The global market for coconut milk is predicted to expand at a staggering CAGR over the assessment period (2017-2023) owing to the increasing health consciousness among the population, asserts Market Research Future (MRFR). Coconut milk is the thick white liquid extracted from the grated meat of a mature coconut. Coconut milk is enriched with lauric acid which imparts energy to the human body and is extensively used across food industries in order to enhance the aroma, flavor, and the nutrient of the food. Moreover, the lactose-free property makes it popular among the lactose-intolerant consumers.
Coconut milk contains high oil content which gives it rich taste and color. Coconut milk offers several health benefits such as improves the immune system and reduces critical illness. For instance, the presence of lauric acid in coconut milk helps to increase energy. Also, the fatty acids help to reduce cholesterol levels, control heart attacks and strokes, and improve the level of blood pressure. Due to such health benefits offered by coconut milk, the market is predicted to expand substantially over the forecast period. Due to the growing concern about animals and the environment, there has been significant growth in the vegan population. The adoption of natural food products along with preference for vegan diet has spurred the market growth over the assessment period.
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On the flip side, the limited sources of tender coconuts utilized for the preparation of product can inhibit the market growth over the forecast period. Moreover, excess consumption of coconut milk causes high blood cholesterol which eventually leads to allergies. Such factors are anticipated to hamper the market growth over the forecast period.
Huanlejia in China has partnered with Sidel and switched its coconut milk from HDPE to PET bottles, running at 48,000 bottles per hour. The reason behind the change was mainly due to reinforce its brand image and enhance the speed of production.
The major players operating the market are McCormick & Company (U.S.), Native Forest (U.S.), Ducoco Produtos Alimenticios S/A (Brazil), Pure Harvest (Australia), Goya Foods Inc. (U.S.), Theppadungporn Coconut Co. Ltd. (Thailand), WhiteWave Foods (U.S.), and others.
By mode of form, the market has been segmented into liquid, powder, and others. Among these, the liquid segment holds the largest market share owing to its ready-to-use and ready-to-drink property. Also, the shelf-life of the powder form supports the growing demand from the consumer’s side.
By mode of packaging, the market has been segmented into cans, box, vacuum pack, bottle, and others. Among these, the bottle packaging segment holds the largest market share due to convenience usage.
By mode of application, the market has been segmented into beverages, bakery and confectionery, dairy and frozen dessert, convenience foods, and others. Among these, the segment for bakery and confectionery holds a larger share owing to its wide application in the industry.
By mode of distribution channel, the market has been segmented into hypermarkets and supermarkets, specialty stores, convenience stores, e-commerce, and others. Among these, the supermarkets and hypermarkets segment has found to be the dominant segment and is expected to maintain its dominance over the review period due to the robust growth of organized retail globally. Meanwhile, specialty stores are expected to expand during the assessment period.
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North America has been predicted to hold the major market share closely followed by Asia Pacific. The growing number of lactose-intolerant people who are not being able to digest lactose are switching to coconut milk due to its numerous health benefits. This is anticipated to drive the market in this region.
Asia Pacific is considered to be the fastest growing market. This is majorly due to the changing lifestyle which has led to the adoption healthy and vegan diet in the Asia Pacific region. Countries like India, China, and Japan dominate the market in this region owing to its majority population share.
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