The reason behind the Coconut Milk Derivatives Market attention is the surge in demand for coconut based products and the growing need for plant-based alternatives in food and beverage industry. As a substitute to dairy, coconut milk derivatives are gaining popularity. This has led to an increase in their application as dairy substitutes within culinary uses such as lactose-intolerant individuals, vegetarianism and those consumers that are health conscious.
Deshelled coconut meat can be refined into a palatable liquid. In Asian cuisine, coconut milk and cream are used for taste and thickness respectively. It has gained popularity because it lends a subtle touch of coconut flavor to gluten-free recipes. It is a tropical-flavored natural sweetener.
Traditional medicine highly values coconut milk due to its therapeutic properties. In terms of cuisine, cultural significance as well as health benefits, this type of milk is highly appreciated. The rising demand for clean-label and natural products is driving Coconut Milk Derivatives Market. More customers are examining food labels for simple ingredients they understand. This trend towards clean labelled produces thus fits naturally occurring coconut milk derivatives which meet this requirement without any additives or preservatives including the ones with no added sweeteners manufactured by market players to address this aspect.
High-quality coconut milk derivatives are also being premiumized in the market. A premium is commanded by taste, texture and nutrition-rich products. This has seen brands offer organic or regional or specialized coconut milk for consumers who want a more indulgent culinary experience.
The Coconut Milk Derivatives Market is driven by consumer preference for eco-friendly and ethical products. Brands across the value chain are using sustainable coconuts and packaging. Consumers are increasingly selecting brands based on environmental and social responsibility; as such, this commitment to sustainability resonates with them. Improved packing methods make cooking and baking with coconut milk derivatives simpler.
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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.
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