Coconut milk is a liquid obtained by manual or mechanical extraction of coconut meat, with or without water. The composition of coconut milk depends on water used during extraction. Water also affects the fat content and moisture of coconut milk. Coconut milk is slightly acidic in nature with a pH of 6. Coconut milk contains two types of protein, albumins and globulins in the range of 6 to 8%. Spray drying method is used by manufacturers to dry coconut milk into powdered form as it increases its shelf life and also becomes easy for transportation. On an average, one coconut yields 60 to 100 grams of coconut powder depending on its size.
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Key players in Global Coconut Milk Market
Key players operating in the global coconut milk market include Goya Foods, Pureharvest, McCormick, WhiteWave Foods, and Theppadungporn Coconut Co. Ltd. Some other coconut milk manufacturers are Edward & Sons, Chi, Ducoco, Zurtle Mountain, Thai Agri Foods, iTi Tropicals, and Pacific Foods.
Key market players are launching new types of coconut milk-based products in order to meet rising demand from consumers. For instance, in February 2018, Nestle launched a new beverage based on coconut milk, Nespray Coco-Up.
Market Outlook
Among form, liquid coconut milk segment accounted for the highest market share in the coconut milk market in 2017. This is due to its wide applications in food and beverages industry, it is preferred to be used in a liquid form. Household consumers prefer liquid coconut milk due to its wide culinary usage such as to prepare curries, sauces and desserts.
Among applications, food & beverages segment was dominant in the market in 2017. There are various applications of coconut milk such as ice creams, paddings, smoothies, cream, and as a substitute for dairy milk. This segment is projected to hold the dominant position in the market over the forecast period.
Asia Pacific held the largest market share in the global coconut milk market in 2017, and is projected to be the dominant region over the forecast period, owing to abundant production of coconut and widespread uses of coconut milk in various cuisines is popular in Asian countries. For instance, according to Food and Agricultural Organization (FAO), Asia accounted for 82.6% of the global coconut production in 2016.
Market Dynamics
Diverse applications of coconut milk and high availability of coconut are the key factors driving growth of the global coconut milk market. Coconut milk is a rich source of protein such as prolamin, glutein, albumin, and globulin. Coconut milk is associated with various health benefits such as weight loss, boosts immune system, improves digestion, prevents acne, promotes hair growth, and treats sunburn as well as reduces the risk of diabetes and Alzheimer’s disease. Coconut milk is added to various dishes and cuisines and has diverse usage in food and beverage industry such as ice cream, yogurt, sauces, and beverages.
High availability of coconut will create growth opportunities for manufacturers and will fuel growth of global coconut milk market. According to statistics of Food and Agricultural Organization (FAO), global production of coconut was 58.4 million tons in 2016 and grew at the rate of 1.0% from 2011.
However, consumers should take measures before consuming coconut milk as it contains high calories, abundant saturated fat, and often causes allergies. Moreover, popular substitutes to coconut milk such as spiced milk, soy milk, and yoghurt might be a hindrance in growth of the market. Consumption of coconut milk may increase blood fat levels, which can increase the risk of heart disease. Presence of saturated fat will increase cholesterol level, which results in weight gain and constipation. Other factors such high cost of coconut milk as compared to dairy milk and increasing health risks associated with consumption of coconut milk are expected to hamper growth of the market.
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Market Taxonomy
On the basis of form, the global coconut milk market is segmented into:
Liquid
Powder
On the basis of application, the global coconut milk market is segmented into:
Food and Beverages
Cosmetics & Personal Care
Others
On the basis of nature, the global coconut milk market is segmented into:
Conventional
Organic
On the basis of region, the global coconut milk market is segmented into:
North America
U.S.
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
U.K.
Germany
Italy
Spain
France
Russia
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
ASEAN
Australia
Rest of Asia Pacific
Middle East & Africa
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