Nutrition-rich foods are becoming top choice of consumers in developing markets, while developed economies are already viewing them as top-grossing products. High nutritional content of coconut milk is garnering the interests of consumers in countries such as the US and Canada. Future Market Insights’ recent report on the global coconut milk market reveals that North America will be a dominant consumer & producer of coconut milk in the years to come. The global market for coconut milk, which is expected to witness sales of over 430,000 MT by the end of 2017, will garner around 25% of these sales from North America.
According to the report, revenues from global coconut milk sales reached US$ 780.4 Mn in 2016, and are estimated to soar towards US$ 830 Mn by the end of 2017. Key findings in the report project that the global market for coconut milk will soar at a healthy 7.3% CAGR to bring in US$ 1,687.7 Mn in revenues during the assessment period, 2017-2027. In terms of volume, the market will exhibit a 6.4% CAGR and record an estimated sales of more than 800,000 MT towards the end of 2027.
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Increasing demand for plant-based, organic beverages among consumers, in developed as well as developing countries, is being observed as the key attributor for growth of global coconut milk market. Besides the healthy content, consumers are also growing inclined towards new tastes, which is why savouring Asian cuisines enriched in coconut milk are gaining popularity across the globe. However, high price of procuring raw coconut meat (in some countries), and growing proliferation of organic substitutes for coconut milk, are likely to restrain the market’s growth to a considerable extent.
Demand for Coconut Milk Powder Losing Traction
One of the vital findings compiled in the report indicate that in 2017, coconut milk in the form of powder is predicted to gain traction, reflecting a market share of 38%. However, towards the end of the forecast period, presence of coconut milk powder products on global market revenues is likely to incur a significant dip. Demand for coconut milk in form of fluids will grow steadily, and dominate with nearly 65% revenue share by 2027-end. Likewise, the demand for conventional coconut milk is expected to gain traction in 2017, but may witness a decline in its global revenue share by the end of forecast period. Organic coconut milk products, on the other hand, will reflect an uptick in global sales, registering a value CAGR of 8.2% through 2027.
Growing consumption of coconut milk is mainly attributed by effective end-use. Household, food services and food & beverage manufacturing are observed as three profitable end-uses of coconut milk. Collectively, revenues from these three end-use applications will collectively account for more than 80% of global coconut milk revenues by the end of 2027. The report also profiles leading producers and manufacturers of coconut milk in the world as key participants in the global coconut milk market, which include Mc Cormick & co., The Whitewave foods, Goya Foods, Charoen Pokphand Foods, Theppadungporn Agricultural Industry,Ducoco Ailmentos SA, Thai Agri Foods, Celebes Coconut Corporation, Pacific Foods of Oregon, GraceKennedy Group, Thai Coconut Public Company Limited, M&S Food Industries, The Sambu Group, Fresh Fruit Ingredients Inc., Chef’s Choice Food Manufacturer Company Limited.
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