The malaysia culinary coconut milk market size was USD 67.34 million in 2021. The market is projected to grow from USD 71.96 million in 2022 to USD 119.31 million in 2029 at a CAGR of 2.9% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Malaysia Culinary Coconut Milk Market, 2022-2029.” Factors such as rising coconut cultivation and increasing demand for coconut in Malaysia and a global market will increase the footprint of the market during the forecast period. Additionally, increasing consumers towards vegetarianism & organic foods will boost the growth of the market.
COVID-19 Impact
Disruption in Supply Chains & Faltering Transport Sector to Decrease Growth Amid Pandemic
The COVID-19 pandemic led to several disruptions in various sectors. Restrictions on movement on the general population and shortage of workforces led to a decrease in the market volume. A gap in demand-supply and rising alternatives for healthy food products further decreased the demand for the market. However, as the pandemic loomed on, various players reported a rise in their revenues, as players began to adjust to the new method of functioning.
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List of Key Players Present in the Market
- S&P Industries Sdn. Bhd. (Malaysia)
- Santanmas Food Industries (M) Sdn Bhd (Malaysia)
- Linaco Manufacturing (M) Sdn. Bhd. (Malaysia)
- Tropical Produce Sdn Bhd (Malaysia)
- Mitra Sdn Bhd. (Malaysia)
- Eramas Group (Malaysia)
- M&S Food Industries Sdn Bhd (Malaysia)
- Kara Marketing Sdn Bhd (Malaysia)
- Gogoco Holding Sdn Bhd (Malaysia)
- Denis Group Holding S.A. (Switzerland)
Segments
Product Type, Form, and Distribution Channel are Studied
Based on product type, the market is broken down into coconut milk, coconut milk powder, coconut cream, and coconut cream powder.
By form, the market is divided into powder and liquid.
With respect to distribution channel, the market is segmented into supermarket/hypermarkets, convenience stores, grocery stores, and online retailers.
Report Coverage
The market for Malaysia culinary coconut milk contains qualitative & quantitative insights by encompassing critical factors such as product types, distribution channels, market size, and growth rate of all segments. Additionally, factors such as a comprehensive analysis of the market with a forecast on a global scale have been provided. Also, ongoing mergers & acquisitions, regulatory scenarios, and key industry trends have been highlighted.
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Drivers & Restraints
Rising Utilization of Coconut Milk and Rising Awareness of Products to Augment Market Growth
Factors such as the rising availability of raw materials among manufacturers and increasing integration of products among traditional cuisines will boost the Malaysia culinary coconut milk market growth during the forecast period. Rising demand from the HORECA sector and rising awareness regarding the health benefits will increase the footprint of the market. Also, expanding quick-service restaurants and increasing consumer inclination among consumers toward veganism will further fuel the growth of the market.
However, the availability of alternatives will limit the growth of the market during the forecast period.
Regional Insights
Malaysia to Witness Huge Growth due to Increasing Tourism Sector
The rising middle-class economy and the inclination of a majority of the population to switch to coconut milk toward their regular cuisine will increase the footprint of the market in the region. Rising plant-based hunger among the general population and the rapidly advancing foodservice sector will fuel the growth of the market. Also, rising understanding of consumers toward maintaining a balanced lifestyle and increasing consumer expenditure will increase the penetration of the Malaysia culinary coconut milk market share.
Competitive Landscape
Product Development & Rising Focus Toward Introducing New Flavors to Help Prominent Players Gain Edge
The market for Malaysia culinary coconut milk is filled by rising consumer demand along with an increasing influence of culinary ingredients. Dominant players are focused on developing novel products focused on taste and texture to attract a larger consumer base. For example, in April 2021, Dunkin Brands announced that it will be integrating coconut milk as a dairy alternative across all restaurants to tend customized beverages. Smaller players are consolidating the remaining market share. Additionally, expanding their current product portfolio for meeting the rising consumer demand will further help the market integrate toward a competitive edge.
Industry Development
- December 2021 - Ayam Brand launched its organic coconut milk variant in Malaysia, which is made using free from hormone, pesticides, and GMO coconuts.
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