Global Coconut Milk Market Is Expected to Reach $2.9 Billion by 2027: Says AMR
Rise in use of coconut-based products in food & beverage applications, increase in consumption of nutritious drinks, and expansion of the retail market drive the growth of the global coconut milk market. By type, the tetra packs segment held the major share in 2019. By region, on the other hand, North America would grow at the fastest CAGR by 2027
Portland.OR, May 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global *coconut milk market* was pegged at $1.1 billion in 2019, and is estimated to hit $2.9 billion by 2027, registering a CAGR of 17.1% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in use of coconut-based products in food & beverage applications, increase in consumption of nutritious drinks, and expansion of the retail market drive the growth of the global coconut milk market. On the other hand, slight decline in the production of coconuts compared to its increasing demand restrains the growth to some extent. However, product innovation and surge in demand for coconut milk are expected to create lucrative opportunities in the industry.
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*Covid-19 scenarios-*
· The prolonged lockdowns, disrupted supply chain, distorted manufacturing activities, and lack of raw materials affected the global coconut milk market during the Covid-19 pandemic.
· Nevertheless, the global market is projected to recoup soon with relaxations on the current rules & regulations and with the rollout of mass vaccination programs.
The global coconut milk market is analyzed across packaging type, category, end user, distribution channel, and region. By type, the tetra packs segment accounted for more than three-fifths of the total market share in 2019, and is anticipated to retain its dominance during the forecast period. At the same time, the cans segment would exhibit the fastest CAGR of 18.8% from 2021 to 2027.
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By category, the conventional segment contributed to more than three-fifths of the total market revenue in 2019, and is projected to rule the roost during the forecast period. Simultaneously, the organic segment would manifest the fastest CAGR of 18.0% from 2021 to 2027.
By region, Asia-Pacific held the *highest share* in 2019, holding nearly half of the global coconut milk market. The market across North America, on the other hand, would garner the fastest of 17.6% during the forecast period. The other two regions analyzed through the report include Europe and LAMEA.
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The leading market players analyzed in the global coconut milk market report include Goya Foods Inc. (New Jersey), Celebes Coconut Corp. (Philippines), McCormick & Company Inc. (US), Thai Agri Foods Public Co. Ltd (Thailand), Danone SA (France), Pureharvest (Australia), Thai Coconut Public Company (Thailand), Dabur India Ltd (India), and Vita Coco (US.) Celebes Coconut Corp. (Philippines). These market players have adopted different strategies including partnersip, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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