What is Coconut Milk Products Market?
Coconut milk products are produced from the coconut with further processing. Coconut milk products are rich sources of vitamins, fibers, iron, calcium, phosphorus, sodium, and other nutrients. It is used as an alternative for conventional milk especially by lactose intolerance people. Coconut milk is largely used in several food applications owing to its plant-based nature and health benefits associated with its consumption. Every part of the coconut, such as water, milk, sugar, flesh, and oil can be used in several ways. It is used in the cosmetic industry to produce natural skin care products. It is used in moisturizing lotion and face creams owing to its superior moisturizing properties.
The market study is being classified by Type (Full Fat Coconut Milk, Lite Coconut Milk, Refrigerated Coconut Milk, Cream of Coconut and Coconut Milk Powder), by Application (Food and Beverages, Cosmetics & Personal Care and Others) and major geographies with country level break-up. According to AMA, the Global Coconut Milk Products market is expected to see growth rate of 7.1%
Danone S.A. (France), Goya Foods, Inc. (United States), Gracekennedy Limited (Caribbean), Mccormick & Company, Inc. (United States), Nestle S.A. (Switzerland), Pacific Foods Of Oregon, Llc (United States), Sambu Group (United States), THAI Agri Food Plc (Thailand), Thai Coconut Public Company Limited (Thailand) and Celebes Coconut Corporation (Philippines) are some of the key players profiled in the study.
The key market players focus on strategies such as the adoption of new technologies to develop innovative products, and further enlargement of sales and distribution channels. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Coconut Milk Products market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Coconut Milk Products market by Type, Application and Region.
On the basis of geography, the market of Coconut Milk Products has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Consumers drive the shift to plant-based food products consumption
- Increased prevalence of lactose intolerance
- Health Benefits of Coconut Milk Products Capturing Consumers’ Interest
- Increasing Consumers prefer the use of plant-based cosmetic products
- The fluctuating Prices of coconut
- The upsurging adoption of veganism
- The growing demand from the untapped market of Africa and the Asia Pacific
- The stringent Government Regulations
Market Leaders and some development strategies
In 2019, Nestlé SA invests USD 72 million in the single largest coconut milk processing plant in Sri Lanka. It helped them in increasing product offering to wider customers in the food and beverage industry
In 2018, GraceKennedy Limited increased its new product offerings of coconut milk powder on Amazon. It was priced between USD 14.94 and USD 38.49 and sold under the Grace brand.
Key Target AudienceCoconut Milk Products Manufacturer, Suppliers, Distributors, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
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