Coconut milk market expected to rise
The global coconut milk products market is projected to record a CAGR of over 7% during 2018-2028, reaching an anticipated revenue of more than US$ 500 million, according to a study by Future Market Insights (FMI).
With growing health awareness and changing consumer preferences, the demand for organic coconut milk products is estimated to increase at a higher rate. However, consumers are looking for convenience as well as health, so a major concern for food processors is to maintain the quality of the product and enhance its nutritional value. Coconut milk products provide a seemingly suitable alternative, as they have high nutritional value and long shelf life. Promising growth of the food processing sector is thus projected to increase the demand for coconut milk products in the years to come.
In the bakery market, consumers are increasingly looking for new flavours, as well as product insights, nutritional value and ingredient lists. Consumers are also looking for healthy bakery products, and this is anticipated to escalate demand for coconut milk products in the bakery industry. Coconut milk products offer a unique flavor and texture that enhance the taste of the finished products, and thus, are used in the preparation of various bakery items such as cookies, cakes, pies, bakery mixes, and wafers.
In addition to enhancing the taste as well as nutritional value, coconut milk products also complement a growing trend of plant-based ingredients. Manufacturers in the bakery industry are thus more likely to use coconut milk products for improved taste and enhanced nutritional value of end products.
As coconut milk products are available in the powder form, they take up relatively low space in terms of storage and transportation. Longer shelf life, and convenient packaging and transit will remain among the top factors nurturing interest of food processors and coconut milk products manufacturers in terms of investment.
North America’s coconut milk powder market is projected to record a high growth rate between 2018 and 2028. On the other hand, South Asia, with a major share in the coconut milk products market, is anticipated to maintain its dominance in the global coconut milk products market throughout the projection period. On the basis of market attractiveness, North America and Europe have been positioned as relatively more attractive investment pockets for manufacturers in the global coconut milk products market.