New York, May 31, 2023 (GLOBE NEWSWIRE) -- The Oceania Coconut Cream Market is valued at US$ 18.07 million in 2023, and consumption of coconut cream in Oceania is estimated to reach US$ 34.16 million by 2033. Oceania’s demand for coconut cream is projected to increase at a 6.6% CAGR from 2023 to 2033.
Consumption of coconut cream in Oceania is expected to be 6,409 tons in 2023 and is forecasted to reach 11,667 tons by the end of 2033, registering a volume CAGR of 6.2%.
Coconut cream is a thick cream made from raw coconut milk. It is obtained from raw coconuts, and its dense consistency is equivalent to dairy-derived heavy cream. While both coconut cream and milk are healthy ingredients, they should be consumed responsibly to avoid risks associated with overconsumption. Coconut milk's distinct taste and color are derived from its high levels of natural oils and sugar. It is a good source of saturated fats, magnesium, potassium, calcium, and iron.
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Due to its nutrient-dense nature, coconut cream stays in the digestive system longer and can promote satiety, reducing hunger cravings when consumed in moderation. Its high calcium content contributes to strengthening bones and teeth and slowing down bone degradation due to age. High-fat products such as coconut cream also fuel metabolism, maintain the functions of organs and muscles, and can be a suitable counterpart for individuals’ workout performance.
The benefits of coconut milk, cream, and oil extend further as they are rich in vitamins C, E, B1, B3, B5, and B6. Adequate nutrient consumption results in long-term protection of heart health and boosts the immune system. Its iron-rich profile protects immune cells, as iron regulates hemoglobin levels. These benefits of consuming coconut cream are driving its demand.
Key Takeaways from Market Study
- The Oceania coconut cream market is valued at US$ 18.07 million in 2023.
- Demand for coconut cream in Australia is expected to increase at a volume CAGR of 6.1% during the forecast period (2023 to 2033).
- Revenue from the sales of conventional coconut cream stands at US$ 12.35 million in 2023.
- Based on end use, consumption of coconut cream in the food and beverage industry is expected to increase at a volume CAGR of 5.5% and hold approximately 29% market share by 2033.
- The dietary supplements industry utilizes the least volume of coconut cream with its consumption standing at 146 tons in 2023.
“Coconut cream is a versatile ingredient that is widely used across different industries. With the growing demand for dairy-free options in consumer products, the consumption of coconut cream is on the rise. Manufacturers can take advantage of this trend and promote coconut cream as a suitable alternative for people who suffer from lactose malabsorption and intolerance, thereby expanding their market reach,” says a Persistence Market Research Analyst
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Competitive Landscape
Companies involved in the coconut cream market primarily source their raw materials from countries like Sri Lanka and Philippines and have production centers set up in developed countries such as New Zealand and Australia. This is partially due to the availability of raw materials and stringent biosecurity regulations in Australia and New Zealand.
Integration and adoption of latest technologies is a step taken by various manufacturers in order to gain a competitive edge. Innovations in packaging and delivery formats keeping consumer convenience in mind is providing additional opportunities to manufacturers.
- In July 2020, Chantal Organics started its transition of dry goods pouches to a recyclable pouch composed of soft plastics. This is estimated to divert around 290,000 plastic pouches annually from landfills. This novel packaging is made up of recycled plastic up to 25% to reduce the impact on the environment.
- Kodanmal Group offers a range of coconut cream and milk products with varying fat percentages, ranging from 5% to 19% for milk and 20% to 22% for cream. The company provides different packaging options to cater to diverse customer needs, such as 12 to 24 tins of 400 ml or 6 tins of 3,000 ml. This versatility in product formulations and packaging allows the Kodanmal Group to serve a wider customer base.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the Oceania coconut cream market, presenting historical data for 2018 to 2022 and estimation statistics for 2023 to 2033.
The study offers compelling insights on the basis of nature (organic, conventional), end use (food & beverages, dietary supplements, foodservice, retail/household, cosmetics & personal care), and distribution channel (business to business and business to consumer) across Oceania.
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For additional insights on how the growth of the coconut cream market will shape up in Oceania over the decade, write to media@persistencemarketresearch.com
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