According to a new study by Future Market Insights, the global coconut milk products market in 2019 is estimated at ~US$ 880 Mn. The coconut milk products market growth remains driven by a range of factors, such as growing health consciousness among consumers and increasing demand for plant-based products.
Coconut milk is a comparatively stable emulsion of oil in water with enzymes that function as emulsifiers and thickeners. Coconut milk products are made from grated pulp of mature coconuts, which give an exotic aroma and improve the flavor of food products. Coconut dairy products are accessible in powder form, providing extra advantages such as enhanced shelf life, simple transportation, and less storage space.
In Oceania, East Africa, Southeast Asia and South Asia, coconut milk products have been a traditional food component. They are also used in tropical Latin America, West Africa, and Caribbean, where coconuts were introduced in the colonial era. The demand for organic coconut milk products is projected to increase at a greater pace in the foreseeable future, due to increased health awareness and altering customer preferences.
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The coconut milk products market is mainly segmented on the basis of product, nature, end use and distribution channel:
Nature: Although conventional coconut milk products continue to influence the growth strategies, manufacturers are focusing increasing the production of organic coconut milk products amid rising consumer preference for products sourced from plants which are not treated with chemicals.
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Flavor: On the basis of flavor, sweetened coconut milk product market continue to gain relatively high traction as compared to unsweetened variants.
Product: On the basis of product, the coconut milk product market is segmented as full fat coconut milk, lite coconut milk, refrigerated coconut milk, cream of coconut, and coconut milk powder. Full fat coconut milk is likely to remain the most preferred product among the end users.
End use: Growing adoption in F&B industry continues to account for relatively high sales, while rising adoption in foodservice sector is likely to result in increased market share over the forecast period. In addition, the use of coconut milk products in cosmetics & personal care industry has been growing at a rapid pace in recent years.
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