Asia-Pacific Coconut Milk Market Analysis, Top Competitor, Growth Ratio, Region, Forecast
Market Highlights
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.
Key Players
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.
Segmental Analysis
Asia-Pacific Coconut Milk Market analysis 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 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.
Regional Analysis
The Asia-Pacific coconut milk market 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.
Access Report Details @ https://www.marketresearchfuture.com/reports/asia-pacific-coconut-milk-market-10336
Key Findings of the Study
- The Asia-Pacific
coconut milk market analysis 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.
NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
Cordially get in Touch for More Details.
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