Global Coconut Cream Market - Segmented by Distribution Channel, Application and Geography (2018 - 2023)
Coconut Cream is related to coconut milk containing less amount of water that has applications in the food and beverages industry. Due to its viscous consistency and savory taste compared to coconut water, it is considered as a principal agent for flavoring and sauces.
Growing Demand for Asian Cuisines
Coconut cream is considered a principal ingredient in Asian cuisines, as a result of which its demand is likely to grow at a rapid pace over the forecast period (2018 - 2023). Expansion of foodservice channels across regions is a key factor for the evolution of the market, as coconut cream is extensively used as a flavoring and conditioning agent. Shift in consumer preferences for convenient foods is one of the driving factors that is expected to propel the demand for the coconut cream market. The emerging lifestyle of consumers owing to veganism is predicted to support the development of coconut cream market over the years to come. Steady competition from other dairy alternatives is likely to hinder the growth of coconut cream market. Growing popularity of Asian cuisines across the globe is likely to create potential scope for the growth of the coconut cream market.
By distribution channel, the coconut cream market has been segmented into hypermarket/supermarket, convenience stores, online channels, and others. The market is segmented by distribution channel and application. Convenience of shopping in the hypermarket/supermarket, owing to the wide availability of products with various deals is expected to influence the growth of the coconut cream market. On the basis of application, the market has been segregated into desserts, beverages, sauces & spreads and others.
Asia-Pacific Likely to Grow at a Steady Rate
Globally, Asia-Pacific accounted for a dominant share of the coconut cream market. The growing popularity of Asian cuisines has been the key factor driving the development of coconut cream market. The considerable rise of the vegan population in this region, especially from India and Australia, has been supporting the growth of the coconut cream market in Asia-Pacific. Growing consumer demand for low-fat products is likely to facilitate the expansion of coconut cream products across various applications. Natural label claims for coconut cream is expected to fuel the growth of the coconut cream market in Europe.
June 2015 - McCormick launched a new range of flavored products in order to enhance the taste of the dishes including Thai Kitchen® Coconut Cream, which is a gluten free way to enhance the taste, from cakes to curries.
The major players include - CELEBES COCONUT CORPORATION, GOYA FOODS, INC., THAITAN FOODS INTERNATIONAL CO. LTD., EDWARD & SONS, MAYA GOLD TRADING B.V., NUTIVA, MCCORMICK, HEALTHY TRADITIONS, WINDMILL ORGANICS, TROPICAL SUN, amongst others.
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