Coconut Cream Market - Growth, Trends and Forecasts (2020 - 2025)

The global coconut cream market is growing at a CAGR of 7.2% during the forecast period (2020-2025).

The market is mainly driven by the rising demand for flavoring agents used in processed foods and different cuisines and demand for non-sweet cream in desserts and beverages among the health-conscious consumers. Also, innovations with new product formulations have further fueled market growth. For instance, McCormick & Company, Inc. launched a new range of flavored products- Thai Kitchen® Coconut Cream, which is a gluten free way to enhance the taste, from cakes to curries. Geographically, Asia Pacific is the leading country in the agave syrup market, followed by Europe.

However, the decreased availability of the sugar substitutes and development of artificial sweeteners have shifted preferences of consumers towards artificial sweeteners and is thus restraining the market.

Key Market Trends

Increasing Demand For the Convenience Food

Consumers are more inclined toward convenience food products, such as baked goods, confectioneries, other ready meals, and beverages, owing to their instant nature, to cut down the preparation and handling time of the food. Food stabilizers make up a very small part of the final product, but they have a significant impact on the final packaged product. For instance, products, ranging from fat-free dressing, low-fat mayonnaise, sauces, processed meat products, etc., require a broad variety of functional ingredients to provide optimization in terms of stability, creaminess, shelf-life, viscosity, and water absorption, among others.

Asia Pacific to Drive the Coconut Cream Market

Asia-Pacific region accounts for the largest share in the coconut cream market as it is considered to be one of the principal ingredients in Asian cuisines. Also, expansion of foodservice channels including bakeries and specialty drink stores across regions is a key factor for the evolution of the market, as coconut cream is extensively used as a flavoring and conditioning agent. In addition, a shift in consumer preference for foods derived from organic ingredients and demand for low-fat products is likely to facilitate the expansion of coconut cream products across various applications.

Competitive Landscape

The global coconut cream market is highly competitive in nature having a large number of domestic and multinational players competing for market share and with innovation in products being a major strategic approach adopted by leading players. Additionally, merger, expansion, acquisition, and partnership with other companies are the common strategies to enhance the company presence and boost the market. For instance, in March 2018, Daiya Foods, a manufacturer of plant-based dairy alternatives, launched a range of product-Daiya Duets, which contains coconut cream as a base ingredient and is an alternative to yogurt.

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