June 09, 2020
As per the report titled ‘Global Coconut Cream Market Size study, by Nature (Organic, Conventional) by End-Use (Households, Foodservice, Industrial) by Packaging (Cans, Tera Packs) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global coconut cream market is expected to record a healthy growth rate through 2026.
Growing use of coconut cream for flavoring a broad range of delectables in tandem with rise in number of multicuisine restaurants, increasing vegan and lactose intolerant population, and rising demand for processed foods are driving the growth of global coconut cream market, cites the research report.
For those uninitiated, coconut Cream is processed by extracting coconut milk from the flesh of coconuts, followed by the extraction of fats that form a thick consistency which is then ready to be used as flavoring and texturing agent in various food products. Coconut cream is prominently used as an ingredient in South Asian countries like Thailand, Malaysia, and Indonesia. Apart from the conventional application of coconut cream, it also used in convenience foods such as confectionaries, baked goods, beverages, and ready-to-eat meals.
In 2017, food manufacturing industry in Canada accrued USD 19.20 billion in total gross domestic product. In addition, a food and beverage company - the Cott corporation reported an increase of 45% in revenues in between 2016 and 2017. Rapid growth of the food industry and increasing product use in beverages are expected to usher a positive impact on industry profits in the approaching years.
Furthermore, based on the findings from Statista, global coconut production amounted to 60.77 million metric tons in 2017. Increasing cultivation of coconut across several parts of the globe is positively impacting the industry growth. However, the report claims that the dearth of skilled professional might impede the market growth in the future.
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Based on the nature, the market is categorized into organic and conventional, wherein organic segment may observe significant gains in the forthcoming years. According to Statista, U.S. is the largest market for natural and organic beauty products, accounting for 40% market share. Moreover, organic cosmetics industry garnered USD 750 million in 2016 and is estimated to reach USD 1.65 billion by 2025. Thus, use of coconut cream for manufacturing organic cosmetic products especially in U.S. is expected to bolster the demand for organic coconut cream.
Considering the regional outlook, Asia Pacific coconut cream market is expected to secure significant revenue share over the forecast timeline as it is the largest producer of coconut in the world. In 2017, Indonesia produced 18.9 million metric tons of coconut, followed by Philippines with 14 million metric tons of coconut. While, India produced 11.4 million metric tons of coconut in the same year. Rising disposable income, robust growth of the food processing industry, and shifting preference towards convenience foods are supporting the industry growth in APAC.
Key players operating in global coconut cream market are Goya foods Inc., Celebes Coconut Corporation, Thaitan Foods International Co. Ltd., Maya Gold Trading B.V., Edward and sons Trading Corporation, Nutiva Inc., Healthy Traditions, Tropical Sun, McCormick & Company, and Windmill Organics.