Coconut Milk Market Stakeholders With Covid-19 Impact Analysis: Top Industry Trends and Segments Forecast 2022-2032
The coconut milk market size has been valued at USD 1152.71 Million in 2022 and is expected to grow to USD 2131.6 Million by 2032, at a CAGR of 7% during the forecast period.
The global impact of COVID-19 has been unprecedented and staggering, with demand for coconut milk declining across all regions as a result of the pandemic and impacting the coconut milk market future trends.
Plant-based products are both healthier and safer than animal-based products. The coconut milk market is being driven by the growing popularity of veganism around the world. Increased adoption of coconut milk is primarily due to its growing consumer popularity, as well as the product’s versatility in application.
Coconut milk is linked to lower blood pressure and cholesterol levels, which has led to a growing consumer preference for it and in turn accelerate the coconut milk market key trends and opportunities.
Another factor driving the increased sales of coconut milk is the desire for healthy beverages with low calorie content that are also tasty. To keep up with the coconut milk market trends, coconut milk market manufacturers are developing novel ways to incorporate this product into various processed foods.
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Key Takeaways:
“Coconut milk is a versatile ingredient that has a wide array of applications from food and beverage to cosmetic and skincare products. With rising health awareness and lactose intolerance, consumers are shifting towards coconut milk owing to its organic, natural, plant-based characteristics which will assist the growth of the market segment,” says a lead analyst at Future Market Insights.
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Competitive landscape:
Top 5 manufacturers of coconut milk are Nestlé, SunOpta, Inc., Danone SA, Goya Foods, and McCormick & Company, holding 20% to 30% coconut milk market share.
Companies are using coconut milk in their cosmetic and skincare products to incorporate nutrients and the skincare benefits of coconut milk. With increasing, research and development and technological advancement companies are finding new techniques to effectively use coconut milk and milk powder to their maximum potential.
Coconut milk is used by companies like KORA Organics because of its heavy concentration of essential antioxidants & amino acids, allowing it a beneficial choice for the skin. Coconut milk is abundant in MCTs (medium-chain triglycerides), which help to make it such a versatile product. MCTs have the property of antimicrobial and anti-inflammatory, making them ideal for use in masks, rinse-off cleansers, and leave-on moisturizers to help soothe and restore the skin.
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Market Segmentation for Coconut Milk
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Aug 17, 2022