The global coconut milk and cream market was valued at US$ 2.87 Billion in 2022, exhibiting a CAGR of 8.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 5.42 Billion by 2030.
Global Coconut Milk and Cream Market, By Category (Organic and Conventional), By Application (Processed Food, Retail/Packaged Coconut Milk and Coconut Cream, and Foodservice), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) – as published by Coherent Market Insights.
Global Coconut Milk and Cream Market - Driver
Increasing use of coconut milk and cream in processed foods
Cocoa milk is a widely used component in a wide range of processed foods including cookies, cake, pie, soup, ice cream, and others. Products derived from coconut, such as copra and coconut chips, as well as coconut squash, and coconut vinegar, are mainly found in the food and beverages sector worldwide. As the consumption of processed foods continues to increase, particularly in urban areas, the consumption of coconut milk is projected to increase significantly in the near future.
Global Coconut Milk and Cream Market - Opportunities
Majority population being lactose intolerance
The Global Coconut Milk and Cream Market presents a new opportunity in the form of lactose intolerance population. The majority of the global population is still lactose intolerant, and this segment of the population will always necessitate a dairy-free alternative. Additionally, the sustainable living movement is driving the demand for climate-friendly and animal-friendly milk. As individuals become more environmentally conscious and strive to reduce their carbon footprint at home.
Global Coconut Milk and Cream Market - Restraints
Consumers having allergies related to coconut
Allergies caused due to the consumption of coconut are expected to limit its adoption among consumers. For instance, sensitization to coconut pollen has been reported among several consumers, refraining them from buying food products infused with coconut ingredients. This is expected to curtail the market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/coconut-milk-and-cream-market-5162
Key Takeaways:
As a result of the increasing number of health conscious consumers, North America accounts for the majority of the growth in the Global Coconut Milk and Cream Market.
On the basis of category, the conventional segment held the dominant position in the global coconut milk and cream market in 2022, accounting for 70% shares in terms of value. Furthermore, increasing product approvals and launches of new products are expected to propel the segment growth during the forecast period.
Global Coconut Milk and Cream Market - Trends
Adoption of vegan foods among consumers
Regardless of the criteria, motivation, or types of classification, the global vegan population is increasing, leading to an increase in the demand for vegan-friendly food products and a subtle presence of coconut milk and cream among them. In response to the growing demand, food companies are offering a variety of coconut milk options, varying the fat content and flavour, and even introducing convenient package formats. For instance, White Wave Foods offers coconut milk in a variety of unusual flavours, including 'Nog', 'Pumpkin Spice', and 'Mint Chocolate' through its So Delicious brand. Globally, data cited by various global institutions such as GFoRSS suggests that the shift to veganism has occurred in the past few years, particularly in the past decade, in many countries.
Global Coconut Milk and Cream Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has put unprecedented stresses on the food supply chains, with bottlenecks in farm labor, processing, transport, and logistics, as well as momentous shifts in demand. Food supply chains have demonstrated remarkable resilience in the face of these stresses. There has been a marginal effect on the agricultural sectors, such as coconuts, across the major coconut producing countries such as Southeast Asia.
