Technavio, a tech-focused market research firm, has published a new report on the global coconut milk market, which is expected to post an impressive growth rate with a CAGR of over 15% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global coconut milk market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global coconut milk market into the following key regions: The Americas, APAC, Europe, and MEA.
Geographical segmentation of the global coconut milk market for 2015 (market share %)
|
Americas |
38.00% |
|
APAC |
30.00% |
|
Europe |
21.00% |
|
MEA |
11.00% |
Source: Technavio
Coconut milk market in the Americas
The Americas accounted for a maximum share of around 38% of the global coconut milk market in 2015 and it is expected that the demand for coconut milk will increase further in the region during the forecast period. The rising lactose intolerance among people who are unable to digest the lactose present in the dairy milk, is one of the major factors fueling growth in this market. It is estimated that nearly 86% of the population in Brazil and over 61% of the population in Argentina are lactose-intolerant.
According to Manjunath Reddy, a lead analyst at Technavio, specializing in research on non-alcoholic beverages, “Most consumers in the US prefer coconut milk fortified with vitamins as it offers the same nutrient content as dairy milk. The market in the US is also witnessing the launch of new products based on coconut milk. For instance, Chia Star launched its coconut milk shakes which is high pressure processed and is available through Whole Foods, the largest organic retailer in the US.”
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Coconut milk market in APAC
Coconut milk is an integral part of food in Asia, and its demand is expected to remain high in APAC during the forecast period. The major growth factor for the coconut milk market in this region is the high level of lactose intolerance among consumers. Technavio’s market research analysts predict that nearly 93% of the population in China is lactose intolerant. In India, the market for coconut milk as a beverage is still growing as coconut milk is only used for cooking purposes. The initiative taken by the Coconut Development Board in India to promote coconut milk as a natural health drink is expected to increase the consumption of the beverage in the country, during the forecast period. Coconut milk, being the best alternative to breast milk, finds high usage in countries such as Sri Lanka, Malaysia, Thailand, and Vietnam, where it is used to feed babies who do not receive breast milk or require additional supplements. Besides these, the coconut milk market in China is also expanding and is expected to register a high growth rate during the forecast period.
Coconut milk market in Europe
The shift of many consumers from dairy milk to non-dairy milk such as coconut milk, almond milk, and soy milk is expected to increase the demand for coconut milk in Europe during the forecast period. The non-dairy products market in the region has grown by about 150% during the past five years, while the dairy milk and cream market has grown by just 3%. The increasing lactose intolerance among the consumers is also driving the growth of the European coconut milk market. The major revenue generators in the region are the UK, Germany and France. The sales of coconut milk in the UK have increased by about 60% in 2015 and are expected to experience a steady growth rate during the forecast period while in Germany and France, the sales is expected to remain high during the forecast period.
Coconut milk market in MEA
The demand for coconut milk is increasing in the Middle East as it is an essential ingredient in several Middle-Eastern dishes. The increasing lactose intolerance among consumers in the region is another factor for the growing demand of coconut milk. The market is expected to grow steadily during the forecast period owing to the growing preference for coconut milk among millennials.
The top leading vendors operating in the global coconut milk market are:
- Goya Foods
- McCormick
- Pureharvest
- Theppadungporn Coconut
- WhiteWave Foods
Other prominent vendors in the market include CHI, Ducoco, Edward & Sons, iTi Tropicals, Pacific Foods, Thai Agri Foods, and Turtle Mountain.
A more detailed analysis is available in the Technavio report tilted, ‘Global Coconut Milk Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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