PUBLISHER: SkyQuest | PRODUCT CODE: 1244309
PUBLISHER: SkyQuest | PRODUCT CODE: 1244309
Global Coconut Milk Market was valued at USD 1 Billion in 2021, and it is expected to reach a value of USD 1.78 Billion by 2028, at a CAGR of 8.58 % over the forecast period (2022-2028).
Global Coconut Milk market refers to the consumption and production of cocoa and chocolate products in the Asia Pacific region. The Asia Pacific region includes countries such as China, India, Japan, South Korea, Australia, and New Zealand, among others. Top-down and bottom-up approaches were used to estimate and validate the size of Global Coconut Milk Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global Coconut Milk Market is segmented based on nature, form, distribution channel and region. Based on the nature, the global coconut milk market is segmented into organic and conventional. Based on the form, the market is segmented liquid and powder. Based on the distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, grocery stores, and online retail. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and Middle East Africa.
Driver
According to the Vegan Society, the plant-based milk sector is expanding rapidly in the United Kingdom and Europe. In 2019, this market represented about 15% of the entire European market, valued at USD 320.6 million. The trend towards plant-based alternatives, perceived as safer and healthier than animal-based options, is a significant driver of the coconut milk market's growth. The shift towards plant-based diets among consumers is also contributing to the global rise in coconut milk sales. Manufacturers can further stimulate the coconut milk market by introducing innovative ways to incorporate milk into a variety of confectionery and baking products. The surge in plant-based milk sales can be linked to the growing prevalence of lactose intolerance among consumers, as well as a rising demand for natural and clean-label products, which is expected to fuel future demand.
Restraint
Plant-based substitutes such as rice milk, almond milk, and soy milk have become popular among consumers worldwide due to their longer existence in the market. These alternatives are known to have higher levels of protein and calcium, more carbohydrates, and lower fat content than coconut milk. As a result, individuals who are health-conscious are more likely to choose almond or soy milk over coconut milk, leading to a reduction in the sales of the latter.
Trend
The coconut milk industry is experiencing positive growth due to the increasing awareness among consumers about the benefits of a vegan diet and its impact on health. This trend is particularly noticeable in developed countries like the U.S. and the U.K., where animal welfare and environmental concerns are on the rise. In 2020, sales of plant-based milk in the U.S. increased by 5%, accounting for 14% of retail milk sales, as reported by the Plant-Based Foods Association. Additionally, the industry's growth is driven by the growing utilization of plant-based milk in various processed food items like cakes, yoghurt, and smoothies, among others.