Global Coconut Milk and Cream Market Size, Segments, Outlook, and Revenue Forecast Report 2022-2028: Increasing Incidence of Lactose Intolerance and Surging Demand for Plant-based Products
DUBLIN, April 12, 2023 /PRNewswire/ -- The "Global Coconut Milk and Cream Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Packaging Type, Flavor, End-user, Distribution Channel, and Major Regions" report has been added to ResearchAndMarkets.com's offering.
According to this analysis, the Global Coconut Milk and Cream Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028) and is expected to reach nearly US$ 7 billion by 2028, owing to the rise in vegan population along with the increasing incidence of lactose intolerance and surging demand for plant-based products including coconut milk and others.
Growing demand for plant-based, dairy-free, and vegan products is one factor driving the market growth. Moreover, the rising lactose-intolerant consumers is anticipated to propel the growth of the Global Coconut Milk and Cream Market during the forecast period.
The rising awareness regarding the health benefits of coconut such as supporting cardiovascular health, offering anti-inflammatory, anti-microbial, and anti-fungal properties, may reduce stomach ulcers, and others along with the increase in consumption of coconut-based products among consumers are likely to boost the demand for coconut milk and cream products.
The global coconut milk and cream market faces challenges due to the availability of a variety of substitutes in the market, and differences in prices among the substitutes.
Availability of coconut cream and milk alternatives such as soy milk, almond milk, whipping cream, greek yogurt, and others in the market may hamper the growth of the Global Coconut Milk and Cream Market. Although the applications of different plant-based products such as soy milk and almond milk vary per taste and composition, these are most likely to replace or substitute coconut milk in terms of price and availability.
The COVID-19 pandemic positively impacted the Coconut Milk and Cream Market owing to the increased demand for functional products that offer health benefits. Moreover, the increased inclination of consumers towards non-dairy ingredients like coconut milk and cream, in vegan food applications has further fueled the demand for the product in the market.
In addition, the increased consumption of coconut milk and cream coupled with increased sales of the products through online channels have benefitted the growth of the Global Coconut Milk and Cream Market.
Competitive Landscape
The Coconut Milk and Cream Market is highly competitive with ~200 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in Coconut Milk and Cream.
Country-niche players comprise ~55% of the total number of competitors, while the regional players comprise the second highest of the total number of competitors. Some of the major players in the market include Mc Cormick & Company, Inc., Nestle, PACIFIC FOODS OF OREGON, LLC, Califia Farms, LLC, Goya Foods, Inc., Danone, Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, and Greenville Agro Corporation among others.
The leading global Coconut Milk and Cream companies such as Danone SA, Nestle, and PACIFIC FOODS OF OREGON are highly focused on launching new products in the market to hold their position in the market.
Recent Developments Related to Major Players
In September 2022, Goya Foods, Inc., the largest Hispanic-owned food company in the USA, launched an online store to ship their products including coconut milk and cream directly to the consumers. The company aims to expand its digital footprint in the market and offer easy access to its products to consumers.
In August 2021, So Delicious, a plant-based brand of Danone, launched a program named "Good People Loop" to support the economic and social empowerment of coconut farming partners across its supply chain. Under this program, the company aims to empower coconut farmer partners to adopt sustainable practices like compositing, mulching organic matter, and intercropping to improve crop yield. The program aims to increase coconut farmer income by 100% and crop yields by 50% over the next five years. The majority of the company's coconut partner is based in the Philippines.
In May 2021, Axelum Resources Corp. entered into the e-commerce sector and collaborated with local online platforms like Shopee and Lazada. These product feature company's products including coconut milk powder, coconut cream and milk, and coconut cooking oil. The company aimed to reach a large consumer base.
Conclusion
The Global Coconut Milk and Cream Market is forecasted to continue a positive growth, primarily driven by the growing trend for veganism and plant-based diet along with the increasing prevalence of lactose intolerance in consumers.
The surging demand for functional and healthier food products coupled with the increasing adoption of plant-based products like coconut milk and cream to lead a certain or healthier lifestyle is anticipated to augment the growth of the market. Though the market is highly competitive with ~200 participants, global players control the dominant market share.
Key Topics Covered in the Report
- Snapshot of the Global Coconut Milk and Cream Market
- Industry Value Chain and Ecosystem Analysis of the Coconut Milk and Cream Market
- Market size and Segmentation of the Global Coconut Milk and Cream Market
- Historic Growth of the Overall Global Coconut Milk and Cream Market and Segments
- Competition Scenario of the Coconut Milk and Cream Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of the Global Coconut Milk and Cream Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Coconut Milk and Cream Market
- Future Market Forecast and Growth Rates of the Global Coconut Milk and Cream Market and by Segments
- Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
- Analysis of the Coconut Milk and Cream Market in Major Regions
- Major Production/Consumption Hubs in the Major Regions
- Major Production/Supply and Consumption/Demand Hubs in Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Coconut Milk and Cream Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Mentioned in the Report
- Mc Cormick & Company, Inc
- Nestle
- PACIFIC FOODS OF OREGON, LLC
- Califia Farms, LLC
- Goya Foods, Inc
- Danone
- Sambu Group
- Axelum Resources Corp
- Kapar Coconut Industries
- Greenville Agro Corporation
- Only Earth
- Ayam Sarl
- Epigamia
- Cocos Organic
- M&S Food Industries
Scope of the Report
By Type
- Coconut Milk
- Organic
- Conventional
- Coconut Cream
- Organic
- Conventional
By Packaging Type
- Plastic Bottles
- Tetra Packs
- Cans
By Flavor
- Sweetened
- Unsweetened
By End-Users
- Households
- Food and Catering Service
- Processed Food
- Others
By Distribution Channel
- Direct
- Wholesalers
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Retail
- Other Retail Sectors
By Geography
- North America
- USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
For more information about this report visit https://www.researchandmarkets.com/r/hkni0a
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