According to the report by Expert Market Research (EMR), the South Korea Coconut Milk Products Market Size is projected to grow at a CAGR of 11.8% between 2023 and 2028. Aided by the growing preference for nutrient-rich and low in calorie plant-based food products and beverages, and lactose intolerance among the general public, the market is expected to grow significantly by 2028.
Coconut milk, derived from the grated pulp of mature coconuts, has seen increasing usage as a food ingredient in a variety of products, including confectioneries, dairy alternatives, and baked goods. Owing to its rich creamy texture and slight sweetness, it is often used in soups, curries, and desserts. It offers a wealth of health benefits such as improving heart health, promoting weight loss, and enhancing skin and hair quality. Moreover, its lactose-free nature makes it a sought-after ingredient in vegan and dairy-free products.
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The South Korea coconut milk products market growth is primarily driven by a growing consumer preference for plant-based food items. Heightened awareness of the health benefits associated with plant-based consumption has led to a substantial shift towards such diets, sparking an upsurge in demand for coconut milk-based products. Additionally, the rise in health and wellness trends has further heightened the popularity of coconut milk, as it is a common ingredient in health supplements and wellness beverages consumed by health-conscious consumers and fitness enthusiasts.
The wide-ranging applications of coconut milk in multiple industries also play a significant role in propelling the South Korea coconut milk products market development. In the pharmaceutical industry, coconut milk is used due to its antimicrobial and anti-inflammatory properties. The cosmetic industry exploits coconut milk for its moisturising and skin-brightening properties, vital in the formulation of various skincare products. Furthermore, its utilisation in the manufacturing of soaps and shampoos underlines its versatility, thus increasing the South Korea coconut milk products market demand.
Further, the growing demand for dairy alternatives in the food and beverage industry has led to an increased focus on coconut milk as a potential ingredient for plant-based products. With the rise of veganism and the increasing popularity of plant-based diets, coconut milk has emerged as a crucial component in the formulation of dairy-free cheese, yoghurt, and other alternatives, thereby boosting the South Korea coconut milk products market expansion.
South Korea Coconut Milk Products Market Segmentation
The market can be divided based on source, product type, and application.
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Market Breakup by Source
Market Breakup by Product Type
- Full Fat Coconut Milk
- Lite Coconut Milk (Low Fat)
- Cream of Coconut
- Coconut Milk Powder
Market Breakup by Application
- Processed Food
- Personal Care and Cosmetics
- Functional Food and Dietary Supplements
- Food Service
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the South Korea coconut milk products companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Nestlé S.A.
- Interactive Co., Ltd. (Vaco)
- Aim Global Co., Ltd (Nita)
- Thaitan Foods International Co,.Ltd.
- Ampolfood Group