08/04/2019 – News / Food Processing / Coconut Milk / Future Markets Insights
Coconut milk products market to top 7% CAGR from 2018-2028
The global coconut milk products market is projected to record a CAGR of over seven per cent from 2018-2028, to reach an anticipated revenue of more than US$500 million by the end of forecast period, according to Future Market Insights (FMI).
The US-headquartered market intelligence and consulting firm delivers exclusive insights into the global coconut milk products market in its newly published research study.
Coconut milk products offer an exotic, naturally rich aroma, and enhance the flavour of food items. With growing health awareness and changing consumer preferences, the demand for organic coconut milk products is estimated to expand at a higher rate over the next decade.
Food processing goes nuts for coconut
To cope with busier lifestyle, consumers have shifted increasingly towards processed products. A major concern for manufacturers in the food processing industry is that of maintaining product quality and also enhancing its nutritional value. The usage of coconut milk products has become attractive on account of a high nutritional value and long shelf-life – and such demand from the food processing sector is likely to increase further in the years to come.
Baked goods leverage unique flavour & texture
Although the bakery market is a well-established landscape in Europe and North America, there has been a significant change in consumer preferences, while demand for bakery products continues to expand throughout the Asia-Pacific region. More than ever before, today’s consumers are seeking product insights, nutritional value, ingredient list, and new flavours. Manufacturers are therefore increasingly placing emphasis on the development of products that have a rich nutrition profile, in addition to a unique flavour.
On top of that, the increasing proclivity of consumers for healthful bakery products is anticipated to escalate the demand for coconut milk products over the coming decade. Coconut milk products offer a unique flavour and texture that enhance the taste of the finished products such as cookies, cakes, pies, bakery mixes, and wafers.
Packaging, storage and transport convenience
As coconut milk products are available in powder form, they consume relatively low space in terms of storage and transportation. A longer shelf-life, and convenient packaging and transit will remain among the top factors nurturing the interest of food processors and coconut milk products manufacturers in terms of investment, says FMI, whose report profiles some of the most prominent companies operating in the global coconut milk products market today. Such players include S&P International Holding Limited, Sambu Group, Grace Foods Canada Inc., Nestlé S.A., Renuka Foods PLC, J Mitra Sdn. Bhd., Santanku Sdn Bhd, M&S Food Industries, Monty & Totco Co., Ltd., and Primex Coco Products Inc., among others.
North America’s coconut milk powder market is projected to record a high growth rate between 2018 and 2028. However, 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 forecast period. On the basis of market attractiveness, FMI positions North America and Europe as relatively more attractive investment pockets for manufacturers in the global coconut milk products market.
To request a sample of FMI’s report with a table of contents and figures, visit: www.futuremarketinsights.com