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Coconut Milk Market | Industry Challenges, Key Players Drivers, Business Trends and Forecast to 2023

iCrowdNewswire   Jan 11, 2021  10:29 AM ET

Market Overview

The global market for coconut milk is predicted to expand at a staggering CAGR over the assessment period (2017-2023) owing to the increasing health consciousness among the population, asserts Market Research Future (MRFR). Coconut milk is the thick white liquid extracted from the grated meat of a mature coconut. Coconut milk is enriched with lauric acid which imparts energy to the human body and is extensively used across food industries in order to enhance the aroma, flavor, and the nutrient of the food. Moreover, the lactose-free property makes it popular among the lactose-intolerant consumers.

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On the flip side, the limited sources of tender coconuts utilized for the preparation of product can inhibit the market growth over the forecast period. Moreover, excess consumption of coconut milk causes high blood cholesterol which eventually leads to allergies. Such factors are anticipated to hamper the market growth over the forecast period.

Competitive Analysis

The major players operating the market are McCormick & Company (U.S.), Native Forest (U.S.), Ducoco Produtos Alimenticios S/A (Brazil), Pure Harvest (Australia), Goya Foods Inc. (U.S.), Theppadungporn Coconut Co. Ltd. (Thailand), WhiteWave Foods (U.S.), and others.

Segmental Analysis

By mode of form, the market has been segmented into liquid, powder, and others. Among these, the liquid segment holds the largest market share owing to its ready-to-use and ready-to-drink property. Also, the shelf-life of the powder form supports the growing demand from the consumer’s side.

By mode of packaging, the market has been segmented into cans, box, vacuum pack, bottle, and others. Among these, the bottle packaging segment holds the largest market share due to convenience usage.

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Regional Insights

North America has been predicted to hold the major market share closely followed by Asia Pacific. The growing number of lactose-intolerant people who are not being able to digest lactose are switching to coconut milk due to its numerous health benefits. This is anticipated to drive the market in this region.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

Contact Information:

Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
+1 646 845 9312

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