Coconut Milk Derivatives Market Research Report by Category (Conventional, Organic), by Type (Coconut Milk, Coconut Milk Derivatives), by Packaging Type (Bottles, Cans, Pouches, Others), by Distribution Channel (Food Retail, Food Service) and Region - Forecast till 2027

Coconut Milk Derivatives Market Overview:

Global Coconut Milk Derivatives Market is estimated to touch a valuation of USD 4,423.5 Million by 2023, as per the latest findings of Market Research Future (MRFR). It is Projected to register 14.80% CAGR over the forecast period (2018-2023). It is primarily driven by the increasing incidences of lactose intolerance among consumers of Asia-Pacific (APAC) and Africa. Preference for non-dairy products such as soy, almond, and coconut milk is expected to likely to propel market demand exponentially. Rising awareness of the benefits of coconut milk is expected to fuel the coconut derivatives market till 2023. Coconut milk is primarily derived from deshelled coconuts which possess various functional, medicinal, and nutritional properties. The main derivatives of coconut milk include milk, cream, flour, and syrup. The high nutritional profile of coconuts has led to its inclusion in various Asian cuisines.

Market Dynamics

Veganism has caught the fancy of consumers opting for healthy diets. This trend has been noticeable worldwide, especially in North America and Europe, with consumers switching to vegan diets with regards to concerns regarding the ethical treatment of animals. This is buttressed by a survey conducted by the U.S. National Library of Medicine which asserts that the consumption of meat can pose a threat to kidneys and be a leading cause of cancer.

Regions of APAC and Africa are ripe for investment with consumers unaware of coconut milk derivatives. Manufacturers are attempting to create brand awareness via attractive packaging designs and persuading retail chains to store their products.

Segmentation

The Coconut Milk Derivatives Market is segmented on the basis of category, type, packaging type, and distribution channel.

Category-wise, the conventional segment accounted for a larger share of the market in 2017, while the organic segment is expected to exhibit an exceedingly high CAGR of 17.16% during the forecast period. This can be attributed to the surging demand for organic products among the global populace.

By type, coconut milk accounted for a market share of 55.65% in 2017. Coconut milk dominated the market owing to its consumption as a drink and as a cooking ingredient. On the other hand, the coconut milk derivatives segment is expected to exhibit a stellar CAGR owing to the increasing demand for natural ingredients in food and beverages.

By packaging type, cans held 35.61% share of the Coconut Milk Derivatives Market in 2017. Cans are preferred due to its airtight nature and a reliable storage option at high temperatures. Bottles was the second-largest segment in the same year. This segment is expected to witness a declining growth rate owing to the ban on plastic bottles.

By distribution channel, food retail accounted for a large market share of 69.84% in 2017, owing to the easy availability of coconut milk and its derivatives at supermarket chains.

Key Players

Key players in the Coconut Milk Derivatives Market report include McCormick & Company, Inc. (US), Goya Foods, Inc. (US), Dabur India Ltd. (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corporation (The Philippines), Thai Agri Foods Public Co., Ltd. (Thailand), The Hain Celestial Group (US), Heng Guan Food Industrial Pte Ltd. (Singapore), and ThaiCoconut (Thailand).

Expansions, novel product launches, partnerships, and acquisitions are major strategies considered by these players to gain a larger market share in the global market.

Regional Analysis

Based on region, the Coconut Milk Derivatives Market is segmented into North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).

North America is expected to dominate the market and it is touted to exhibit 15.25% CAGR over the assessment period due to the high consumption of coconut-derived products in the region. In addition, the launch of new coconut-based products by prominent manufacturers such as VitaCoco and the penchant for healthy products is likely to drive sales in the region.

Europe coconut milk derivatives market is expected to exhibit significant CAGR owing to the rising trend of veganism and surging demand for healthy products. The prevalence of social media and its endorsement by vegan celebrities is also driving the market growth.

Industry Updates

• In May 2017, Goya Foods introduced the ‘Better For You’ product line which covers more than 300 products with 40 variants. It had penetrated the Hispanic consumer demographic by collaborating with the First Lady of the United States, Michelle Obama for its My Plate/Mi Plato campaign.

• In July 2015, the Hain Celestial Group acquired the Mona Group, one of the leading producers of organic products in Europe. This move can cement its position in the European region with the acquisition giving the company access to various naturally derived products.