Market Research Future (MRFR) analysed the global coconut milk market 2020 across the review period till 2023. As per MRFR review, the coconut milk market can rise at 14.61% CAGR in the forecast period. By 2023, the coconut milk market value can rise at USD 2,350.8 Mn. COVID 19 analysis of the coconut milk market is discussed in the report. The easy availability of coconut milk on online stores can support the expansion of the coconut milk across the assessment period. In addition, the large scale distribution channel of coconut milk in e-commerce can also favor the market in the near future. The increase in brand awareness about vegan solutions can also benefit the market growth. The availability of robust packaging solutions that is observed to contribute in consumer convenience can impact the expansion of the coconut milk market in the years ahead.
The segment assessment of the global coconut milk market is done by form, category, distribution channel, and packaging type.
The category based segments of the coconut milk market are organic and conventional. Coconut milk is generally obtained from coconuts that are grown using conventional farming practices. Agrochemicals, such as; pesticides and fertilizers are used. Thus, this coconut milk contain a certain amount of chemicals residues. However, the increase in the popularity of organic coconut milk that are derived from coconut grown in special condition is observed to gain consumer attention. Thus, the organic coconut milk segment can rise at 15.11% CAGR in the forecast period, while the conventional segment can garner decent revenue in the assessment period.
The packaging type based segments of the global coconut milk market are cans, bottles, and pouches among others. The cans segment can secure the largest share of the worldwide market. Bottle packaging offer high strength and stability that is observed to gain decent credit among consumers. The cans segment can thrive at significant CAGR and can earn about USD 914.2 Mn by 2023. Thus, the bottles segment can rise at the decent pace. Pouches and cartons are other type of packaging that are observed to hold global foothold. The high convenience of tetra pack is gain it popularity as packaging material. Moreover, the smooth surface support better printing of product information that can support the expansion of the market across the analysis period. Tetra pack retains taste of the product and nutritional value better, thus the segment can support the expansion of the market in the analysis period.
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Trends and factors that impact the regional progress of the coconut milk market is studied across Europe, North America, APAC, and the Rest of the World. According to MRFR study, the Asia Pacific coconut milk market is expected to rise at 14.50% CAGR through the review period. In North America, the coconut milk market can hold a decent share in the worldwide market. MRFR suggests that the market in North America can generate revenue of about USD 629.1 Mn by 2023. In Europe, the coconut milk market can earn about 21.72% share of the worldwide market. MEA coconut milk market can rise at moderate pace in the years to come.
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Goya Foods, Inc. (New Jersey), McCormick & Company, Inc. (US), Vita Coco (US), Dabur India Ltd (India), Ducoco (Brazil), hai Agri Foods Public Co., Ltd (Thailand), Theppadungporn Coconut Co., Ltd (Thailand), Celebes Coconut Corp. (Philippines), T Danone SA (France), and ThaiCoconut Public Company (Thailand) are some reputed names in the global coconut milk market that are profiled by MRFR.
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