Coconut Milk- Market Scope
The global coconut milk market refers to the worldwide industry involved in the production, distribution, and consumption of coconut milk products. Coconut milk is a creamy liquid extracted from the grated flesh of mature coconuts. It serves as a popular ingredient in various cuisines and is used as a dairy milk alternative for individuals with dietary restrictions or preferences. It encompasses a wide range of products, including canned coconut milk, coconut milk powder, refrigerated coconut milk, and ready-to-drink coconut milk beverages. The market is driven by factors such as increasing consumer demand for plant-based and vegan alternatives, the versatility of coconut milk in culinary applications, and its health benefits, and these factors help to describe the market and forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | McCormick & Company, Inc. (United States), Goya Foods, Inc. (United States), Celebes Coconut Corp (Philippines), M&S Food Industries (Thailand), Thai Agri Foods Public Company Limited (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd. (Thailand), Pureharvest (Australia), Vita Coco (United States) and Thai Coconut Public Company (Thailand) |
CAGR | % |
The coconut milk market is characterized by several key players vying for market share. Major companies such as Danone SA, Pureharvest, Vita Coco, Thai Coconut Public Company, and Dabur India Ltd are prominent participants. These companies compete based on factors such as product quality, brand recognition, pricing strategies, product diversification, and distribution networks. The market is dynamic, with new entrants and regional players also contributing to the competition, creating a diverse and competitive marketplace for coconut milk products.
McCormick & Company, Inc. (United States), Goya Foods, Inc. (United States), Celebes Coconut Corp (Philippines), M&S Food Industries (Thailand), Thai Agri Foods Public Company Limited (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd. (Thailand), Pureharvest (Australia), Vita Coco (United States) and Thai Coconut Public Company (Thailand) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are GraceKennedy Limited (Jamaica), Pacific Foods of Oregon, LLC (United States), Ducoco (Brazil), WhiteWave Foods Company (United States) and Sambu Group (Indonesia).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Coconut Milk- market by Type , by Application (Bakery & Frozen Dessert, Dairy Products, Restaurants &Hotels, Food Industry and Others) and Region with country level break-up.
On the basis of geography, the market of Coconut Milk- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In July 2021, Danone acquired a majority stake in Harmless Harvest, a US business offering coconut-based drinks and yogurt. a leader in organic coconut-based products including coconut water and dairy-free coconut yogurt alternatives, as DMV furthers its investment position and partnership efforts. DMV is the corporate venture arm of Danone, the global leader in fresh dairy and plant-based foods and beverages.
In May 2023, Goya Foods Launched a Line of Stand-up Flours that Includes Coconut Milk as One of the Options. This New Product Line Aims to Provide Convenience and Versatility to Consumers by Offering Flour Options that are Easy to use and store. The Addition of Coconut Milk to their Flour Line Demonstrates Goya's Recognition of the Growing Demand for Coconut-based Products and Their Effort to Cater to Consumer Preferences. This move also allows Goya Foods to Expand its Product Offerings and Compete in the Coconut Milk Market Segment.
Influencing Trend:
Increasing Demand for Plant-based foods and Vegan Products
Market Growth Drivers:
Demand for Coconut Milk is Increasing in Western Countries., Rising Consumption of Nutritious Drinks and Increasing Demand for Coconut Milk in Bakery and Dairy Free Products
Challenges:
Competition from Alternative Plant-based Milks such as Almond Milk and Ensuring consistent quality control
Restraints:
Production of Coconut is Decreasing
Opportunities:
Increase in Research and Development on Coconut Milk Based Whipping Cream and It’s Further Production Process
Key Target Audience
Coconut Milk Manufacturer, Raw Material Manufacturer, Retailers, Food Manufacturers, End-users and Others