Although conventional coconut milk has high revenue share, the attractiveness of the conventional coconut milk segment is expected to remain low as compared to the organic segment. Revenue from the organic coconut milk segment is expected to increase at a CAGR of 8.2% during the forecast period and is anticipated to contribute close to 30% revenue share by the end of 2027. The organic segment is estimated to be valued at more than US$ 220 Mn by 2017 end and is projected to reach a market valuation in excess of US$ 500 Mn by the end of 2027, creating absolute $ opportunity of US$ 12.2 Mn in 2017 over 2016 and an incremental $ opportunity of US$ 288.3 Mn between 2016 and 2027.
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The conventional segment by nature is estimated to be valued at more than US$ 600 Mn by 2017 end and is expected to increase at a CAGR of 7.0% over the forecast period, to reach a market valuation of more than US$ 1100 Mn by the end of 2027, creating absolute $ opportunity of US$ 39.3 Mn in 2017 over 2016 and an incremental $ opportunity of US$ 618.9 Mn between 2016 and 2027. Since the last few years, Asian cuisine has gained immense popularity among food lovers across the globe. They have been developing a taste for cuisines that include coconut or coconut milk and this is the key factor likely to fuel revenue growth of the global coconut milk market during the projected period. Consumption of Asian food in countries such as the U.S. and Canada has increased substantially, owing to increasing tourist population visiting countries in Asia and sampling and developing a taste for the local cuisine. For instance, sales of Asian food at Asian restaurants in the U.S. have almost doubled in the past few years, indicating that preference has grown substantially in a short span of time.
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An increasing lactose intolerant population is another factor boosting the growth in demand for coconut milk. Rising number of lactose intolerant people worldwide is a top factor expected to drive demand for organic and conventional coconut milk globally. Coconut milk does not contain lactose and retains essential nutrients, hence becoming a choice for lactose intolerant population.
Our analysis indicates that increasing consumption of vegan desserts and ice creams also boost the coconut milk market. Rising number of vegan individuals particularly in Europe is a major factor driving the growth in consumption of organic and conventional coconut milk and associated products. Increased demand for vegan ice creams and desserts is driving the sales of plant-based substitutes for regular milk. There has been an increase in the use of coconut milk in vegan ice creams and desserts, as people have developed the taste for coconut milk over time. Top-notch hotels have also started offering vegan desserts and ice creams on their menu, owing to increasing demand.
North America is expected to account for relatively high value share and Y-o-Y growth in the global coconut milk market by 2027 end. Increasing consumer preference for coconut milk and associated products is expected to contribute in revenue growth of North America over the forecast period. In the North America coconut milk market, the organic segment by nature will dominate in terms of CAGR – both value (9.2%) and volume (8.3%) – over the forecast period.
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