The global coconut milk products market is accounted to US$ 812.4 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 – 2027, to account to US$ 1,775.4 Mn by 2027. Coconut milk products are the products made from the coconut with further processing. Coconut cream and coconut milk powder are the most preferred coconut milk products globally. These products are rich in fats and nutrition. The coconut milk products are used as a dairy alternative by the people suffering from lactose intolerance. They are also used in various recipes due to its mild and sweet taste. Growing demand for plant-based food products in developed and developing countries is the primary factor driving the global coconut milk products market. Moreover, the rise in adoption of coconut milk products in several food recipes and products further boost the coconut milk products market globally.
The coconut milk products market is bifurcated on the basis of the product type into coconut cream, coconut milk powder, and others. The coconut cream contains a considerable amount of medium chain fatty acids which helps in easy functioning of the brain, and are easily digestible. These benefits are boosting the demand for coconut cream over the past few years.
On the basis of application, the coconut milk products market is bifurcated into, food and beverage processing, cosmetics & personal care, functional food & dietary supplements, food services, and household. The food and beverage processing is leading the end-use segment of coconut milk products market. Coconut milk products such as coconut cream and coconut milk powder are used on a large scale in the food and beverage industry to add flavor to the products. It is a regular ingredient for several food recipes mainly in Latin America, Caribbean, West Africa, and South East Asia and is extensively used to produce milk substitutes. Coconut milk is also considered an effective source to lower cholesterol levels and reduce blood pressure. A research study in coconut milk stated that drinking dairy-free coconut milk prevents heart diseases. Saturated fats in coconut milk helps to control cholesterol and safeguard from diseases such as stroke, heart disease, and high blood pressure. The high nutrition content, low calories, and high fiber content of the coconut milk products attract the food and beverage manufacturers for using coconut based products such as coconut cream and coconut milk powder in different products and therefore leading to the growth of the coconut milk products market.
Some of the players present in coconut milk products market are Danone S.A., Goya Foods, Inc., GraceKennedy Limited, McCormick & Company, Inc., Nestl? SA, Pacific Foods of Oregon, LLC, Sambu Group, Thai Agri Food PLC, Thai Coconut Public Company Limited, and Celebes Coconut Corporation among others.
The overall global coconut milk products market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the coconut milk products market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the coconut milk products market.