Companies are emphasizing innovation and broadening their
range of products, including manufacturing flavored coconut milk
drinks, nutrient-fortified variants, and products made to meet
particular dietary requirements such as organic or low-sugar
alternatives. Thus, driving growth in the coconut milk beverages
market.
WILMINGTON, Del., Sept. 17, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Coconut Milk Beverages
Market by Type (Regular coconut milk and Organic coconut milk), and
Application (Direct drink, Dairy & dessert, Baked products and
Others): Global Opportunity Analysis and Industry Forecast,
2024-2033". According to the report, the coconut milk beverages
market was valued at $6.3 billion in
2023, and is estimated to reach $21.7
billion by 2033, growing at a CAGR of 13.2% from 2024 to
2033.
Download PDF
Brochure: https://www.alliedmarketresearch.com/request-sample/A324334
Prime determinants of growth
Rise in demand for plant-based and dairy-free substitutes driven
by rise in health consciousness and lactose intolerance is the main
factor driving the growth of the coconut milk beverages market.
Coconut milk's claimed health benefits such as being high in
vitamins and minerals and usefulness in a variety of culinary
applications also contribute to its rise in popularity. Market
expansion is further fueled by increase of distribution channels,
such as supermarkets and internet platforms. Its attractiveness is
further enhanced by new product innovations, such as flavored and
fortified coconut milk. In addition, the popularity of plant-based,
vegan, and vegetarian diets is increasing the demand for coconut
milk as an ingredient.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base
Year
|
2023
|
Market Size in
2023
|
$6.3 billion
|
Market Size in
2033
|
$21.7
billion
|
CAGR
|
13.2 %
|
No. of Pages in
Report
|
250
|
Segments
Covered
|
Type, Application, and
Region.
|
Drivers
|
Health and Wellness
Trends
|
Rising Vegan and
Vegetarian Diets
|
Product
Innovations
|
Opportunities
|
Expansion into Emerging
Markets
|
Strategic Partnerships
and Collaborations
|
Restraints
|
High Production
Costs
|
Supply Chain
Challenges
|
Segment Highlights
By type, the regular coconut milk segment dominated the market
with the highest share in 2023. Regular coconut milk is a popular
dairy alternative in baking and cooking due to its unique flavor
and creamy texture. The growing popularity of tropical flavors, the
growing trend of veganism, and the greater availability of coconut
milk products in mainstream supermarkets are all major factors
driving market expansion. The market presence of conventional
coconut milk beverages is further boosted by changes in packaging
and formulations, which have improved their appeal.
Procure Complete Report (250 Pages PDF with Insights, Charts,
Tables, and Figures)
@ https://www.alliedmarketresearch.com/checkout-final/coconut-milk-beverages-market
By application, the dairy and dessert segment dominated the
market in 2023. The market for coconut milk beverages is expanding
significantly, due to rise in demand for healthier dessert options
and dairy substitutes from customers. These beverages provide a
lactose-free, plant-based substitute for traditional dairy
products. Examples of these are coconut milk and smoothies made
with coconut. Consumers who are health-conscious and those who have
dairy allergies or lactose intolerance are becoming more familiar
to them. The market is becoming increasingly desirable due to
innovations in flavor and formulation, offering a variety of
products ranging from flavored to unsweetened. In addition, the
market is expanding for dessert applications, where coconut milk is
utilized in products like puddings and ice creams.
Regional Outlook
The coconut milk beverages market is expanding significantly in
several geographic regions. Plant-based diets and growing health
consciousness are driving demand in North
America. Growing knowledge of lactose sensitivity and
veganism has brought interest in Europe to rise. The historic use of coconut
milk beverages and the growing trend of urban populations looking
for healthier options have made them popular throughout
Asia-Pacific. The Middle East and Africa have potential with consumer tastes
shifting toward natural and organic products. The rise of coconut
milk in Latin America is
attributed to factors such as domestic production and growing
consciousness of its health advantages. Globally speaking, the
market is growing, reflecting a range of regional tastes and health
trends.
Players: -
- Theppadungporn Coconut
- ThaiCoconut
- Asiatic Agro Industry
- PT. Sari Segar Husada
- SOCOCO
- Ahya Coco Organic Food Manufacturing
- Heng Guan Food Industrial
- WhiteWave Foods
- Coconut Palm Group
- Betrimex
- Goya Foods
- Renuka Holdings
- HolistaTranzworld
- UNICOCONUT
The report provides a detailed analysis of these key players in
the global coconut milk beverages market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
For Purchase
Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/A324334
Recent Development:
- In November 2023, The Coconut
Collab, a British company, introduced M!LK, a barista-style milk
made with coconut.
- In June 2020, Drums Food
International Pvt. Ltd. introduced a line of plant-based yogurt
made with coconut milk under the Epigamia brand for Indian
consumers.
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