New York, USA, March 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global coconut milk market is estimated to garner a revenue of $3,051.40 million by 2028 and grow at a healthy CAGR of 14.60% over the forecast period from 2021 to 2028. The extensive report provides a brief outline of the coconut milk market’s present framework including chief facets of the market such as growth factors, hindrances, restraints, and several opportunities during the estimated period of 2021-2028. The report also provides all the market figures to help new entrants analyze the market easily.
Dynamics of the Coconut Milk Market:
Drivers: Increasing strategic alliances among key market players and the growing demand for coconut milk among people across the globe due to its attractive health benefits are the factors anticipated to drive the global coconut milk market growth by 2028. In addition, the wide adoption of plant-based food products among individuals these days is estimated to further boost the market growth during the analysis period.
Opportunities: Rising demand for coconut milk for weight loss and controlling the sugar level of blood are the factors predicted to offer abundant growth opportunities for the coconut milk market during the forecast period.
Restraints: High cost of coconut milk and its adverse effects when consumed in greater quantity are the main factors to impede the market growth.
To Explore More details, Download an Exclusive PDF Sample of Coconut Milk Market
Impact of Covid-19 on the Coconut Milk Market:
The outbreak of the novel Covid-19 pandemic has negatively impacted mostly many industries, including the global coconut milk market. The low growth is attributed to a disruption in international transport facilities and the lack of raw materials supply across the world. In addition, government-led lockdowns and mobility restrictions also created supply chain issues in the manufacturing industries and production houses. All these factors have resulted in declining demand for coconut milk and therefore, a major loss in the overall market revenue.
Segments of the Coconut Milk Market:
The report has fragmented the market into a few segments based on packaging type, distribution channel, and region.
Packaging Type: Tetra Packs Sub-segment to be Highly Dominant
By packaging type, the tetra packs sub-segment of the coconut milk market is expected to hold a dominating market share and the fastest growth rate throughout the forecast period. The sub-segment is predicted to garner a revenue of $1,885.30 million by 2028. Tetra packs effectively increase the shelf life of coconut milk and prevent loss of aroma. In addition, tetra packs also ensure safety from exposure to contaminants, thus preserving the quality and freshness of the coconut milk. These factors are estimated to bolster the growth of the sub-segment by 2028.
Distribution Channel: Retail Distribution Sub-segment to be Most Lucrative
By distribution channel, the retail distribution sub-segment is predicted to hold a significant market share and have the fastest growth rate during the analysis timeframe. The sub-segment is anticipated to gather a revenue of $1,864.10 million by 2028 due to rising trends of shopping in malls and shopping complexes along with the availability of a diverse range of coconut milk in retail stores. In addition, the assurance of obtaining quality food products at affordable prices in such complexes is also attracting consumers towards retail shops. These factors are projected to bolster the sub-segments growth during the analysis years.
Region: Coconut Milk Market in the Asia-Pacific Region to Flourish Tremendously
By regional analysis, the coconut milk market in the Asia-Pacific region is projected to gather a revenue of $1,290.70 million by 2028. Rising demand for coconut milk in India and the presence of the large number of manufacturers in the country are the factors estimated to drive the market growth in the region during the forecast period. Moreover, the wide preference of plant-based food products and milk items among people in the region is predicted to offer growth opportunities for the coconut milk market in the Asia-Pacific region by 2028.
Request an On-demand Customized Report of Coconut Milk Market & Avail 10%OFF on Full Report
Prominent Coconut Milk Market Players
The significant players of the coconut milk market include
- Cocomi Bio Organic
- Dabur India Ltd
- Celebes Coconut Corp.
- Goya Foods Inc.
- Vita Coco
- McCormick & Company Inc.
- Thai Coconut Public Company
- Thai Agri Foods Public Co. Ltd
- Pureharvest
- Danone SA, and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market enhancement. - Inquire to Get access to Detailed Top Companies Development Strategy Report
For instance, in December 2021, HUB Ice Cream Parlor, an innovative Boston-based ice cream parlor, announced its new flavor- golden milk, which is vegan and uses organic turmeric powder, fresh ginger, and cinnamon with its main ingredient, i.e., coconut milk.
The report also summarizes many crucial aspects of the coconut milk market including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Related Top Trending Articles:
- Acquisitions Like That of Earth Island by Danone To Drive the Growth of the Global Coconut Milk Market
- How Can Coconut Milk be Added to the Daily Diet to Lead a Fit and Healthy Lifestyle?
- The Global Coconut Milk Market Anticipated To Generate A Revenue Of $3,051.40 Million, Growing At A CAGR Of 14.60% From 2021 To 2028
