The coconut milk and cream market in New Zealand is witnessing significant growth owing to the rising demand for plant-based milk alternatives. Coconut milk and cream offer a dairy-free option for consumers preferring vegan or lactose-free diets. Coconut milk and cream are extracted from the flesh of mature coconuts and provide a rich source of medium-chain triglycerides and minerals. Coconut milk is used as an alternative to dairy milk in beverages, pastries, curries, and other culinary applications. Coconut cream offers a richer texture than milk and is commonly used in sauces, desserts, and coffee creamers.
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.,KÅ‘kiri Coconut Milk,Ceylon Kokonati,Savaii Popo. The key players are focusing on offering products with various fat contents and flavors to cater to diverse consumer tastes.
New Zealand has witnessed burgeoning demand for plant-based milk alternatives in recent years owing to rising health consciousness and vegan lifestyle adoption. Coconut milk and cream products are increasingly replacing dairy milk due to the various associated health benefits.
Technological advancements such as the development of aseptic packaging solutions have boosted the shelf life of coconut milk and cream without refrigeration. Players are investing in innovative product formats like single-serve cartons and bottles to boost adoption in the on-the-go consumption trend.
Market Trends
Growing health and wellness trend - The New Zealand population is increasingly health-conscious and focusing onWellness. Coconut milk and cream are gaining popularity due to low calories and saturated fat as compared to dairy and soy products.
Rise of the vegan movement - Veganism has gained widespread acceptance in New Zealand in recent years due to ethical and environmental reasons. Coconut milk and cream offer dairy-free alternatives for vegan consumers seeking plant-milk options.
Market Opportunities
Innovative packaging - There is scope for players to invest in innovative packaging formats like single-serve packs compatible with on-the-go lifestyles. Aseptic packaging can boost shelf life without refrigeration.
Functional products -The market is yet to realize its full potential in terms of functional milk-like beverages infused with ingredients offering additional health benefits. Probiotics, prebiotics, nutrients can be explored.
Impact Of COVID-19 On New Zealand Coconut Milk And Cream Market
The Covid-19 pandemic significantly impacted the New Zealand coconut milk and cream market. During the initial stages of lockdowns in 2020, the demand declined significantly as people stockpiled just essential goods. Supply chains were disrupted due to restrictions on exports and imports. Moreover, the closure of hotels, restaurants and cafes led to a drastic fall in out-of-home consumption of coconut products.
However, as people stayed home for longer durations, the demand for packaged foods and beverages increased. Coconut milk and cream observed higher sales as people experimented more in home cooking. The work from home culture also drove the demand for coconut-based snacks and beverages. Manufacturers responded swiftly by ramping up production and streamlining operations. Online sales channels played a critical role in reaching customers during lockdowns.
Going forward, the market is expected to witness steady growth. While out-of-home consumption may take longer to recover fully, growth in home consumption will continue. Manufacturers are focusing on innovation in product varieties and packaging formats. The awareness about health benefits of coconut is increasing consumer preference for natural products in the post-COVID era.
Geographical concentration of New Zealand Coconut Milk and Cream Market
In terms of value, the northern region of New Zealand including Auckland and Waikato accounts for over 40% share of the total coconut milk and cream market. This is attributed to the large consumer base in these areas. The central region covering Wellington and Manawatu-Wanganui is the second largest market with around 30% share.
The eastern region of New Zealand comprising Hawke's Bay, Gisborne and Bay of Plenty is witnessing the fastest growth in demand for coconut milk and cream. The annual growth rate in this region exceeds 10% led by rising health consciousness among consumers. Traditional coconut dishes are also popular cuisine in coastal cities like Gisborne boosting market opportunities. Production is also increasing in these provinces to cater to the growing local demand.
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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
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