Coconut Milk Market will Hit US$1.8 Bn by the end of 2030, Predicts Fairfield Market Research in a New Report
The Global Coconut Milk Market Is Expected to Grow at a Steady Rate with Rising Consumer Awareness of Environmental and Health Issues and Consumer Taste for Rich Creamy Textures. Fairfield Market Research Highlights the Key Trends in the Market
London, March 12, 2024 (GLOBE NEWSWIRE) -- Global coconut milk market is projected to experience a steady surge, reaching a valuation of US$1.8 Bn by 2030 from the value of US$1.1 Bn attained in 2022. Market is estimated to hold a CAGR of 6.7% in the forecast period from 2023 to 2030 according to Fairfield Market Research’s newly published report.
The growing global emphasis on wellness and health is one of the main factors driving the coconut milk market expansion. Consumers are gravitating toward plant-based and natural food products as they become more health-conscious.
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REPORT SCOPE
Report Attributes | Details | |
Base Year | 2022 |
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Forecast Year | 2023 – 2030 | |
Market Size in 2022 | US$1.1 Bn | |
Estimated Market Size in 2030 | US$1.8 Bn | |
CAGR | 6.7& |
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Growth Drivers |
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Segmentation |
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Regional Coverage |
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The demand for coconut milk as a significant component is being driven by the global trend towards unique and varied flavours, especially in Asian and tropical cuisines, which is driving the market expansion. The market is expanding as a result of rising consumer awareness of environmental and health issues, which is fueling demand for coconut milk as a dairy substitute.
“Diversifying and increasing the range of coconut milk products is one way to capitalise on market growth opportunities. Producers have the opportunity to leverage consumer preferences for novel and enhanced versions, like flavoured coconut milk, creamers made from coconut, and ready-to-drink products,” says the company analyst.
There is a growing need for non-dairy substitutes due to the rise in lactose intolerance and allergies associated with dairy products, with coconut milk emerging as a popular option. Its popularity is partly due to its inherent sweetness and adaptability to savory and sweet recipes.
The growing popularity of vegan and vegetarian diets, where coconut milk is welcomed as a basic component for plant-based cookery, is another factor contributing to this health-conscious trend.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/coconut-milk-market
Key Research Insights
North America is the largest market for coconut milk owing to the expanding popularity of coconut-based goods and the increasing adoption of plant-based diets in the region.
Europe is now the second-biggest market due to rising consumer interest in plant-based diets and healthy lifestyles.
The full-fat coconut milk category is dominating the market because of its rich flavour profile and range of culinary uses.
The organic sector is dominating the market as customers place a higher priority on sustainability and health.
Liquid forms dominate the market because consumers want ready-to-use, convenient items.
Insights into Segmentation Analysis
An Environmentally Responsible Mindset Drives Dominance of Organic Coconut Milk
The coconut milk industry, the organic sector, is in the lead due to rising customer demand for products that are supplied sustainably and with better health. Growing emphasis on pesticide-free farming, moral production methods, and a general dedication to environmental responsibility are what are driving the demand for organic coconut milk.
The market share and steady expansion of organic coconut milk are attributed to consumers' willingness to pay a premium for organic products.
The conventional section is expanding quickly, but the organic segment continues to hold a dominant position. The reason for this development is said to be a wider range of consumers who could value affordability more than organic certification.
As the industry grows internationally, developing economies may account for a sizable portion of the demand for regular coconut milk. Conventional coconut milk appeals to a wide spectrum of customers due to its affordability, availability, and variety; this helps explain why it is the market sector with the quickest rate of growth.
Full-fat Coconut Milk Sales Dominate on the Back of a Rich Flavour
The market is dominated by full-fat coconut milk, which is favoured for a variety of culinary applications due to its rich and buttery consistency. Full-fat coconut milk is widely used in both traditional and modern cooking because of its rich flavour, which improves the mouthfeel and taste of food.
The market's full-fat coconut milk sector continues to dominate due to consumer preferences for rich and tasty options in recipes and beverages.
The market for low-fat coconut milk is expanding quickly due to customers' growing awareness of their health. The demand for low-fat substitutes is growing as dietary habits move in the direction of healthier options.
Liquid Category Wins Preference over Powder Segment
The market for coconut milk in 2022 is dominated by the liquid form because it is so widely used in cooking, drinks, and culinary applications. Because it is readily available and convenient, liquid coconut milk is a preferred option among consumers who are looking for a product that can be easily and versatilely used in a variety of dishes.
Coconut milk in powder form is emerging as the segment with the highest rate of growth, propelled by factors including increased shelf-life, simplified storage, and efficient transportation. The extended shelf-life of powdered coconut milk attracts customers seeking a portable and easy substitute.
Powdered coconut milk is expanding quickly in the market due to its increasing use in the food industry, particularly in the creation of instant beverage mixes and as an ingredient in packaged goods.
Key Report Highlights
Remarkably growing online retail channels provide a profitable chance to the coconut milk market participants to increase their customer base and market reach.
Online channels also give marketers a place to spread the word about the health advantages and culinary adaptability of coconut milk, which fosters consumer loyalty and expands market share.
The coconut milk business has much potential when it comes to using technology to improve sustainable production methods. Coconut production can be optimised to reduce environmental impact and increase productivity through the use of sustainable farming technologies.
Insights into Regional Analysis
Extensive Accessibility Creates Tailwinds for North America’s Leadership
Coconut milk's largest market segment is established in North America, propelled by the increasing prevalence of plant-based diets and the growing appeal of products derived from coconut.
Consumers who are concerned about their health in North America are actively looking for dairy substitutes, and coconut milk, with its many uses and nutritional advantages, meets this need.
The region's well-established retail infrastructure, which consists of specialist shops and supermarkets, makes coconut milk goods easily accessible.
The prevalence of lactose intolerance and the increasing popularity of vegan diets play a major role in the market for coconut milk's continuous growth and domination in North America.
Sales Set to Heighten with Asia Pacific’s Traditional Culinary Culture
A combination of cultural factors-coconut milk is a mainstay in many Asian cuisines-and the global trend toward healthy eating choices are driving the region's tremendous growth.
Growing disposable incomes in developing nations is a factor in the growing craze for unique and unusual flavours, one of which is coconut milk.
The wide availability of coconut farms in Asia Pacific nations like Thailand, Indonesia, and the Philippines also warrants a steady and affordable supply that fuels the explosive expansion of the market for coconut milk.
Key Companies in the Global Coconut Milk Market
Nippon Paper Industries Co. Ltd
Unicharm Corporation
Kimberly-Clark Corporation
Hengan International Group Co. Limited
First Quality Enterprises Inc
Daio Paper Corporation
Global Coconut Milk Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Form Coverage, By Nature Coverage, By Product Type Coverage, By Distribution Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/coconut-milk-market
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