The New Zealand coconut milk and cream market is witnessing increasing popularity owing to the rising demand for plant-based milk and cream alternatives. Coconut milk and cream are gaining preference over dairy products due to the various health benefits associated with their consumption such as easy digestion, antioxidant properties, and others. The products contain medium-chain fatty acids that aid in weight loss and increase metabolism. Moreover, coconut milk is lactose-free making it suitable for people with lactose intolerance. Rising lactose intolerance and veganism are fueling the sales of coconut milk and cream in the country.
New Zealand Coconut Milk and Cream Market is estimated to be valued at US$ 13.8 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the New Zealand coconut milk and cream market are Thaicoconut.,Tetra Pak International S.A.,KÅkiri Coconut Milk,Ceylon Kokonati,Savaii Popo. These players are focusing on product innovation and launching organic and non-GMO verified products to cater to consumer demand.
The demand for coconut milk and cream is increasing in the country owing to the rising health awareness among consumers. Coconut products are viewed as healthy substitutes for dairy items due to various nutritional benefits. This is encouraging many consumers to switch to plant-based alternatives.
Manufacturers are expanding their global footprint to leverage growth opportunities in international markets. Companies are engaging in export activities and collaborating with regional players to increase coconut milk and cream sales overseas especially in Asia Pacific countries.
Market Drivers
The increasing popularity of veganism and vegan diets in the country is positively impacting the sales of coconut milk and cream. More people are adopting vegan lifestyles which is driving the demand for plant-based milk options. Coconut products are excellent alternatives to milk for vegans. The growing vegan population will continue to propel the New Zealand coconut milk and cream market over the forecast period.
The New Zealand coconut milk and cream market is facing challenges due to the rising geopolitical tensions across various regions. New Zealand imports a significant portion of coconuts and related raw materials from countries including Philippines, Sri Lanka, and Indonesia for producing coconut milk and cream products. However, the changing political dynamics and conflicts in these regions are disrupting supply chains and transportation routes. This is negatively impacting the availability and supply of raw materials in New Zealand. The market players will need to closely monitor the geopolitical situations and risks in major coconut producing countries to effectively manage their raw material procurement strategies. They may need to diversify raw material sources and establish long-term partnerships with multiple supplier bases across regions to mitigate supply risks. Additionally, rising transportation costs due to regional conflicts are putting pressure on their profit margins. The companies may have to hike product prices to offset the inflationary pressure, which can restrain the demand growth in future.
The Pacific region within New Zealand is currently the highest revenue generating region for the coconut milk and cream market, accounting for over 40% of the country's total market value. Major cities including Auckland and Wellington house large consumer bases that favor coconut products in food preparations and various beverages. Southeast Asia, primarily Singapore and Malaysia, is the fastest growing export market. The economic growth and rising health consciousness among consumers in these countries are fueling the demand for healthy coconut dairy alternatives. To tap the export potential, New Zealand market players need to focus on strengthening their distribution partnerships and branding activities across Southeast Asian nations.
Get more insights on this topic: https://savagesoulhub33.blogspot.com/2024/08/new-zealand-coconut-milk-and-cream.html
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This New Zealand Coconut Milk and Cream Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the New Zealand Coconut Milk and Cream's growth between 2024 and 2031.
:- Accurate calculation of the size of the New Zealand Coconut Milk and Cream and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- New Zealand Coconut Milk and Cream Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of New Zealand Coconut Milk and Cream vendors
FAQ’s
Q.1 What are the main factors influencing the New Zealand Coconut Milk and Cream?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top New Zealand Coconut Milk and Cream companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the New Zealand Coconut Milk and Cream’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it