Coconut
milk is derived from the grated meat of a mature coconut. The rich
taste and color of coconut milk are attributed to its high oil
content, most of which is saturated fat. The development of the
coconut milk market is due to the numerous health benefits that are
derived from the intake of coconut milk. Coconut milk helps improve
the human immune system and helps reduce critical illnesses. Lauric
acid, which is found in coconut milk, is effectively absorbed by the
body and used by it for energy. This is one of the key drivers of
growth for the coconut milk market. Fatty acids help reduce
cholesterol levels, improve blood pressure, and control strokes and
heart attacks. Owing to the health benefits derived from coconut
milk, the rate of consumption of coconut milk products is expected to
increase substantially over the forecast period. The vegan population
is another the major driver of the growth of the coconut milk market.
There has been a significant rise in the vegan population due to
increased concern about the environment and animals. The adoption of
natural food products and consumer preference for a vegan diet has
fuelled the demand for coconut milk globally. The increasing
popularity of Asian cuisine around the globe is also likely to create
more opportunities in the coconut milk market. The introduction of
new products is expected to drive the coconut milk market over the
forecast period.
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On
the basis of distribution channel, the coconut milk market is
segmented into supermarkets and hypermarkets, specialist retailers,
and convenience stores. Supermarkets and hypermarkets was the
dominant segment in 2015 and it is likely to remain so over the
forecast period. Robust growth of organized retail around the globe
is one of the major drivers of the growth of this market segment.
Specialty stores are likely to gain prominence over the forecast
period.
Geographically,
the coconut milk market is segmented by Europe, North America, Asia
Pacific, Latin America, and Middle East & Africa. North America
accounted for the majority share of the coconut milk market in 2015
and it is expected to remain so over the forecast period. There has
been a rise in the region of the number of lactose intolerant people,
who are not able to digest the lactose present in dairy milk, and who
are switching to coconut milk due to the numerous health benefits
derived from it. North America and Europe account for a steady demand
for coconut milk due to the increasing awareness about health
benefits from its consumption. Asia Pacific is one of the
fast-growing regions for the market owing to its increasing vegan
population. China, Japan, and India dominate the coconut milk market
due to their majority population shares in Asia Pacific. Middle East
and Africa is an emerging market for coconut milk owing to the
increased adoption of coconut milk products in the region. With the
growth of organized retail in this region, the market share of the
coconut
milk market is likely to expand over the forecast period. An
increasing vegan population is also likely to propel the demand for
coconut milk in Latin America. The introduction of new and innovative
products also probably boost the demand for coconut milk in Middle
East & Africa and Latin America.
The major players in the coconut milk market are Goya Foods, Pureharvest, WhiteWave Foods, McCormick, and Theppadungporn Coconut Co. Ltd. Some of the other global manufacturers in the coconut milk market are Edward & Sons, Chi, Ducoco, iTi Tropicals, Thai Agri Foods, Turtle Mountain, and Pacific Foods.
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