Market Outlook for Coconut Cream Market:
Coconut cream is manufactured by extracting the coconut milk from the flesh of coconuts and extracting the fats from it, leading to a formation of thick consistency. It contains more than or equal to 22% of coconut flesh fats. Coconut cream is mainly produced and consumed in South-east Asian such as regions such as the Philippines, Thailand, Malaysia, Indonesia, Sri Lanka, Samoa, and India. These regions also occupy a larger market share, because coconut cream is consumed through ready meals and traditional cuisines of these consumers. Recent years which witnessed the demand for vegan products and dairy alternatives has fuelled the demand for coconut cream in the market. Due to its huge demand and average prices, coconut cream has become popular and widely accepted amongst the health-conscious consumers. The coconut cream manufacturers in the Asia Pacific have successfully invested in building demand in other regions through marketing campaigns. The coconut cream is especially expected to project significant growth in regions like North America, Western Europe, and Eastern Europe.
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Manufacturers Churning Up Innovative Products Containing Coconut Cream
The last few years witnessed an exorbitant increase in the number of new product launches containing coconut cream. Coconut cream is becoming increasingly prominent in vegan ice creams and yogurts. Coconut cream is also expected to capitalize on the drawbacks of other competing dairy-alternatives, such as poor taste and texture profiles. Meanwhile, the ever-expanding frozen dessert aisle is opening up new opportunities for the coconut cream market, as marketers explore innovations within dessert variegates and garnishing ingredients. As the demand for coconut products is looming, key players are also focusing on expanding the production of coconuts. Hence, in the forecast period, easy procurement and availability of coconuts may lead to a diversification of coconut products. Coconut cream is also a popular candidate amongst the lactose intolerant consumers. With the growing incidence of lactose intolerance and obesity disorders, consumers are compelled to opt for products such as coconut cream. It is noticed that organic certified products and Fair Trade labeled coconut cream have greater potential to penetrate the European market. A macroeconomic force that is driving the coconut cream market is that the regulatory bodies and government in Europe are demanding natural food in the schools and homes for the elderly. To penetrate the European market, the packaging of coconut cream is beheld as important. European consumers pay significantly higher for the coconut cream products which is packaged in Europe. This reflects the European consumers’ value for environment-friendly packaging, considering the recent trends for eco-friendly packaging.
Global Coconut Cream Market: Segmentation:
The global coconut cream market is segmented on the basis of nature, end use, packaging and sales channel-
On the basis of nature, the coconut cream market is segmented into-
- Organic
- Conventional
On the basis of end use, the coconut cream market is segmented into-
- Households
- Foodservice
- Industrial
- Food & beverages
- Dairy
- Frozen Desserts
- Sauces & spreads
- Confectionery
- Bakery
- Clinical Nutrition
- Sports Nutrition
- Infant Formulae
- RTD/RTE
- Others
- Cosmetics & Personal Care
- Food & beverages
On the basis of packaging, the coconut cream market is segmented into-
- Cans
- Tetra Packs
On the basis of sales channel, the coconut cream market is segmented into-
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retailers
- Others
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Global Coconut Cream Market:
- Adamjee Lukmanjee & Sons (Pvt) Ltd.
- SunOpta, Inc.
- Holista Tranzworld Limited
- Ayam Sarl
- ExpoLanka (Pvt) Limited
- Pulau Sambu Singapore Pte Ltd.
- Petrow Food Industries Ltd
Global Coconut Cream Market: Key Takeaways
In March 2018, the company Daiya Foods, manufacturer of plant-based dairy alternatives launched a product Daiya Duets, which are alternative to yogurt and contain coconut cream as a base ingredient.
Opportunities for Coconut Cream Market Participants:
As South East Asia is the major manufacturer of coconut cream, product quality standards pertaining to the developed regions are often not met. This is a major hurdle for the growth of the coconut cream market, as developed regions showcase immense market potential but are unable to penetrate this region due to quality issues. Investigation at all levels of the value chain of coconut cream is important to make sure that the supply and consumption of coconut cream do not remain restricted to the local region.