Since past few years, the market is experiencing a steady growth graph. The report states that the global coconut milk market was valued at US$ 643.22 Mn in the year 2018 and is expected to touch the valuation at US$ 1,688.88 Mn by the end of 2024, with a colossal CAGR of 17.46% during the projected period.
Global Coconut Milk Market: Drivers and Restraints
Due to ethical and environmental concerns, consumers have shifted their priorities towards the vegan diet which has raised the intake of coconut milk. This helps in reducing the occurrence of illness and also helps in strengthening the immune system of the body. The growing popularity of Asian Cuisine and an increasing lactose intolerant population is expected to boost the growth of the global coconut milk market in the years to come.
However, excess consumption of coconut milk can cause high cholesterol which led to increasing allergies and rise the chances of heart related diseases. This factor may hamper the growth of the global coconut milk market in the near future.
Global Coconut Milk Market: Forecast by Application
Based on the application segment, the market is segmented into Direct Drink, Dairy & Dessert, and Baked Products. In the year 2018, Direct Drink industry segment accounts a consumption share of over 40%. The Dairy & Dessert segment is expected to expand with a robust CAGR of 14.01% over the forecasted period.
Global Coconut Milk Market: Forecast by Form
On the basis of form, the market is segmented into Regular Coconut Milk and Organic Coconut Milk. The demand for Regular Coconut Milk is highest followed by Organic Coconut Milk due to its increasing usage in food and beverages products as an additive. In terms of volume, Regular Coconut Milk segment is expected to remain dominant in the global coconut milk market. Regular Coconut Milk segment expected to create an absolute $ opportunity of US$ 924.32 Mn between 2018 and 2024.
Global Coconut Milk Market: Forecast by Region
Southeast Asia, North America, South America, and Asia Pacific regions are included in this report. In terms of value, South East Asia is dominating the market of coconut milk across the globe. In the year 2018, Southeast Asia was valued at US$ 282.67 Mn and is growing with a healthy CAGR of 18.43% throughout the anticipated period. North America market is expected to expand at a robust CAGR of 19.75% during the predicted period.
Global Coconut Milk Market: Key Players
Leading players functioning into the global coconut milk market are UNICOCONUT, Theppadungporn Coconut, HolistaTranzworld, Thai coconut, Renuka Holdings, Asiatic Agro Industry, Goya Foods, PT. Sari Segar Husada, Betrimex, SOCOCO, Coconut Palm Group, Ahya Coco Organic Food Manufacturing, White Wave Foods, and Heng Guan Food Industrial.
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