- The growth in the consumption of coconut-based products among consumers is expected to drive the use of coconut-based products in food and beverage applications in the future. Sales of coconut-based ingredients, such as coconut milk and coconut cream, are growing, and these products are widely used as ingredients in various processed food products.
New York, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Coconut Milk and Cream Market - Trends, Growth, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05993776/?utm_source=GNW
- Since a coconut has several health benefits, and its by-products are vastly used in bakery goods, coffee, confectionery, etc., its demand is witnessing a rapid upward curve. The coconut is extensively used in South Asian cuisines, such as Indian, Burmese, Sri Lankan, and Indonesian.
Key Market Trends
Rising Trend of Dairy-free and Veganism Globally
Regardless of classification criteria, reasons, or types, the number of vegans in the world is on the rise, driving the demand for dairy-free food products and creating a subtle presence for coconut milk and cream as key vegan food ingredients. Moreover, in an attempt to acknowledge the demand from the rising vegan population, food companies are introducing a diverse range of coconut milk by varying its fat content and flavor and even launching easy-to-carry package formats to boost convenience. For instance, the company WhiteWave Foods, through its brand So Delicious, offers coconut milk in unusual flavors, such as Nog, Pumpkin Spice, and Mint Chocolate ?. Globally, the data cited by several global institutions indicates that the transition to a vegan lifestyle has happened over the past few years. Many countries have witnessed the rise in vegan consumers, especially over the past decade.
Asia Pacific Continues to Dominate the Global Market
Asia Pacific revenue generation is majorly driven by the countries like India, Japan and Indonesia. Coconut industry holds an eminent position in the Indian economy, thus, luring great interest of the government to strengthen the coconut industry and its application in varied sectors. For instance, the Coconut Development Board of India sponsored various research programs through the premier research institutions in the country for the development of new technologies for the manufacture of coconut cream, spray dried coconut milk powder, and other coconut products. In Japan, more than 90% of the Japanese consumers are lactose-intolerant, yet the demand for ice cream, yogurt, and other dairy products is very high among the native consumers, which drives the demand for dairy-alternatives ingredients, including coconut cream and milk, among the food manufacturing companies of the country.
The global coconut milk and cream market is highly fragmented with numerous domestic players existing with strong distribution networks and international food certifications. Furthermore, emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the market include McCormick & Company Inc., Danone SA, Sambu Group, Adamjee Lukmanjee & Sons (Pvt.) Ltd, and Cardinal Agri Products Inc., among others.
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