Coconut milk and cream are gaining immense popularity in New Zealand as alternatives to dairy milk and cream. Coconut milk is a nutritional plant-based milk rich in minerals, vitamins and healthy fats. It is preferred by lactose-intolerant individuals and vegans. Similarly, coconut cream adds richness and flavor to recipes while being cholesterol-free and dairy-free. The dairy-free nature of coconut milk and cream fulfills the needs of consumers transitioning to vegan or plant-based diets.
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 are Thaicoconut.,Tetra Pak International S.A.,KÅkiri Coconut Milk,Ceylon Kokonati,Savaii Popo. These players are focusing on product innovation and adoption of technologies such as aseptic processing to improve shelf life and availability of coconut milk and cream.
The rising demand for vegan and plant-based products present lucrative growth opportunities in the market. Coconut milk and cream manufacturers can leverage partnerships with restaurants, cafés and food chains to increase availability of coconut-based options on menus.
Technological advancements such as the development of high pressure processing help extend shelf life of coconut milk and cream without use of preservatives. This allows consumers to enjoy dairy-free beverages and desserts made using these products.
Market Drivers
Rising adoption of veganism and plant-based diets in New Zealand is a key driver for the coconut milk and cream market. According to surveys, around 15% of the population identifies as vegan or vegetarian and this number is steadily rising. Coconut milk and cream appeal to this growing consumer base due to their dairy-free composition. Moreover, health awareness regarding the benefits of coconut products also spurs the market growth.
Current Challenges In The New Zealand Coconut Milk And Cream Market
The consumption of coconut milk and cream has increased significantly in the past few years. However, there are still some challenges that need to be addressed. One of the key challenges is availability and supply. As New Zealand is not a coconut producing country, it relies heavily on imports from countries like Fiji, Indonesia, Philippines etc. Dependence on imports leads to issues like price fluctuations and supply disruptions. Another challenge is competition from dairy milk and cream. Dairy being a big industry in New Zealand, consumers often prefer locally produced dairy products over imported coconut items. This poses a threat to the growth of coconut milk and cream market. Educating consumers about the various health benefits of coconut products compared to dairy is important to address this challenge. Packaging and shelf life is also an area that needs focus. Due to the perishable nature, coconut products require proper packaging and cold chain facilities to maintain quality and extend shelf life. Innovation in packaging can help alleviate this challenge.
SWOT Analysis
Strength: High demand for plant-based milk alternatives due to rising veganism and lactose intolerance. Coconut milk and cream are considered healthier option compared to dairy.
Weakness: Dependence on imports makes supply unpredictable and prices volatile. High production costs due to reliance on imports.
Opportunity: Scope to enter into contract farming arrangements with coconut producing countries to ensure steady supply. Growth in foodservice sector post pandemic will boost demand from restaurants and cafes.
Threats: Stiff competition from locally produced dairy milk poses threat to volume growth. Vulnerable to price fluctuations in global commodity markets.
Geographically, the coconut milk and cream market in New Zealand is currently concentrated in the North Island region. It accounts for over 60% of the total market value owing to the presence of major urban centers like Auckland and Wellington which see higher consumption. The Manawatu-Whanganui region in the central North Island has emerged as the fastest growing market for coconut milk and cream in recent years. Increased health awareness and popularity of Asian cuisine have boosted demand growth in this region which is witnessing rapid economic development.
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
About Author – Ravina Pandya
Ravina Pandya,a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile