South Korea Coconut Milk Products Market to Grow at a CAGR of 11.8% During 2024-2032, Driven by the Growth of the Cosmetics and Skincare Sector

The South Korea coconut milk products market expansion is being fuelled by the rising adoption of healthy lifestyles by Koreans and the high prevalence of lactose intolerance in the country. South Korea has a lactose intolerance rate of 100%, which makes it crucial to replace traditional animal milk with plant-based milk such as coconut.

In addition, Koreans prefer low-calorie, nutrient-rich plant-based foods and drinks, which further necessitates the demand for coconut milk products. The country has over 48,000 convenience stores that offer nutrient rich and healthy plant-based beverages. Coconut milk products find applications in confectionary and bakery products, which further drives the market in South Korea. Moreover, the growing availability of coconut milk products on e-commerce platforms such as Amazon (NASDAQ: AMZN) aids the market.

In May 2023, VIETCOCO, a leading coconut manufacturer in Vietnam, announced its participation in Seoul Food & Hotel 2023 to attract industry professionals and businesses globally. Seoul Food & Hotel Festival is the largest international food and hospitality trade show in South Korea. The company showcased an extensive range of coconut products, including coconut water, coconut milk beverages, coconut milk, coconut butter, coconut flour, toasted coconut chips, and extra virgin coconut oil.

In the same year, the company introduced a range of coconut products, such as Tetra Pak coconut milk beverage, coconut milk for cooking, coconut butter, and a convenient 160ml canned coconut milk with certifications including IFS, BRC, ISO, HACCP, HALAL, and Kosher, specifically for the Korean market. The trade show presented products to the world market and investigated ways to broaden the product distribution network to reach new markets while enhancing the company’s worldwide footprint.

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Market Analysis by Source, Product Type, and Application:

• The market, on the basis of source, can be divided into organic and conventional.

• Based on product type, the market can be divided into full fat coconut milk, lite coconut milk (low fat), cream of coconut, and coconut milk powder, among others.

• The various applications of coconut milk products include processed food, personal care and cosmetics, functional food and dietary supplements, food service, and retail, among others.

Key Findings of the Report:

• Coconut milk is used as a key ingredient in the skincare and cosmetics market due to its moisturising and skin-brightening properties. South Korea is regarded as one of the prominent skincare markets globally. In 2021, the cosmetics market accounted for USD 14.5 billion, a 9.8% increase from 2020.

• Coconut milk is a vital ingredient in health supplements. The health and wellness trend in the country supports the South Korea coconut milk products market growth. In 2022, the wellness economy of South Korea accounted for USD 113 billion, with a 9th global ranking.

• In South Korea, in 2022, around 2 million Koreans followed vegan or plant-based diets and the number is rising. As a result, coconut milk finds application in the production of dairy-free cheese, yoghurt, and beverages.

• Convenience meals such as meal kits, ready-to-eat meals, and small-portion packaged food have gained popularity due to consumer busy lifestyles and urbanisation growth. As a result, the demand for coconut-based ice creams and confectionary items is on the rise.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea coconut milk products market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the sources, product types, and applications of coconut milk products in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea coconut milk products market are Nestlé S.A., Interactive Co., Ltd. (Vaco), Aim Global Co., Ltd (Nita), Thaitan Foods International Co,.Ltd., and Ampolfood Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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