New York, United States , July 25, 2024 (GLOBE NEWSWIRE) -- The Global Coconut Milk Market Size is to Grow from USD 1.67 Billion in 2023 to USD 3.74 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.40% during the projected period.
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Coconut milk is a milky fluid prepared manually or mechanically from shredded coconut kernels, with or without the addition of water. Demand for coconut milk is predicted to skyrocket as the urban population rises, resulting in more processed food consumption. Its increased consumer adoption and versatility in a variety of applications are primarily responsible for rising demand in the worldwide coconut milk market. It also lowers cholesterol and blood pressure, which has resulted in increased demand for the worldwide coconut milk market. Another reason driving the rise in coconut milk consumption is a desire for pleasant, healthful beverages with few calories. Other nutrients included in coconut milk include magnesium, potassium, and phosphorus, all of which are good for heart rhythm, immune system health, and neuron and muscle performance. The availability of all of these ingredients in coconut milk enhances customer demand, which is expected to drive market revenue growth. However, the coconut milk market is expected to be limited throughout the forecast period due to a scarcity of necessary components for product manufacture.
Browse key industry insights spread across 221 pages with 110 Market data tables and figures & charts from the report on the "Global Coconut Milk Market Size, Share, and COVID-19 Impact Analysis, By Form (Liquid, and Powder), By Nature (Organic, and Conventional), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The liquid is going to dominate the market throughout the forecast.
Based on form, the global coconut milk market is divided into liquid and powder. Among these, the liquid is going to dominate the market throughout the forecast. The liquid form of coconut milk, one of two marketed varieties, is particularly popular and accounts for the vast majority of the market share. The category is being driven by greater liquid availability in supermarkets and extensive use in consumables such as coffee and tea. Liquid milk is widely utilized in Asian cuisine to improve flavor and texture. Furthermore, substituting liquid coconut milk for dairy milk while making vegan yogurt and smoothies has boosted sales volume.
The demand from consumers for organic coconut milk has grown throughout the predicted timeframe.
Based on nature, the global coconut milk market is divided into organic, and conventional. Among these, the demand from consumers for organic coconut milk has grown throughout the predicted timeframe. The increased demand for organic coconut milk is primarily due to individuals being more aware of the health benefits of eating organic food. Organic foods, unlike regular coconut milk, have no chemical additives. Organic coconut milk has seen significant demand in this sector as customer preferences and health awareness have increased. It improves blood circulation and lowers high blood pressure, reducing the risk of stroke and other cardiovascular problems. It contains antiviral and antibacterial properties that can help improve the immune system and combat viral diseases such as the flu.
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Asia-Pacific can account for the largest share of the worldwide of coconut milk market.
Asia-Pacific can account for the largest share of the worldwide of coconut milk market. This narrates the widespread use of milk in Asian cuisine. Along with this, the business has been significantly boosted by the growing trade of coconut-based products between Asian countries and others. Furthermore, rising urbanization and increased acceptance of Western lifestyles are driving customer demand for vegan products, which is likely to promote local market growth. Moreover, Asia-Pacific's rapidly expanding market could be attributed to factors such as increasing acceptance of novel technologies for innovative products, collaborations between global and local milk companies, increased R&D expenses by governments in the dairy industry, and the presence of numerous key competitors.
Europe is expected to grow at the fastest CAGR in the global coconut milk market throughout the forecasted period. Rising consumer demand for plant-based products is driving coconut milk consumption in Europe. Consumers are becoming increasingly aware of the health benefits of plant-based milk and are substituting it for dairy milk in their daily meals.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Coconut Milk Market are Ayam Sarl, Celebes Coconut Corporation, Renuka Holdings PLC, GraceKennedy Limited, Turtle Mountain, LLC, Dr. Antonio Martins Coco GmbH, CocoGoods Co., The Coconut Company, Nature’s Charm Co., Ltd., Danone S.A., Pacific Foods of Oregon, LLC, The Thai Coconut Public Company Limited and Other Key Vendors.
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Recent Developments
- In October 2020, Goya Foods announced that it would be expanding its manufacturing and distribution facility in Brookshire, Texas. The project features new, innovative food processing equipment that will increase the company's manufacturing capacity to meet expanding consumer demand.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global coconut milk market based on the below-mentioned segments:
Global Coconut Milk Market, By Form
- Liquid
- Powder
Global Coconut Milk Market, By Nature
- Organic
- Conventional
Global Coconut Milk Market, By Regional
-
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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