The global coconut milk market is estimated to be valued at $3,051.40 million by 2028, surging from $1,027.50 million in 2020, at a noteworthy CAGR of 14.60%.
Impact Analysis of COVID-19 on the Coconut Milk Market
The global market for coconut milk is estimated to experience a low growth amid the COVID-19 pandemic. This low growth is the result of disruption in coconut supplies due to limited transportation of raw materials along with high prices. Moreover, manufacturers of coconut products were unable to continue their manufacturing processes because of unavailability of coconuts. All such factors across the globe have hit the supply chain and it is impacting the businesses and workers engaged in it.
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Global Coconut Milk Market Analysis
The enormous growth of the global coconut milk market is mainly attributed to increasing prevalence of Asian cuisine around the globe, as Asian cuisine uses large amount of coconut milk in various recipes. Moreover, rising adoption of vegan diets and growing trends of plant-based milks are some of the aspects that drive the market growth. These types of factors are fueling the market growth.
Disadvantages associated with coconut milk such as allergies along with its high cost may create a negative impact on the market during the forecast period.
The increasing preferences towards the plant-based beverages may create huge opportunities for the market in the future. Now-a-days people are adopting foods that are plant-based and healthy. Moreover, coconut milk has various advantages such as it prevents heart diseases, balances electrolytes, strengthens the immune system, and several other benefits. These are some of the elements that may further lead to lucrative market opportunities in the market in the upcoming years.
Global Coconut Milk Market, Segmentation
The global coconut milk market is segmented based on packaging type, distribution channel, and region.
The packaging type segment is further classified into tetra packs, plastic bottles, and cans. Among these, the tetra packs type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $1,885.30 million by 2028, with an increase from $611.2 million in 2020.
The market growth can be attributed to increasing demand for tetra packs due to its health benefits such as they are safe and provide long shelf life, creating a positive impact on the sub-segment throughout the forecast period.
The distribution channel segment is further divided into direct distribution and retail distribution. The retail distribution sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $1,864.10 million during the analysis timeframe.
The growth of retail distribution sub-segment is owing to its growing popularity among people due to freedom of selection from any category of products and due to the availability of huge discounts on products under the same roof. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The coconut milk market for the Asia-Pacific region is projected to witness dominant share and fastest growth as well. This market generated a revenue of $417.2 million in 2020 and is further projected to reach up to $1,290.70 million by 2028.
The demand for coconut milk is surging in the Asia-Pacific region specifically because of factors such as increasing advancements in technologies along with increasing prevalence of plant-based milk products.
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Key Players in the Global Coconut Milk Market
Some of the leading global coconut milk market players are
- Dabur India Ltd
- Goya Foods Inc.
- McCormick & Company Inc.
- Celebes Coconut Corp.
- Vita Coco
- Thai Agri Foods Public Co. Ltd
- Danone SA
- Thai Coconut Public Company
- Cocomi Bio Organic.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.