Coconut milk market is expected to be driven by its nutritional value. Coconuts are the rich source of lauric acid which gets easily absorbed by the body and used as a source of energy. Some of the health benefits of coconut milk includes it help in improving blood pressure, lowers down the cholesterol levels, and prevent the instances of heart attacks or a stroke. As coconut milk is free from dairy, lactose, soy, nuts, or grains, it is perceived as a good alternative to the ones who are allergic to dairy based products. Minerals present in the coconut milk are essential to maintain blood volume and regulate heart health. The presence of healthy fats and electrolytes in coconut milk also help in prevention of constipation. Coconut milk improves gut health and helps in nourishing the digestive lining. The healthy fats in coconut milk also help in controlling the insulin level, thereby prevents the cases like diabetes.
Market Dynamics of Coconut Milk:
Coconut milk market is expected to witness rapid growth in the next couple of years. With rapid increase in the vegan population, coconut milk market is expected to take a huge leap forward. Increase in the adoption of vegan diet as a result of environmental and ethical concerns is expected to elevate the demand for coconut milk. Also, people consider vegan diet to be more healthful, hence prefer to consume more of natural products. Additionally, growing awareness regarding the health benefits associated with coconut milk plays a major role in increasing the consumption of coconut milk over the forecast period. Coconut milk helps in improving the immune system of the body, hence reduce the instances of illness. Factors such as rising health consciousness among consumers,shift towards vegan diet, new product developments, and the improved distribution network are expected to fuel the growth of coconut milk market. Companies in the coconut milk market focus upon increasing the research & development activities to enhance the nutritional profile of coconut milk.
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Market Segmentation of Coconut Milk
Coconut milk market is segmented on the basis of application, distribution channel, and geography. On the basis of application, coconut milk market is segmented into bakery & confectionery, beverages, convenience foods, dairy & frozen desserts, confectionery, and others.Over the next few years, it is expected that the dairy & frozen dessert segment will witness relatively higher growth rate in the global coconut milk market. Based upon distribution channel, coconut milk market is segmented into convenience stores, supermarket/hyper market, online stores, and others such as direct selling, mass merchandisers etc.
Regional Outlook of Coconut Milk:
Based on geography, coconut milk market is segmented into seven different regions namely Asia-Pacific, North America, Latin America, Middle East and Africa, Western Europe, Eastern Europe, and Japan. North America is expected to hold relatively higher revenue share for coconut milk during the reviewed period. High demand for coconut milk in the North American region can be attributed to the strong demand from U.S. Asia Pacific region is projected to be the fastest growing region in the global coconut milk market owing to the increased demand from China and India.Growing awareness regarding the health benefits of coconut milk is one of the major factor in increasing the demand for coconut milk. Leading players in the coconut milk market focus on expanding their geographical presence in order to leverage growth opportunities posed by the market.
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Key Market Players in Coconut Milk:
Some of the key players in the coconut milk market include McCormick, Theppadungporn Coconut, Pureharvest, WhiteWave Foods, Goya Foods, CHi, Ducoco, Edward & Sons, and iTi Tropicals, Thai Agri Foods, Pacific Foods, and Turtle Mountain among others.
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