Global Coconut Cream Market is valued approximately at USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2020-2026. Coconut Cream is manufactured by extracting the coconut milk from the flesh of coconuts and extracting the fats from it which leads to the formation of thick consistency which is used to flavor and texture various food products. The cream is mainly used as an ingredient in the South-east Asian countries such as Philippines, Thailand, Malaysia, Indonesia etc. Further, the rising usage of Coconut cream to add flavor to multiple Cuisines drives the market growth. As the Food industry grows the demand for multicuisine restaurants increases which increases the use of coconut cream. Also, with the number of populations avoiding dairy products due to lactose intolerance or being Vegan propels the sector to use coconut cream instead of certain dairy products. Hence, the rising number of lactose intolerant people and Vegan population across the globe drives the demand for Coconut Cream. Further, coconut creams are also used in convenience foods such as baked goods, confectionaries, beverages, ready meals and more. Hence the rising demand for Processed food products aids the market growth.
As The food manufacturing industry in Canada amounted to USD 19.20 billion in the total gross domestic product in 2017. Along with this the Cott corporation, a food and beverage company in Canada reported an increase of 45% in between 2016 and 2017. While, the main source of coconut cream is coconut, the growing cultivation of coconut across the globe supports the market growth for Coconut Cream. As per Statista, worldwide Coconut production increased from 59 million metric tons in 2016 to 60.77 million metric tons in 2017. However, lack of a skilled workforce impedes the growth of the market over the forecast period of 2020-2026. Although the use of this cream in cosmetics industry for producing organic cosmetic products presents a wide opportunistic market during the forecast period. As per Statista, in United States the largest share of the natural and organic beauty products market was attained by skincare products accounting for 40% of the total share. Further, the organic cosmetics amounted to USD 750 million in 2016 and is projected to grow to USD 1.65 billion by 2025.
The regional analysis of global Coconut Cream market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to largest production of the coconut in the region. With Indonesia producing 18.9 million metric tons of coconut in 2017 followed by Philippines with production of 14 million metric tons of coconut. While India produced 11.4 million metric tons of Coconut in the same year. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising disposable income, growing food processing industry and demand for convenience foods would create lucrative growth prospects for the Coconut Cream market across Asia-Pacific region.
Major market player included in this report are:
Celebes coconut corporation
Goya foods Inc.
Thaitan foods international co. Ltd.
Edward and sons Trading Corporation.
Maya gold trading B.V.
McCormick & Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 20198
Forecast period – 2020 to 2026
Target Audience of the Global Coconut Cream Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers