Global Coconut Cream Market - 2022-2029

Global Coconut Cream Market - 2022-2029

Market Overview

Coconut cream is made from squeezing coconut flesh in hot water, leaving it to cool, then straining it, this process that yields both coconut milk and coconut cream. The thick white cream will rise to the surface of the liquid and is used as a cream.

It is sweet, creamy semi-solid used as an ingredient in many sweet dishes and also used as a substitute to various dairy products such as desserts which includes ice creams and flans; it is also used in smoothies, curries and soup to get the perfect texture as well as to enhance the taste of the product. Coconut cream is a great source of vitamins, minerals, protein, antioxidants, phosphorous, magnesium, and others. Along with these nutritional benefits, coconut cream also provides various health benefits such as helps improve cholesterol levels, helps to treat stomach ulcers, improves metabolic syndrome and others.

Thus, owing to these benefits coconut cream is highly preferred by vegan as well as non-vegan population globally. Furthermore, increased number of vegan and lactose intolerant people who prefer plant based and non-dairy products is creating numerous opportunities to the market.

The global coconut cream market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Market Dynamics: Growing demand for coconut cream is associated with increased vegan population globally

Consumer demand for plant based dairy products such as milk, cream and others, has witnessed exponential growth in recent years. Due to increased consumer preference for 'better-for-you' options, along with these, consumers prefer plant-based healthy and tasty food alternatives Research studies show that the global coconut cream market is anticipated to witness significant growth in food & beverages that include coconut cream. Plant based dairy products such as coconut cream is becoming more mainstream, especially in the U.S., Europe and Asia markets.

Furthermore, changing consumer dietary preferences have led to increased inclination of influential millennial consumers toward healthy options for food, thereby, switching the food preferences to plant-based food products which can provide them healthy as well as tasty food options. This drives the market growth.

Growth in veganism can be attributed to health, weight management, animal welfare, the environment, and the overuse of antibiotics. These benefits have led to increased veganism which ultimately has increased the demand for coconut cream for various purposes.

For instance,

• According to Guardian News & Media Limited, in 2020, there has been 40% increase in vegan population across the world which is around 1.5 million.

Thus, the increased awareness about the health benefits and nutritional value of plant based dairy products ultimately has increased the demand for coconut cream has in the market, which has led to increased number of product launches, mergers & acquisitions and other collaborations between the companies to fulfill consumer demands.

On the other hand, the coconut cream is also associated with some side effects such as allergic reactions, weight gain, intestinal problems and others. The presence of substitutes such as cashew cream, almond cream, heavy cream and other. These are some of the major factors hampering the growth of the global coconut cream market.

Market Segmentation: Organic segment accounted for the highest share in global coconut cream market

In 2021, the organic coconut cream segment had the highest revenue share of more than YY percent. Organic coconut cream has been the most preferred choice of consumers due to the growing demand for organic and chemical free food products globally, coupled with a rise in demand for highly nutritious products along with good taste.

In 2021, the direct channel segment had the highest revenue share of more than YY percent. The direct segment includes online channels and company websites. The key manufacturing companies focus on establishing the online product availability. Various companies also offer products on their own websites and through various channels. In addition, various companies also introducing coconut cream with innovative flavors to attract the consumer thereby are propelling the market's growth.

Geographical Penetration: Asia-Pacific is the dominating region during the forecast period

In 2021, Asia-pacific had the highest revenue share of almost YY percent. The region has well-developed food service and bakery sectors, where the demand for healthier and nutritious ingredients is increasing. Consumers in Aisa prefer to consume nutrition-rich food, primarily plant based and vegan food products. The Asian region has fragmented into food & beverages, personal care and cosmetics, household and others in which coconut cream is used primarily as a healthier alternative.

For instance,

• According to Chef’s pencil, in 2020, the top most vegan country in Asia is Australia. The increase in the population of Asia veganism thus creates demand for market growth.

In the Europe the demand for coconut cream is expected to rise crucially during the forecast period owing to the region's increasing population. The factor also leads to the growth of the region's food processing and food service industry. It generates the demand for plant-based ingredients and healthy food products.

Competitive Landscape:

The global coconut cream industry is competitive and comprises players such as celebes coconut corporation, goya foods, inc., mccormick and company, inc., the hershey company, nutiva inc., healthy traditions, ab world foods, cocofina., edward and sons trading co., windmill organics ltd, among others. The coconut cream market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth.

For instance

• In June 2022, M&S has launched brand new product which is coconut cream. With a claim that it helps Malaysians to maintain and enjoy a healthy lifestyle.

• In December 2021, Machcri in Philippines has launched “machcri Coconut Cream.

COVID-19 Impact: Negative impact on the global coconut cream market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages are among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.

In addition, the shutdown of companies, factories production facilities in various countries disrupts the global supply chains. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products.

Furthermore, the import-export restrictions imposed by governments in North America, Asia, and Europe are hindering geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the coconut cream market in the food and beverage industry.

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