Coconut Milk Market Overview:
The coconut milk market is growing all over the world. By 2032, the coconut milk market is going to have a valuation of $ 3.128578947 Billion. It will grow at a rate of 18.10% from the year 2023 to 2032.
There are lots of reasons why the Coconut Milk Market is growing very fast in the global market.
The first reason is lactose intolerance among consumers. This reason plays a crucial role in boosting the coconut milk market. Other reasons can be awareness of health, increasing popularity of Asian dishes, increase in vegan population, changing preferences of the consumers, packaging styles, etc.
The reasons why the market can see a decline are continuously fluctuating prices of coconuts, revenue losses, etc.
The COVID-19 pandemic has also affected the coconut milk market severely. Shutdowns of the industrial units, a decline in demand, reduced supply chains, and eventually, a loss of revenue contributed to this.
Let us now discuss the segmentation of the coconut milk market. We will also see the various classifications in those segments.
● Based On Category
The coconut milk market is divided into organic and conventional categories. In the conventional category, coconut milk is produced with the use of traditional methods; in the organic category, it is produced by machines. Coconut milk is produced with the help of machines.
● Based On Forms
The coconut milk market is classified into two forms: liquid and powdered. Out of these two liquids, coconut milk is considered the people’s choice.
However, powder from coconut milk is going to see the highest CAGR of 14.78%.
● Based On Packaging
The coconut milk market is divided into various packaging types like pouches, cans, bottles, etc. Out of all of this, can packaging is leading the industry because of its strength and stability.
● Based On Channels
The coconut milk market is divided into store-based and non-store-based channels. Store-based channels are dominating the global market. These stores make it easy for consumers to get what they want. These can be supermarkets, shops, malls, etc.
The Key Coconut Milk Market Players, including McCormick & Company Inc. (US), Goya Foods Inc. (New Jersey), Dabur India Ltd (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd (Thailand), ThaiCoconut Public Company (Thailand).and others, are attempting to increase market demand by investing in research and development operations.
According to the research, Asia Pacific captured the dominating share in the coconut milk market in 2023 as it was growing at a rate of 14.50% because the main ingredient in all Asian dishes is coconut milk. People are also becoming vegan at a very high rate in this region and are also one of the main reasons for it.
North America is the second most dominant region in the coconut milk market. Here also, people are becoming vegan, giving importance to natural products, and becoming health-conscious. North America also has a significant number of people who are lactose intolerant.
The other region that is seeing a great boom in the coconut milk market is Europe, as the popularity of plant-based beverages and natural products is increasing.
● In January 2021, QuikFood introduced their latest product, named Quik Tea Vegan Chai Tea Latte.
● In the same year, Nescafé also introduced their vegan flat white pods in the UK.
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