Coconut milk market will reach USD 2,172.49 million in 2028; Increasing acceptance of vegan diets and prevalence of lactose intolerance to fuel growth, says Fortune Business Insights™ (2023)

Pune, India, June 28, 2021 (GLOBE NEWSWIRE) -- Thecoconut milk marketis set to gain traction with the growing awareness among consumers of the health benefits associated with a vegan diet. The Plant-Based Food Association published its data in 2020 mentioning that plant-based milk sales increased by 5% in the same year in the US. Companies are also taking this opportunity to launch their products on the market. . According to a Fortune Business Insights™ report titled “Coconut Milk Market, 2021-2028”, the market stood at $919.57 million in 2020. It is projected to grow from $1,009.07 million in 2021 to $2,172.49 million in 2028 with a CAGR of 11.58%in the forecast period.

COVID-19 Pandemic: Disruptions in Commodity Transportation to Stifle Growth

The outbreak of the COVID-19 pandemic severely affected the market. Lockdown regulations implemented by reputable regulatory bodies around the world have resulted in the disruption of transportation of raw materials and elevated prices. Therefore, manufacturers of coconut and associated products cannot continue with their manufacturing processes. These factors should decrease the demand for this type of milk in the midst of the pandemic.

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Competitive scenario:

Top players focus on introducing new products to attract more consumers

The market is home to a large number of international and national companies that are currently focusing on launching unique coconut milk-infused products to attract more consumers. Some others are partnering with startups to co-develop new food products containing this ingredient.

Below are the two crucial industry developments:

• June 2020:Epigamy has introduced a new line of plant-based yogurt in India. It is made from coconut milk and has a creamy texture. It is available in two flavors i.e. Coconut Jaggery and Unsweetened. Both are free of preservatives and rich in probiotics.
• March 2020: Kite Hill introduced two new products, including Kite Hill Sour Cream Alternative, a plant-based sour cream made with almond and coconut milk, as well as Kite Hill Blissful, a thick and creamy line of yogurts made with coconut milk.

List of well-known vendors operating in the Coconut Milk Market:

• Danone S.A. (Paris France)
• Nestlé S.A. (Vevey, Switzerland)
• Dabur India Ltd. (Ghaziabad, India)
• Cocomi Bio Organic (Sri Lanka)
• The Coconut Company (UK) Ltd. (United Kingdom)
• Coconuts of the Caribbean Ltd. (Tune Puna, Trinidad y Tobago)
• Thai Coconut Public Company Ltd. (Tailandia)
• asked Sari Fresh Husada (Indonesia)
• Celebes Coconut Corporation (Cebu, Philippines)
• Merit Food Products Co., Ltd. (Nong Khang Khok, Thailand)

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Segments:

Organic Segment Has 26.80% Share in 2020 - Fortune Business Insights™

Based on nature, the coconut market is divided into conventional and organic. Of these, the organic segment acquired 26.80% in terms of coconut milk market share in 2020. This growth is attributed to the growing trend of consumption of clean label products. In addition, organic products are gaining in popularity due to the increasing consumer demand for pesticide and chemical-free products.

Report coverage:

We follow an innovative research methodology that includes data triangulation based on bottom-up and top-down approaches. We conducted extensive primary research to validate the projected market numbers. We also obtain information from paid databases, industry magazines, SEC filings, and other authentic resources. The report includes various details such as drivers, opportunities, challenges, and market dynamics.

Controllers and Restrictions:

Increase incorporation in bakery and confectionery items to drive growth

Today, consumers are rapidly turning towards plant-based products, as they are considered healthier and safer compared to animal-based products. The Vegan Society, for example, has stated that in Europe, the UK is experiencing exponential growth in its plant-based milk sector. In 2019, it stood at USD 320.6 million in the European global market. At the same time, many people are practicing vegan diets all over the world. This is encouraging many companies to incorporate plant-based milk into a wide range of confectionery and bakery products. In February 2021, the Scottish government announced that it would soon include plant-based milk alternatives in a government-funded early learning milk and nursery scheme. Also, the increasing prevalence of lactose intolerance has forced people to opt for coconut milk.

However, the cultivation of coconut depends mainly on climatic conditions. As the amount of greenhouse gas emissions increases, global climate conditions are also changing at a rapid rate. Therefore, frequent adverse weather conditions may hamper the growth of the coconut milk market in the near future.

Regional Perspectives:

Increase coconut production in Sri Lanka to help Asia-Pacific dominate

In 2020, Asia-Pacific achieved US$398.08 million in terms of revenue due to increased trading activities for coconut products between major Asian and other countries. Sri Lanka, Indonesia and Thailand are considered the main coconut producers in this region. According to the Sri Lankan Export Development Board, the country's total coconut production accounts for around 12% and approximately 2.5-3 billion coconuts were produced in 2017. In Europe, high growth is estimated, driven by the increasing adoption of this milk in various bakery products, such as cookies, cakes and pastries.

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Detailed index:

• Introduction
  • scope of investigation
  • Market segmentation
  • research methodology
  • Definitions and assumptions
• Executive Summary
• market dynamics
  • market indicators
  • market restrictions
  • market opportunities
  • emerging trends
• Main perceptions
  • Main/Related Market Overview
    • Analysis of the Global Plant Milk Sector
    • Commodity Price Trend Analysis Overview (Coconut)
    • Factors Affecting Consumer Buying Behavior
  • Supply chain and regulatory analysis
  • Recent Industry Developments - Policies, Mergers and Acquisitions and
  • New Product Launches
  • Market analysis and information (in relation to COVID-19)
    • Impact of COVID-19 on the market
    • Supply chain challenges due to the pandemic
    • Potential opportunities to support the market during the global crisis
• Global Coconut Milk Market Analysis, Information and Forecast, 2017-2028
  • Main Findings / Summary
  • Market Size Estimates and Forecasts
    • By Nature (Value)
      • Organic
      • Conventional
    • Per form (quantity)
      • Dust
      • Liquid
    • By Distribution Channel (Quantity)
      • Supermarkets/Hypermarkets
      • Convenience stores
      • grocery stores
      • Varejo online
    • By region (value)
      • North America
      • Europa
      • Pacific Asia
      • Rest of the world

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