Global Coconut Cream Market 2017-2021
About Coconut Cream
Coconut cream is a product which is similar to coconut milk but has less water content than coconut milk. The product can be diluted with water or used directly to make curries, sweets, desserts, puddings, and various other preparations. Coconut cream is used as an ingredient in bakery products and for flavoring food items. Chefs from all around the world are coming up with new recipes based on coconut cream and consumers who are enthusiastic about cooking are trying out these recipes. This is helping increase the demand for coconut cream around the globe.
Technavio’s analysts forecast the global coconut cream market to grow at a CAGR of 15.32% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global coconut cream market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Coconut Cream Market 2017-2021
Technavio recognizes the following companies as the key players in the global coconut cream market: Celebes Coconut Corporation, Goya Food, McCormick, Nutiva, and Healthy Traditions.
Other Prominent Vendors in the market are: AB World Foods, Cocofina, Edward & Sons, iTi Tropicals, Thai Agri Foods, TIANA Fairtrade Organics, TROPICAL SUN, and Windmill Organics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increasing popularity of Asian cuisine. The popularity of Asian cuisine is increasing around the globe and coconut cream is an important ingredient used in this cuisine. It is the fastest-growing food segment in the world. An increase in population and economic development are the two factors responsible for the growth in the demand for Asian food. The migration of the Asian population to other parts of the world has also increased the demand for Asian cuisine worldwide.”
According to the report, one driver in market is new recipes based on coconut cream. The emergence of new recipes that require coconut cream as an ingredient is a growth driver for the global coconut cream market. Coconut cream mainly finds applications in desserts and bakery products. Consumers worldwide are coming up with new desserts based on coconut cream — chocolate coconut cake, chocolate coconut snowballs, coconut layer cake, and coconut cookies being some examples of such products. The increasing demand for coconut-based desserts is influencing vendors to come up with new desserts based on coconut. Popular cookery shows on the television are also showing increased preference toward coconut items due to their increasing preference among consumers. The emergence and popularity of such new recipes will likely help propel the demand for coconut cream during the forecast period.
Further, the report states that one challenges in market is inadequate supply of coconuts. The decreasing availability of coconut to produce coconut cream is one of the main challenges faced by the global coconut cream market. The major players in the market initially sourced their coconuts from Brazil. However, with the increasing demand for coconut, the Brazilian supply has become inadequate. This has compelled players to source coconuts from APAC countries such as the Philippines, Indonesia, and India. However, most of the coconut trees in APAC were planted during the late 1950s, and about 15%-30% of the coconut trees in the region have crossed their economic coconut bearing age and are less productive. The most productive period for a coconut tree is between 10 and 30 years, and 90% of the world's coconut demand is currently met by APAC. Hence, the aging of coconut trees is posing a serious challenge to the global coconut cream market. The other factors affecting the sourcing of coconuts are natural calamities and plant diseases. The coconut plantations in the Caribbean have shrunk by about 17% since 1994 due to natural calamities and a disease called lethal yellowing.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://www.technavio.com/report/global-coconut-cream-market-2017-2021 \
Celebes Coconut Corporation, Goya Food, McCormick, Nutiva, Healthy Traditions, AB World Foods, Cocofina, Edward & Sons, iTi Tropicals, Thai Agri Foods, TIANA Fairtrade Organics, TROPICAL SUN, and Windmill Organics.