Asia-Pacific Coconut Milk Market is projected to be valued at USD 781.3 Million by 2026, expanding at a CAGR of 12.50% during the forecast period. Increasing lactose intolerance among the consumers in Asia-Pacific is anticipated to act as one of the significant factors for the coconut milk market's rising growth. Moreover, the health benefits associated with coconut milk are expected to fuel the growth of the market during the forecast period. The fluctuating price of coconut is anticipated to restrict the growth of the market. Additionally, the increasing trend of veganism among the consumers is anticipated to offer a lucrative opportunity to coconut milk manufacturers in the near future.
Market Research Future identified McCormick Company (US), Goya Foods, Inc. (US), Dabur India Ltd (India), Thai Agri Foods Public Co., Ltd (Thailand), Danone S.A. (France), Theppadungporn Coconut Co., Ltd. (Thailand), ThaiCoconut Public Company Limited (Thailand), Edward Sons Trading Co (US), Vita Coco (US), and Celebes Coconut Corporation (Philippines) as the Key Players in the Asia-Pacific Coconut Milk Market.
Asia-Pacific Coconut Milk Products Market has been segmented based on Category, Form, Packaging Type, Distribution Channel, and Country.
By category, the Asia-Pacific coconut milk market has been divided into conventional and organic. The conventional segment has accounted for a major market share in 2019 and is projected to retain its dominance throughout the forecast period. Conventional coconut milk is derived from coconuts grown using conventional farming practices. These are grown under normal conditions with the help of agrochemicals such as fertilizers and pesticides. Thus, the coconut milk obtained might contain a certain number of chemical residues in it. However, the organic segment is projected to exhibit higher growth during the forecast period. Organic coconut milk is obtained from coconuts grown organically. These products are chemical-free and cultivated under stringent guidelines and supervision to maintain purity and low/zero chemical concentration. Organically produced coconut milk is relatively costlier and requires high capital investments for cultivation and processing.
By form, the market has been divided into liquid and powder. Coconut milk is commonly available in liquid form. It undergoes less processing as compared to coconut milk powder and is, comparatively, less expensive. Coconut milk in liquid form is available in bottles, cartons, tetra packs, and pouches. The liquid segment is projected to attain market dominance throughout the study period. It is a readily available form of coconut milk and is preferred for consumption as a beverage. The inconvenience caused during the transportation of coconut milk in liquid form propels the market players to offer the milk in the form of powder.
By packaging type, the market has been divided into bottles, cans, and pouches. The pouches segment accounted for the largest market share of 43.12% in 2019 and is likely to register a 12.47% CAGR during the forecast period, while the cans segment is likely to register the highest CAGR of 12.77% during the review period. Cans are a good storage option at high temperatures. Trans-PET cans being transparent, provide customers with a view of the product, building brand memory. They provide airtight packaging and are a 100% food-grade packaging material.
Based on the distribution channel, the Asia-Pacific coconut milk market analysis has been classified into store-based and non-store-based. The store-based segment is further segmented into supermarkets hypermarkets, convenience stores, and others. The store-based accounted for a larger market share in 2019. Consumers prefer store-based channels as they provide a one-stop shopping experience. However, the non-store-based segment is projected to expand at a higher CAGR during the forecast period.
The Asia-Pacific coconut milk market growth has been categorized as China, India, Japan, Australia New Zealand, and the Rest of Asia-Pacific. As per MRFR analysis, the Rest of Asia-Pacific dominated the market, accounting for the largest share in 2019. China accounted for the second-largest market share in 2019. Australia New Zealand is projected to register the highest CAGR of 13.11% during the forecast period.
Key Findings of the Study
- The Asia-Pacific coconut milk market size is projected to register a growth rate of 12.50% from 2020 to 2026. Increasing consumer preference towards a vegan diet is likely to propel the growth of the market.
- The liquid segment is estimated to retain its prominent share by 2026. The powder segment is anticipated to register a higher growth rate during the forecast period.
- The conventional segment is estimated to retain its prominent share by 2026. The organic segment is anticipated to register a higher CAGR during the forecast period.
- The store-based segment is estimated to retain its prominent share by 2026. The non-store-based segment is anticipated to register a higher growth rate during the forecast period.
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