Global Players Dominate the Market Holding nearly 40% of Revenue Share Despite the Presence of about 200 Competitors Comprising Global Players, Regional Players, and Country-Niche Players, finds a recent market study on the Global Coconut Milk and Cream Market by Ken Research
Coconut milk has a liquid consistency made from shredded coconut and water and pureed until smooth, whereas coconut cream is comparatively much thicker and richer. Coconut cream is made from four parts of shredded coconut and one part of water simmered until it thickens.
Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
1. Regional players constitute ~40% of the Total Number of Competitors and hold ~35% of the Total Market Revenue
A comprehensive competitive analysis conducted during the Research Study found that the Global Coconut Milk and Cream Market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players who have their niche in Coconut Milk and Cream. The global players comprise ~5% in terms of the number of companies and hold about 25% of the market share. Most of the global players are strategically launching new coconut milk and cream products in the market to fulfill consumers’ demands and hold a significant market share.
2. Leading Global Players Strategically Launching New Products in the Market.
Detailed comparative analysis of key competitors available within the Research Study shows that key players such as Danone SA, Nestlé, and PACIFIC FOODS OF OREGON among others are highly focused on strategic developments including product launches, expansion, and others to fulfill the growing demand for coconut milk and cream among consumers. Furthermore, several companies are focusing on introducing new coconut milk and cream products in the market to expand their company’s product portfolio, which is expected to boost the growth of the Global Coconut Milk and Cream Market.
- In June 2022, M&S Food Industries launched a new coconut cream product under its brand named “M&S Coconut Cream”. The new product has a creamier texture and is rich in flavor, suitable for various cuisines that need a creamier taste and rich texture. The company aimed to expand its product portfolio with the new product launch.
- In May 2021, Only Earth, a Singapore-based company, launched oat and coconut milk in India. The company is offering its products through several online stores including Amazon, Big Basket, and QTROVA. The product is valued at Rs 300 per liter and is also available at stores such as Nature’s Basket and Foodhall in some Indian cities. The company aimed to expand its presence and fulfill the growing demand for cruelty-free products.
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3. Increased Government and Manufacturers Initiatives Promote Coconut Milk and Cream Growth and Development
- Coconut Development Board of India implemented schemes with the objective to enhance the production and supply of high-quality coconut. The government implemented these schemes to encourage the private sector and other agencies and provide financial assistance to establish coconut nurseries. The governmental body also implemented the scheme named “Expansion of area under control”, where the government is offering financial assistance depending on various factors. The main objective of the scheme is to enhance the production and productivity of coconut by removing diseases in advance, replanting with quality seedlings, and other practices.
- In October 2020, Goya Foods, Inc., invested US$ 80 million to expand its production and distribution facility in Texas. The company aimed to double its production to fulfill the growing demand for consumers. The company also offers coconut milk and cream products.
- In September 2019, the government of Nigeria initiated plans to make the country self-sufficient in coconuts. Nigeria offers a perfect climate for the growth of coconuts, but the country had been importing nearly 70% of the coconuts. To meet self-sufficiency, Nigeria launched a coconut planting initiative in Badagry to promote coconut as a cash crop. This initiative is led by the National Coconut Producers, Processors, and Marketers Association of Nigeria.
For more information on the research report, refer to the below link: