Coconut Milk Derivatives Market size is estimated to touch a valuation of USD 4,423.5 Million by 2023, as per the latest findings of Market Research Future (MRFR). It is Projected to register 14.80% CAGR over the forecast period (2020-2027).
Dynamics
The key drivers of the coconut milk derivatives market include:
Rising demand for plant-based dairy alternatives: Consumers are increasingly shifting towards plant-based dairy alternatives due to the growing awareness of the health benefits of plant-based diets and concerns about the environmental impact of dairy production. Coconut milk derivatives are a popular plant-based alternative to dairy milk, as they are lactose-free, cholesterol-free, and low in saturated fat.
Increasing popularity of coconut-based products: Coconut-based products are gaining popularity due to their unique flavor and texture, as well as their perceived health benefits. Coconut milk derivatives are used in a variety of food and beverage products, such as yogurt, ice cream, cheese, and coffee creamers.
Growing awareness of the health benefits of coconut milk derivatives: Coconut milk derivatives are a good source of medium-chain triglycerides (MCTs), which are healthy fats that are easily absorbed by the body and converted into energy. MCTs have been shown to boost metabolism, improve gut health, and aid in weight loss.
Applications
Coconut milk derivatives are used in a wide range of food and beverage products, including:
Dairy alternatives: Coconut milk, coconut cream, and coconut yogurt are popular plant-based alternatives to dairy milk, cream, and yogurt.
Frozen desserts: Coconut milk is used to make ice cream, popsicles, and other frozen desserts.
Confectionery: Coconut milk is used to make candy, cakes, and other confectionery products.
Savory dishes: Coconut milk is used to make curries, soups, and other savory dishes.
Emerging Growth
The coconut milk derivatives market is witnessing significant growth in emerging markets, such as Asia Pacific and Latin America. This is attributed to the increasing demand for plant-based dairy alternatives and the growing popularity of coconut-based products in these regions.
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Competitive Breakdown
The global coconut milk derivatives market is fragmented, with a number of small and large players operating in the market. Some of the key players in the market include:
Aroy-D
Coconut Secret
Hain Celestial Group
Pacific Natural Foods
So Delicious
Market Share
The Asia Pacific region is the largest market for coconut milk derivatives, accounting for over 50% of the global coconut milk derivatives market share in 2022. The region is home to the major producers of coconut milk and coconut milk derivatives, such as India, Indonesia, and the Philippines.
North America is the second-largest market for coconut milk derivatives, accounting for over 25% of the global market share in 2022. The growth of the market in North America is attributed to the increasing popularity of plant-based dairy alternatives and the growing awareness of the health benefits of coconut milk derivatives.
Europe is the third-largest market for coconut milk derivatives, accounting for over 15% of the global market share in 2022. The growth of the market in Europe is attributed to the rising demand for plant-based dairy alternatives and the growing popularity of coconut-based products.
Key Players are:
Key players in the Coconut Milk Derivatives Market report include McCormick & Company, Inc. (US), Goya Foods, Inc. (US), Dabur India Ltd. (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corporation (The Philippines), Thai Agri Foods Public Co., Ltd. (Thailand), The Hain Celestial Group (US), Heng Guan Food Industrial Pte Ltd. (Singapore), and ThaiCoconut (Thailand).
Browse related reports:
Asia Pacific Coconut Milk Market Research Report: Information By Category (Conventional and Organic), By Form (Liquid and Powder), By Packaging Type (Bottles, Cans, and Pouches), By Distribution Channel (Store-Based and Non-Store-Based), and By Region (Asia Pacific) – Market Forecast Till 2032
Europe Hummus Market Research Report: Information By Product Type (Classic Hummus, Lentil Hummus, Edamame Hummus, White Bean Hummus, Black Bean Hummus and Others), By Packaging Type (Tubs, Jars & Bottles and Others), By Distribution Channel (Store-Based And Non-Store-Based), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
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