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The global coconut milk market is set to grow significantly in the coming years. This growth is mainly because more and more people around the world are choosing to follow a vegan lifestyle, and this trend is creating great opportunities for companies in the market. In places like Asia-Pacific and Africa, many consumers are making the switch to veganism because they care about animals and the environment. Vegan diets, which focus on eating natural food products like coconut milk, are also seen as healthy. To take advantage of this trend, manufacturers are working hard to enter these markets. They are raising awareness about their products and offering affordable options in convenient packaging. Because of this, the markets in Asia-Pacific and Africa are still relatively untapped, which means there are big opportunities for both existing and new companies to grow.
The global coconut milk market is expected to grow at a rate of 14.61% from 2018 to 2023. In 2018, Asia-Pacific led the market with a share of 35.96%, followed by North America and Europe with shares of 26.37% and 21.76%, respectively.
The market for coconut milk is divided based on different factors such as category, form, packaging type, distribution channel, and region.
When it comes to category, the conventional coconut milk segment is expected to stay on top during the entire forecast period from 2018 to 2023. This segment is predicted to reach USD 1,952.0 Million by the end of 2023, with a substantial growth rate of 14.51%.
In terms of form, the liquid segment is also expected to maintain its leading position throughout the forecast period. This segment is projected to reach USD 1,550.5 Million by the end of 2023, with a substantial growth rate of 14.52%.
Looking at packaging type, the cans segment is expected to keep its dominance from 2018 to 2023. This segment is anticipated to reach USD 914.2 Million by the end of 2023, with a substantial growth rate of 14.81%.
Considering distribution channels, the store-based segment is predicted to continue being the dominant player from 2018 to 2023. This segment is expected to reach USD 1,490.3 Million by the end of 2023, with a substantial growth rate of 14.50%.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 6.3 Billion |
| Market Size Value In 2023 | USD 6.59 Billion |
| Growth Rate | 4.70% (2023-2032) |
Cream Cheese Market Highlights:
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