Market Scope:
Market Research Future (MRFR) believes that the Coconut Milk & Coconut Milk Derivatives Market could reach close to USD 4,423.5 Million by 2023. Market Research Future (MRFR)’s findings also reveal that the projected growth rate of the market should be 14.80% between 2018 and 2023.
Coconut Milk & Coconut Milk Derivatives Market - Growth Boosters and Deterrents:
The consistent rise in the economic standards across the world, especially in emerging countries, in conjunction with the rising spending capacity of the people will ensure bolstered demand for coconut milk and its derivatives in the years to come.
A host of nutritional benefits associated with coconut milk including healthy fatty acids’ presence, ability to foster heart health and facilitate rapid fat burning add to its appeal. Its antimicrobial impact raises its consumption rate among consumers as well. The heightened use of coconut milk and coconut milk derivatives in the food service industry across prominent countries will encourage business growth too. Another growth rendering factor can be the prevalence of hectic lifestyles that gives rise to time-pressed consumers, which inclines them towards the product that remains fresh for a very long time.
Coconut Milk & Coconut Milk Derivatives Market - Top Companies:
Celebes Coconut Corporation (The Philippines), Thai Agri Foods Public Co., Ltd. (Thailand), Dabur India Ltd. (India), Ducoco (Brazil), Vita Coco (US), McCormick & Company, Inc. (US), Heng Guan Food Industrial Pte Ltd. (Singapore), The Hain Celestial Group (US), ThaiCoconut (Thailand), Goya Foods, Inc. (US), are the eminent coconut milk and coconut milk derivatives developers covered in the extensive study.
Coconut Milk & Coconut Milk Derivatives Market - Segmental Review:
Conventional and organic are the top categories considered in the study. The conventional segment takes the lead while the organic category could anticipate significantly rapid growth at a rate of 17.16% over the conjectured period.
Major types of coconut milk and its derivatives are coconut milk and coconut derivatives. Coconut milk forms the highest share of around 55.65% and therefore, dominates the worldwide market. Coconut milk enjoys considerable demand thanks to its preference as a drink among consumers, while its use as a cooking ingredient adds to the segment’s value as well. Meanwhile, the coconut milk derivative type should grow at a stellar pace due to the escalating preference for natural ingredients for use in a variety of food & beverages.
Different packaging types are pouches, cans, bottle and others. The cans section holds 35.61% share in the total market, since these packaging types are known for their airtight nature as well as a dependable storage property at extreme temperatures. Bottles remains the second-biggest segment but the mounting environmental concerns have knocked down the demand for plastic bottles to a large extent.
Food service and food retail are the major distribution channels, where the food retail section has taken the lead with the highest share of 69.84% in the market.
Regional Insight:
North America thrives as the top contender in the worldwide market and could secure a 15.25% growth rate over the appraisal period. The significant consumption of a variety of coconut derived products and the launch of different coconut-based products by renowned brands like VitaCoco will bolster the business value. Consumers’ penchant for nutritious and healthy items and their increasing spending on these products, regardless of the premium prices should further benefit the North American market. The blossoming middle-class working population with huge preference for online shopping will further the market position.
Asia Pacific could accumulate the fastest development rate in the future, as consumers are progressively growing aware about the health advantages of coconut milk, therefore using it in their daily diets. Surging prominence of healthy eating habits combined with the notable increase in people’s disposable incomes boost business growth as well. Manufacturers in the region are constantly infusing coconut milk and its derivatives in their cosmetic, and pharmaceutical products, resulting in considerable demand among consumers. Other than this, incredible rise in quick service restaurants, hotels, lounges, cafes and fine dining restaurants encourages market demand. The surge in the organized retail sector should further accelerate market growth across Asia Pacific.
Know More about the Report: https://www.marketresearchfuture.com/reports/coconut-milk-derivatives-market-7878
About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
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