ID: MRFR/F-B & N/8858-CR | 100 Pages | Published By Snehal Singh on October 2020
Asia-Pacific Coconut Milk Market Size is anticipated to reach USD 1.2 Billion Million by 2027, registering a CAGR of 12.50% during 2020-2027.
$1.2 Billion
12.50%
Asia-Pacific
2020-2027
Market Overview
Asia-Pacific Coconut Milk Market is projected to register a CAGR of 12.50% and reach USD 781.3 Million by 2026. Deshelled coconuts have many nutritional and medicinal properties. Coconut is a highly valued ingredient in a wide range of cuisines and is known for its enormous medical benefits, increasing the consumption of coconut milk. It is a source of saturated fats, which are considered to be good for health. It also helps in lowering cholesterol levels, improving blood pressure, and preventing heart attacks and strokes. However, due to the high lipid and saturated fat content of coconut milk, it is discouraged in the diet of patients suffering from cardiovascular ailments and hypertension. Coconut milk is mainly used to impart flavor and texture to Asian food.
Market Dynamics
The Asia-Pacific coconut milk market has witnessed significant growth over the last few years and is projected to register a 12.50% CAGR during the forecast period. The key drivers boosting the growth of the Asia-Pacific coconut milk market are growing lactose intolerance among the population in Asia-Pacific and the various health benefits of consuming coconut milk. However, the fluctuating prices of coconut and the availability of several substitute products are set to curb the growth of the Asia-Pacific coconut milk market. Nevertheless, the growing adoption of veganism and untapped markets of Asia-Pacific are expected to create lucrative opportunities for players operating in the regional market during the forecast period.
Asia-Pacific Coconut Milk Market Revenue, By Category, 2026 (USD Million)
Sources: MRFR Analysis
Segmentation
Based on Category, the Asia-Pacific coconut milk market has been divided into conventional and organic. The conventional segment accounted for a major market share of 84.13% in 2019 and is estimated to retain its dominance throughout the forecast period. However, the organic segment is projected to register the highest CAGR of 12.95% during the forecast period.
Asia-Pacific Coconut Milk Market Share, By Country, 2019 (%)
Sources: MRFR Analysis
Regional Analysis
The Rest of Asia-Pacific is expected to constitute a dominant share of the coconut milk market during the forecast period. It accounted for a 32.74% share of the market in 2019. The consumption of coconut milk is exceptionally high in ASEAN countries, which include Malaysia, Indonesia, Thailand, and the Philippines. Moreover, China also accounted for a substantial market proportion in 2019 and projected to exhibit a CAGR of 12.54% during the forecast period. However, Australia & New Zealand is projected to register the highest CAGR during the forecast period. Increasing lactose intolerance among the consumers and rising consumer inclination towards a vegan diet is expected to accelerate the growth of the coconut milk market in Australia & New Zealand during the forecast period.
Key Players
The Key Players in the Asia-Pacific Coconut Milk Market include McCormick & Company (US), Goya Foods, Inc. (US), Dabur India Ltd (India), Thai Agri Foods Public Co., Ltd (Thailand), Danone S.A. (France), Theppadungporn Coconut Co., Ltd (Thailand), ThaiCoconut Public Company Limited (Thailand), Edward & Sons Trading Co (US), Vita Coco (US), and Celebes Coconut Corporation (Philippines).
The players operating in the Asia-Pacific Coconut Milk Market are focusing on strengthening their geographic footprints through expansion and by launching innovative products. Â Â
Market Segmentation
Asia-Pacific Coconut Milk Market, By Category
Asia-Pacific Coconut Milk Market, By Form
Asia-Pacific Coconut Milk Market, By Packaging Type
Asia-Pacific Coconut Milk Market, By Distribution Channel
Asia-Pacific Coconut Milk Market, By Country
Intended Audience
The Asis-Pacific Coconut Milk Market is presumed to advance at a rate of 12.50% during the conjectured period.
The global Asis-Pacific Coconut Milk Market can reach USD 781.3 Million by 2026.
Rising adoption of veganism and the untapped markets in APAC can be major opportunities for the top players in the Asis-Pacific Coconut Milk Market.
The conventional type of coconut milk is in the lead in APAC.
The organic type of coconut milk is expected to capture a growth rate of 12.95% in the coming years.
The consumption of coconut milk is exceptionally high in ASEAN countries, which include Malaysia, Indonesia, Thailand, and the Philippines.
The players in the APAC Coconut Milk Market are focusing on strengthening their geographic footprints through expansion and by launching innovative products.