LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global coconut milk market to grow at a CAGR of more than 15% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global coconut milk market for 2016-2020. To calculate the market size, the report has taken into consideration the revenue generated from the sales of coconut milk to individual consumers.
The growing demand for plant-based food and beverages, increasing lactose intolerance, and rise in health awareness among the consumers are driving the growth of the market. The players in the market are expanding their existing product portfolio and are also coming up with new and innovative products based on coconut milk to cater to the demands of the consumers and to remain competitive in the market.
The global coconut milk market is divided into four distribution channel segments:
- Supermarkets and hypermarkets
- Convenience stores
- Specialist retailers
- Others
Supermarkets and hypermarkets were the most popular distribution channels for coconut milk. The growth of organized retail in developed and developing economies has been the main reason for this. The number of supermarkets in the US is increasing, and the trend is expected to continue during the forecast period. It is estimated that the sales through supermarkets and hypermarkets are set to increase in Canada during the forecast period.
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Technavio food and beverage analysts highlight the following three factors that are contributing to the growth of the global coconut milk market:
- New product launches
- Health benefits of coconut milk
- Growing popularity of Asian cuisine among consumers around the globe
New product launches
A factor that will help the market grow during the forecast period is the increase in the number of new product launches around the globe by various players. The players in the market are coming up with new product ideas such as flavored coconut milk to remain competitive and to retain the consumer interest in the market. In January 2016, Ceylon Biscuits launched a new product line of coconut milk. The company launched its coconut milk products in the Sri Lankan market.
Manjunath Reddy, a lead non-alcoholic beverages analyst at Technavio, says, “In July 2016, Starbucks launched its first coconut milk-based drink in the US and Canadian markets; the iced coconut milk mocha macchiato is topped with caramel and mocha drizzle.”
Health benefits of coconut milk
One of the main growth drivers of the coconut milk market is the health benefits associated with the consumption of coconut milk. Coconut milk helps in improving the immune system of the body, thereby helping to prevent diseases. The lauric acid found in coconut milk is easily absorbed by the body and used by the body for energy. Also, this fatty acid helps in lowering cholesterol levels, improving blood pressure, and preventing heart attacks or strokes.
Growing popularity of Asian cuisine among consumers around the globe
Coconut milk is an important ingredient in Asian cuisine and the popularity of Asian cuisine is increasing around the globe. It is the fastest-growing food segment in the world. The global sales of Asian food have grown by nearly 500% during the last 15 years. The increase in population and the economic development are two factors responsible for the growth of Asian food.
“The migration of Asian population to other parts of the world has also increased the demand for Asian cuisine around the globe. Sales at Asian restaurants in the US increased by about 135% during the past 15 years. This rise in demand for Asian cuisine will increase the demand for coconut milk among the consumers,” adds Manjunath.
Top vendors:
- Goya Foods
- McCormick
- Pureharvest
- Theppadungporn Coconut
- WhiteWave Foods
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