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The packaged coconut milk market size is projected to increase by USD 942.7 million and the market size is estimated to grow at a CAGR of 12% between 2022 and 2027. The rising adoption of a vegan lifestyle globally is poised to drive market growth for packaged coconut milk during the forecast period. Health-conscious consumers are increasingly embracing veganism, attracted by its promise of better prosperity, detoxification, and moral concerns related to creatures. This vegan-friendly movement has experienced remarkable growth, with a three-fold increase over the past decade. Moreover, as consumers become more aware through social media and online advertisements, they are increasingly inclined to reduce their consumption of animal-derived products. The rising demand for coconut milk is further propelled by the increasing popularity of specialty foods and the health and wellness trend.
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The market share growth by the conventional segment will be significant during the forecast period. Conventional products are made with conventional cultivation and use pesticides to avoid pest attacks. This is made by removing the coconut meat and soaking the coconut meat for a period of time to break down the coconut and make coconut cream, which rises on top of the coconut. Coconut cream is the thickest and fatty part of coconut used in desserts.
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The conventional segment was valued at USD 629.97 million in 2017 and continued to grow until 2021. The coconut cream is removed from the top and marketed as coconut cream like other dairy products. The rest of the product is strained several times until it is thin enough to store and sell. This can also be sold fresh on the dairy shelf. As conventional products require conventional raw materials, including conventional coconut, the final product is inexpensive, which will be the major driver of the conventional segment during the forecast period.
Supermarkets and hypermarkets are the main distribution channels for packaged coconut milk owing to the market growth of the organized retail sector across the globe. Due to the raised demand for packaged product supermarkets and hypermarkets provide a wide variety of it. Improved shelf storage in supermarkets and hypermarkets will increase product awareness, attract more consumers, and lead to more purchases. Additionally, some retailers offer packaged, private-label coconut milk brands at competitive prices. Therefore, consumers are more likely to purchase such products. Hence, the availability of cost-affordable products in supermarkets is expected to drive the market growth and trends of the segment during the market Outlook forecast period.
Moreover, as consumers increasingly seek Non-Dairy Beverages, the market trends and analysis indicate a growing preference for this as a dairy alternative. Market growth analysis further suggests that the market segment is poised for expansion, with market research and growth indicating promising opportunities for manufacturers and retailers alike.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Consumer demand for packaged products as an alternative to animal milk is driving the growth of the market. The rise in lactose intolerance and cow's milk allergy is also increasing demand for dairy alternatives and plant milk beverages such as packaged products. Growing awareness of the environmental impacts of the dairy industry, including greenhouse gas emissions and water use, is driving a shift toward more sustainable, plant-based alternatives. Plant-based milk production generally has a lower carbon footprint and uses less water than conventional dairy farming. The rising adoption of a vegan diet is growing the demand for plant-based dairy alternatives such as packaged coconut milk. Due to the spread of veganism in 2021, plant-based food sales rose by 27%. In 2022, about 6% of the US population was vegan. All these factors are driving the growth of the regional market during the forecast period.
The packaged coconut milk market is driven by various factors, including nutritional value, convenience packaging, and the rising demand for non-GMO and organic products. Shelf-stable packaging and sustainable sourcing also contribute to its growth. Trends such as the increasing popularity of Asian cuisine and gluten-free diets further propel the market. However, challenges such as dairy industry disruption and dietary restrictions pose obstacles. Emerging markets offer opportunities for expansion, while innovations in food technology cater to cooking applications and ready-to-drink products. Market analysis indicates a positive outlook with steady growth and increasing consumption. The diversification of coconut milk trends according to brands and flavor profiles meets the demands of the growing vegan food market and health-conscious consumers seeking nutritional beverages.
The rising adoption of a vegan lifestyle across the world is expected to drive the growth of the global packaged coconut milk market during the forecast period. Health-conscious consumers are turning vegan due to reasons such as seeking better prosperity, detoxification, moral concerns about creatures, and assurance of nutritional benefits from consuming plant-based beverages. The vegan-friendly movement has witnessed exponential growth, with a three-fold increase in the past decade. Driven by increasingly hectic lifestyles, consumers are increasingly understanding the importance of instilling a healthy diet in their daily lives. This trend is fueled by growing awareness through social media and online advertisements. The influence of social media is significant, and any information posted on social networking websites is quickly adopted by most consumers. With businesses acknowledging the nutritional and sustenance benefits, many are embracing veganism by incorporating coconut milk into their dairy substitutes menu. In 2021, approximately half a million British adopted a vegan lifestyle.
Furthermore, more and more people worldwide are willing to reduce their consumption of animal-derived food products. The rising vegan culture is a growing trend globally. Moreover, there are numerous e-commerce stores offering vegan products to customers online, thus driving the growth of the global coconut milk market during the forecast period.
Rising veganism is the key trend driving the growth of the global market. Veganism means avoiding animal products, particularly in your diet. A person who follows a vegan diet is called a vegan. Increasing adoption of vegan lifestyles across the globe will drive the growth of the global market in the future. People become vegan for reasons such as greater wealth, detoxification, a sense of morality on creatures, and assurance of health benefits by consuming packaged vegan foods. Vegetable lovers have developed exponentially, and in the last decade, they have shown three-fold growth.
Moreover, due to the rising hectic lifestyles, consumers moderately understand the need to use a healthy diet in their daily lives. This is boosted by increasing awareness via social media and online advertisements. The impact of social media is high on the lives of consumers, and any information posted on social networking websites is rapidly adopted by most consumers. For instance, in 2021, approximately half a million British were vegans. Hence, the rising vegan culture is expected to boost the market during the forecast period.
High price and limited awareness of coconut milk is the major challenge that affects the growth of the market. The excessive fee of packaged vegan milk like coconut milk as compared with traditional dairy products is one of the main motives at the back of their confined penetration and adoption in areas including MEA, South America, and Eastern Europe. Furthermore, middle-income people in developed countries also avoid buying packaged vegan food processing brands because of their high prices. The price per pound of packaged coconut milk varies widely on brands and is roughly 1.5 to 2 times the price of the same amount of traditional dairy milk.
However, the market is rising, and consumer awareness of packaged vegan milk is very limited, especially in South America, Southeast Asia, MEA, and Eastern Europe. Hence, the packaged vegan milk industry in these regions is highly underdeveloped, with low penetration. This is a major concern for the market players, which is expected to impede the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The packaged coconut milk market is experiencing significant growth, driven by various factors and trends. Market analysis and reports indicate a positive outlook, with forecasts predicting continuous expansion. One of the key drivers of this growth is the rising demand for natural ingredients and dietary trends favoring healthier alternatives like coconut milk. With consumers increasingly seeking beverages packaged sustainably, Tetra Pak emerges as a popular choice in beverage packaging within the coconut milk market. Additionally, the beverage industry's inclination towards innovation has led to the development of various nut milk alternatives, further boosting the market's growth. Global market trends also play a crucial role, as the popularity of coconut water and its derivatives continues to rise worldwide. As a result, coconut milk consumption and production are on the rise, accompanied by evolving trends in flavor profiles and packaging innovations. Overall, the coconut milk market is poised for significant expansion, driven by market growth and forecasting, along with ongoing market analysis and trends shaping its outlook positively.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12% |
Market growth 2023-2027 |
USD 942.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.45 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key countries |
US, India, Germany, France, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ahya Coco Organic Food Manufacturing Corp., Campbell Soup Co., Celebes Coconut Corp., Cocomi Bio Organic, Coconut Palm Group Ltd., Dabur India Ltd., Danone SA, Edward and Sons Trading Co., Goya Foods Inc., Heng Guan Food Industrial Pte Ltd., McCormick and Co. Inc., Merit Food Products Co. Ltd., Nestle SA, PureHarvest, Thai Agri Foods Public Co. Ltd., Thai Coconut-Public Co. Ltd., The Coconut-Co. UK Ltd., The Vita Coco Co. Inc., Theppadungporn Coconut-Co. Ltd., and Istore Direct Trading Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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