New York, USA, Jan. 02, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global coconut milk market. According to the report, the global market is projected to surpass $3,051.40 million and grow with a CAGR of 14.60% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Coconut Milk Market
The outbreak of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global coconut milk market. During the pandemic period, the government of various nations executed strict lockdowns to curb the spread of the virus. As a result, several industrial processes, transportation activities, and supply chains in the coconut milk industry were disrupted. This greatly affected the demand and supply of coconut milk during the pandemic crisis, thus hampering the market growth.
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Factors Impacting the Coconut Milk Market Growth
The prime factor boosting the growth of the global coconut milk market is the surging popularity of plant-based food products. Moreover, growing awareness about the health benefits of coconut milk such as enhanced cardiac health, weight loss, and improved functioning of the immune system is fueling the demand for coconut milk. In addition, the increasing adoption of coconut milk in weight loss diets is expected to open doors to lucrative opportunities for the growth of the market. However, the high price of coconut milk as compared to other types of milk is anticipated to hamper the market’s growth.
The report segments the global coconut milk market into packaging type, distribution channel, and region.
Tetra Packs Type Sub-Segment to Grab a Foremost Share of the Market
The tetra packs type sub-segment of the packaging type segment is anticipated to grow enormously by surpassing $1,885.30 million in the forecast period. This growth is mainly owed to the increasing preference for coconut milk packed in tetra packs, as milk stored in such packs is safe from the contact of pollutants, has a good shelf life, and retains freshness.
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Retail Distribution Sub-Segment to Observe Exponential Growth
The retail distribution sub-segment of the distribution channel segment is expected to hit $1,864.10 million in the forecast period. This is primarily due to the rising preference of consumers to shop at retail supermarkets as they offer the opportunity to choose the desired products from a wide range by viewing them in real-life.
Asia-Pacific Region to Perceive Speedy Growth
The report analyzes the global coconut milk market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to hit $1,290.70 million in the estimated period. This growth is mostly due to the growing customer popularity and demand for various types of coconut milk products manufactured and sold mostly in nations, such as India, in this region.
Broader Insights Pertaining for the Specific Segments or Regions of the Coconut Milk Market
Top Players of the Global Market
The report states some of the foremost players operating in the global coconut milk market including
- Goya Foods Inc.
- Thai Agri Foods Public Co. Ltd
- McCormick & Company Inc.
- Celebes Coconut Corp.
- Danone SA
- Pureharvest
- Vita Coco
- Thai Coconut Public Company
- Cocomi Bio Organic
- Dabur India Ltd
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in February 2022, No Apology, a Niam International Private Limited-owned brand, expanded its product portfolio by launching a new Coconut Milk hair care range.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Coconut Milk Market:
- Which Coconut Product Should You Include More in Your Diet? Coconut Water or Coconut Milk?
- How Can Coconut Milk be Added to the Daily Diet to Lead a Fit and Healthy Lifestyle?
- Acquisitions Like That of Earth Island by Danone To Drive the Growth of the Global Coconut Milk Market
