of distribution channel, it is segregated into direct distribution and retail distribution. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Indonesia, Sri Lanka, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, United Arab Emirates, Nigeria, Turkey, South Africa, and rest of LAMEA).
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On the basis of packaging type, the tetra pack segment accounted for the maximum share in the global coconut milk market in 2019, and is expected to remain dominant during the forecast period. This type of packaging enhances the shelf life and minimalizes the loss of aroma of the packed products.
On the basis of category, the conventional segment accounted for the maximum share in the global coconut milk market in 2019. Conventional coconut milk is much more economical in comparison to organic coconut milk and it is one of the major growth factors in this segment.
On the basis of end user, the food services segment held a significant market share in 2019 in coconut milk market. Popularity of coconut milk in the food & beverage service sector is increasing, as they can be stored and used over a long period, which saves operational costs.
On the basis of distribution channel, the retail distribution segment held a significant coconut milk market share in 2019. These channels offer various goods and often act as a one-stop solution for shopping for all everyday requirements. Thus, retail distribution includes supermarket/hypermarket, and convenience store among others, which are preferred while shopping for groceries and everyday edibles.
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Key findings of the study
The organic coconut milk market size was valued at $435.7 million in 2019, and is anticipated to reach $1227.2 million by 2027, with a CAGR of 18% during the forecast period.
In 2019, by packaging type, the tetra packs segment held the highest share, accounting for 62.6%.
On the basis of end user, the food services segment led the market, garnering 54.07% of the global coconut milk market share in 2019.
Depending on distribution channel, the direct distribution segment is estimated to exhibit the highest CAGR of 18%.
In 2019, Asia-Pacific was the most prominent market, and is expected to grow at a significant CAGR throughout the forecast period.
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The key players profiled in this report include are McCormick & Company Inc. (US), Goya Foods Inc. (New Jersey), Celebes Coconut Corp. (Philippines), Vita Coco (US.) Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. Ltd (Thailand), Danone SA (France), Pureharvest (Australia), Thai Coconut Public Company (Thailand), and Dabur India Ltd (India).
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