Impact of COVID-19 on Coconut Cream Concentrate Market : Implications on Business
Coconut cream concentrate is whole coconut meat in a concentrated form. It is manufactured using the whole white flash of coconut with no additives including water. The dried coconut is grounded finely giving coconut cream concentrate a creamy consistency due to its high content of fat (70%). The coconut cream concentrate is mainly produced in South East Asian Countries and therefore occupy a larger market share as it is consumed widely in traditional meals and processed foods. Coconut cream concentrate is rich in fats and is used in spiced up curries and Asian cuisines to add a flavor of coconut. Recent years has witnessed the rise in demand for vegan products and alternative to dairy ingredients has fuelled the demand for coconut concentrate cream in the market. Due to its flavor, health benefits and average prices coconut cream concentrate has been widely accepted and has become popular among health-conscious consumers. The manufacturers of coconut cream concentrate in the Asia Pacific region have successfully attracted the consumers from other regions which include Europe, North America, Latin America and others through marketing campaigns. Owing to multiple applications of coconut cream concentrate the demand is expected to increase significantly in other regions too over the forecast period.
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Coconut cream concentrate is expected to Gain Traction in Nutraceuticals
In the past few years, there is an exorbitant increase in the number of new product launches containing coconut cream concentrate as a base ingredient. People’s preference for products with coconut has increased, mainly due to its many health benefits also because it is a nutritious ingredient with a natural source. Coconut cream concentrate is becoming increasingly prominent in vegan including yogurts, ice creams and others. Coconut cream concentrate is also used with juice or water to give it creamy taste with coconut flavor. For household purposes, many individuals add coconut cream concentrate to their coffee as a non-dairy cream. Coconut cream concentrate is low in moisture and therefore it mixes rightly in the dough or batter. The coconut cream concentrate is widely used for household purpose, commercially and is also used as an ingredient in cosmetics and personal care industry. Coconut cream concentrate is popular among the lactose intolerant consumers and obesity disorders. The European market is demanding natural and organic certified products and clean labeled coconut cream concentrate have a great potential to penetrate the European market. There are many markets over the globe which are dependent on the exports of coconut and its products. Owing to all these factors the market of coconut cream concentrate is anticipated to witness significant growth in the market over the forecast period.
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Coconut cream concentrate Market Segmentation
On the basis of nature, the coconut cream concentrate market has been segmented as-
- Organic
- Conventional
On the basis of form, the coconut cream concentrate market has been segmented as-
- Powder
- Paste
On the basis of end-use, the coconut cream concentrate market has been segmented as-
- Food & Beverages
- Dairy
- Frozen Desserts
- Sauces & spreads
- Confectionery
- Bakery
- Others (Infant Formula, sports nutrition, etc.)
- Food Services
- Cosmetic and personal care products
- Household Purposes
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Coconut Cream Concentrate Market: Key Players
Petrow Food Industries Ltd, Goya Foods, Inc., Maya Gold Trading B.V., Edward & Sons, Thaitan Foods International Co. Ltd., Holista Tranzworld Limited, Adamjee Lukmanjee & Sons (Pvt) Ltd., SunOpta Inc. and ExpoLanka (Pvt) Limited.
Coconut Cream Concentrate Market Opportunities
The manufacturers of coconut cream concentrate are expected to develop a product with high-quality standards about those of developed regions as these are often not yet due to its production in Asian countries. The ever-expanding frozen dessert aisle is opening up new opportunities for the coconut cream market, as marketers explore innovations within dessert variegates and garnishing ingredients. The manufacturers of various cosmetic and personal care products are expected to develop new innovative products using coconut cream concentrate. The manufacturers of coconut cream concentrate are expected to focus on its product packaging and labeling as these products are widely exported.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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