New York, March 13, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Coconut Milk Products Market Size, Share, Trends, Industry Analysis and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Coconut Cream, Coconut Milk Powder, Coconut Milk, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)”, the global coconut milk products market size to register a CAGR of 5.2% from 2022 to 2028; it is expected to grow from USD 0.985 billion in 2021 to USD 1.40 billion by 2028.
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Global Coconut Milk Products Market – Report Scope:
Market Size Value in | USD 0.985 Billion in 2021 |
Market Size Value by | USD 1.40 Billion by 2028 |
Growth rate | CAGR of 5.2% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2021 |
No. of Pages | 185 |
No. of Tables | 109 |
No. of Charts & Figures | 86 |
Historical data available | Yes |
Segments covered | Product Type, Category, and Distribution Channel |
Global Coconut Milk Products Market: Competitive Landscape and Key Developments
A few of the leading players operating in the coconut milk products market are Danone S.A.; Goya Foods, Inc.; GraceKennedy Limited; McCormick & Company, Inc.; Nestlé SA; Pacific Foods of Oregon, LLC; Sambu Group; Thai Agri Food PLC; Thai Coconut Public Company Limited; and Celebes Coconut Corporation. These players are focused on developing innovative products to meet the changing requirements of consumers.
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Contribution of Coconut Milk and Coconut Milk-Based Products Toward Overall Heart Health Drives Global Coconut Milk Products Market Growth:
Coconut milk is a common ingredient in several food recipes in Latin America, the Caribbean, West Africa, and Southeast Asia. Coconut milk is considered an effective ingredient that helps lower cholesterol levels and reduce blood pressure. According to a research study, drinking dairy-free coconut milk regularly helps prevent heart diseases. Saturated fats in coconut milk, which originate from plants, are shown to have an assertive effect on the maintenance of cholesterol levels, which helps safeguard people from diseases such as stroke, heart disease, and high blood pressure. Coconut Research Center in Colorado, US, is conducting preclinical research on animals to explore the potential of coconut oil for preventing cancer. Such studies on the health benefits of coconut milk and other coconut products are expected to boost the market for coconut milk products in the coming years.
Coconut milk has several health benefits, which is making it suitable for use in several food and beverage products. In the last several years, consumer focus has shifted to plant-based food products owing to their health benefits. Also, diets suggested by health and wellness communities for overall wellness include whole ingredients and minimal food processing. Thus, manufacturers in the food industry focus more on inventing new products with added nutritive value. This is one of the major factors driving the coconut milk products market growth, as coconut milk is being used to replace conventional milk types, such as cow milk and buffalo milk, in food preparation.
Global Coconut Milk Products Market – Regional Overview:
The coconut milk products market in Asia Pacific is projected to register the highest CAGR during the forecast period. The market growth in this region is attributed to the rise in the vegan population and an increasing occurrence of lactose intolerance. Many recipes in Asian cuisine include coconut milk as one of the significant ingredients. Asia Pacific also has a well-established distribution system that helps cosmetics manufacturers address the demand for products made with coconut oil or milk. These factors are expected to drive the coconut milk products market size in the region.
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Coconut Milk Products Market: Segmental Overview
Based on product type, the coconut milk products market is segmented into coconut cream, coconut milk powder, and others. The coconut cream segment held the largest market share in 2021. There is a considerable quantity of medium-chain fatty acids, commonly known as “good fats,” in coconut cream, which assist in the functioning of the brain. Moreover, these fats ease the digestion of coconut cream in the human gut.
Based on category, the coconut milk product market is bifurcated into organic and conventional. The conventional segment accounted for a larger market share in 2021. Conventional coconut milk products contain guar gum, and they are added with many chemicals and stabilizers to extend their shelf life. Conventional coconut products cost less than organic products, and they are easily available, which results in a high demand for these products.
Based on distribution channel, the coconut milk products market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The online retail segment is projected to register the highest CAGR during the forecast period. Online retail stores offer various products with heavy discounts, alongside offering the convenience of buying. Furthermore, home delivery services attract a large group of customers to shop through e-commerce platforms, such as Amazon.com, Walmart, and E-bay. These websites offer descriptive product information and user reviews, which helps buyers compare products and make informed decisions.
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