Coconut milk and cream are made from the flesh and water of mature coconuts. They have different compositions, but the process for extracting the milk from the meat is similar for both products. The fresh meat of the coconut is removed from the shell and shredded, grated, or pulverized. It's then cooked and allowed to sit for a few hours, and the fat separates from the liquid. The resultant liquid is coconut milk, and the cream contains more fat and carbohydrates. Coconut cream and coconut milk are interchangeable in many recipes. Coconut cream adds a richer texture and flavour to recipes.
The global Coconut Milk and Cream market is estimated to account for US$ 2,662.17 Mn in terms of value by the end of 2021.
Global Coconut Milk and Cream Market: Drivers
Expanding food processing industry across developing countries is expected to contribute to the market growth over the forecast period. According to the Ministry of Food Processing Industries, the Gross Value added (GVA) in the food processing sector was Rs.2.24 lakh crore in 2019-20 contributing 1.69% of the total GVA in the country. The GVA in food processing sector was 9.87% of GVA in Manufacturing and 11.38% of GVA in Agriculture, Forestry and Fishing sectors respectively.
Global Coconut Milk and Cream Market: Opportunities
Certified claim provided by food manufacturer is expected to play crucial role in overall development of coconut milk and cream market. Food manufacturer began to use clean labelling for advertising reasons and used it to sell their products as clean-label products. Cleaner procedures are important for companies to sell their clean-label food goods without alienating consumer confidence.
Global Coconut Milk and Cream Market: Restraints
Allergies caused due to consumption of coconut is expected to limit its adoption among consumers. For instance, sensitization to coconut pollen has been reported among several consumers, refraining them from buying food products infused with coconut ingredients. This is expected to curtail the market growth.
Global Coconut Milk and Cream Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has put unprecedented stresses on food supply chains, with bottlenecks in farm labor, processing, transport, and logistics, as well as momentous shifts in demand. Food supply chains have demonstrated remarkable resilience in the face of these stresses. There has been a marginal effect on the agricultural sectors, such as coconuts, across the major coconut producing countries across Southeast Asia.
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The global Coconut Milk and Cream market was valued at US$ 2,662.17 Mn in 2021 and is forecast to reach a value of US$ 7,010.00 Mn by 2030 at a CAGR of 12.35% between 2022 and 2030.
Conventional segment held dominant position in the global Coconut Milk and Cream market in 2020, accounting for 70 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Innovation in packaging for coconut milk and cream products is a growing trend in the market. For instance, in August 2019, the Santa Maria brand has changed its packaging for coconut milk. The aluminum is replaced by cardboard which reduces greenhouse gas emissions by 796 tonnes. This corresponds to 81% of CO2 emissions from packaging. Similarly, the company now offers the consumer a better coconut milk content that is free from additives and with a fuller taste.
Expanding retail sector across developed and developing countries is another key factor supporting growth of the market. According to the Bureau of Labor Statistics, as of Q3 2020, there were 1,045,422 retail establishments in the United States, up 4,801 versus Q2 2020, representing the highest Q3 establishment count in the last decade.
Global Coconut Milk and Cream Market: Competitive Landscape
McCormick & Company Inc., Danone SA, Sambu Group, Adamjee Lukmanjee & Sons (Pvt.) Ltd, Cardinal Agri Products Inc., Petrow Food Group, Axelum Resources Corp., Kapar Coconut Industries Sdn Bhd, Primex Group of Companies, Only Earth, Stancodex Sdn Bhd, Greenville Agro Corporation, Celebes Coconut Corporation, M&S Food Industries, Goya Foods Inc., and Roxas Sigma Agriventures Inc.
Global Coconut Milk and Cream Market: Recent Developments