Coconut milk is a plant-based milk that is prepared from the extraction of grated pulps of coconut kernels. The enriching taste of coconut milk is mainly due to the high oil content in it, most of which is saturated fat. It is extensively used in various food recipes including fish curries, meat dishes, and also in sweets, bakery, and desert products for flavouring. They are also used as moisturizers in skin care.
Forecast Analysis of the Global Coconut Milk Market
Coconut milk has ton of benefits like they enhance the cardiac health, help in losing weight, improves the function of immune system, and many more. In addition, the growing demand for plant-based products among people across the globe for maintaining a healthy diet is further expected to bolster the growth of the global coconut milk market during the forecast period. Moreover, increasing use of coconut milk as moisturizers for skin and body is expected to create tremendous opportunities for the growth of the market. However, extortionate cost of coconut milk is expected to hinder the growth of the global coconut milk market.
According to the report published by Research Dive, the global coconut milk market is expected to garner a revenue of $3,051.40 million by 2028, growing exponentially at a CAGR of 14.60% during the forecast period 2021-2028. The major players of the market include Goya Foods Inc., Dabur India Ltd., Celebes Coconut Corp., Vita Coco, Thai Agri Foods Public Co. Ltd, Danone SA, McCormick & Company Inc., Cocomi Bio Organic, Pureharvest, Thai Coconut Public Company, and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global coconut milk market to grow exponentially.
For instance, In July 2020, HumanCo, a mission-driven holding company focused on healthier living and sustainability acquired a majority stake in Coconut Bliss, an innovative, organic plant-based ice cream company, in order to amplify the importance of organic and intentionally sourced foods.
In July 2020, Theppadungporn Coconut Co., Ltd. (TCC), a Thailand-based manufacturer and distributor of Chaokoh which is prevailing coconut milk brand in Thailand, announced that they distribute new coconut varieties to contracted farmers and conducts a third-party farm inspection, in order to improve the quality of products and environmental impacts.
In February 2021, Danone, one of the world’s leading food and beverage company, acquired Earth Island, a pioneer in the U.S. plant-based marketplace in cheese and mayo, in order to maximize its presence and strengthen Danone’s plant-based business.
Most Profitable Region
The Asia-Pacific region is expected to be most lucrative, and generate a revenue of $1,290.70 million during the forecast period. Rising demand for different types of healthy coconut milk products among people in this region is expected to drive the growth of the market. In addition, the presence of leading players of the market in this region is further expected to stimulate the growth of the regional coconut milk market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had a negative impact on the growth of the global coconut milk market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns have adversely disrupted the supply chain of the market. In addition, stringent restrictions imposed by the government on the import and export of raw materials across the globe further declined the demand for coconut milk during the pandemic. Thus, COVID-19 has had a negative impact on the market.