Coconut Milk Market

Global Market Study on Coconut Milk: Demand for Low-fat Milk Likely to Surge across Geographies

Key Questions Answered in Report

What is the expected growth rate for the coconut milk market?

As per Persistence Market Research’s projections, the market is anticipated to expand at a value CAGR of close to 9% over the 2021-2031 forecast period.

In which industry is coconut milk are largely consumed?

Coconut milk is widely used in the retail/household industry for direct consumption and various food preparations, and account for around 40% value market share. Coconut milk is used is cereals & snacks, bakery & confectionery, dairy & desserts, and others.

Which are the leading companies manufacturing coconut milk?

Key market players hold around 30%-40% market share in this space. These include Nestlé, SunOpta, Inc., Pacific Foods of Oregon, LLC.,Pureharvest, Danone SA, Vitasoy International Holdings Limited, McCormick & Company, Goya Foods, Califia Farms, Sanitarium, Ecomil, Earth’s Own Food Company Inc., Edward & Sons, Chef’s Choice Food Manufacturer Company Limited, and GraceKennedy.

Find Out More about the Report Coverage


  • Nestlé
  • SunOpta, Inc.
  • Pacific Foods of Oregon, LLC.
  • Pureharvest
  • Danone SA
  • Vitasoy International Holdings Limited
  • McCormick & Company
  • Goya Foods
  • Califia Farms
  • Sanitarium
  • Ecomil
  • Earth’s Own Food Company Inc.
  • Edward & Sons
  • Chef’s Choice Food Manufacturer Company Limited
  • GraceKennedy Group

Key Points Covered in Report

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, country-wise, and region-wise analysis
  • Competition mapping and benchmarking
  • Brand share and market share analysis
  • Key product innovations and regulatory climate
  • COVID-19 Impact on coconut milk and how to navigate
  • Recommendation on key winning strategies

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Sales of Coconut Milk from 2016 to 2020 Vs Market Projections for 2021 to 2031?

From 2016-2020, the market experienced a value growth of 6.4%. Sales of coconut milk were high in the retail/household industry, accounting for around 40% market share. Coconut milk is widely used in food and beverage preparation. Easy storing capacity and longer shelf life drive its usage.

There is increasing use of coconut milk in the foodservice industry owing to its high nutritional value and wide range of application in different dishes. The trend of organic consumption is also expected to propel demand for coconut milk ACROSS REGIONS. Market revenue for coconut milk is anticipated to reach around US$ 3.5 Bn by the end of 2031, with the market expand at a high CAGR of around 9% through 2031.

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How is Growing Consumer Preference for Organic Products Benefiting Coconut Milk Manufacturers?

Recent studies have indicated that organic products have a positive impact on the health of consumers. Organic coconut milk has been witnessing increasing demand, owing to substantially higher levels of antioxidants and very low or no pesticide traces.

Sales of organic coconut milk is further expected to increase significantly during the forecast period owing to increasing number of health-conscious consumers opting for healthy food products with natural and non-GMO ingredients. Sales of organic coconut milk are expected to expand at over 9% CAGR through 2031.

  • For instance, Thai Agri Foods, a Thailand-based food and beverage company, offers organic coconut milk under its brand Aroy-D in Asian countries.
  • Edward and Sons Trading Company, Inc., a U.S.-based company, offers organic coconut milk under its brand Native Forest.

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How is Increased Demand for Plant-based Milk Benefitting Coconut MilkSuppliers?

Nutritional and sustainable diets are new trends, which consumers are progressively adopting. Growing consumer awareness regarding importance of healthy lifestyles has led them to opt for more sustainable food products. Along with that, consumers are prioritizing sustainable diets, owing to growing negative perception of animal-based food products.

Plant-based milk offers health beneficial properties such as enhancing joint health, improving the digestion system, and others. Plant-based milk, including coconut milk, also enhances nutritional composition when used in food and beverage products. Regardless of what consumers think of taste and nutrition of plant-based milk products, they are still preferring to go beyond milk and are adopting to plant-based eating habits.

Today’s consumers are familiar with meat and dairy alternative products for health and environment, leading to substantial rise in demand for plant-based food products, which has also flourished the demand for various plant-based milk products.

Will Rising Demand for Lactose-free Milk Drive Sales of Coconut Milk?

Lactose intolerance has become one of the major concerns in the food & beverage industry, which has led to rise in the consumption of lactose-free milk across the world. Plant-based milk is free from lactase and doesn’t lead to any allergic reaction.

  • In February 2019, Hiland Dairy launched a new chocolate lactose-free milk product. This product is available in half gallon size. It contains essential vitamins and minerals. The company launched the product as per growing demand for flavorful and lactose-free dairy products.

What are the Challenges Faced by Coconut Milk Manufacturers?

Various plant-based substitutes such as soy milk, almond milk, rice milk, and many others are predominantly available across the world. These products are potential substitutes for coconut milk, as they have been available in the market for a longer time and have gained popularity and trust among consumers.

These plant-based beverages contain high content of calcium & proteins and lesser fats & carbohydrates as compared to coconut milk. Hence, health-conscious consumers prefer almond or soy milk as compared to coconut milk, and this has adversely affected the sales of coconut milk to some extent.


Country-wise Analysis

Why Does the U.K. Account for Prominent Share of Coconut Milk Consumption?

Thus, U.K. holds a prominent value market share of around 17% in Europe. The U.K. largely imports its coconuts or coconut-based products from major coconut-producing countries for further processing into various food and beverage products.

Plant-based diets are gaining popularity among consumers owing to increasing number of lactose intolerant vegan population across the country. Besides, growing tourism sector and rising number of foodservice outlets in the U.K are another other factors behind increased demand for coconut milk. Also, rising popularity of ready-to-drink products is further fueling demand for coconut milk products from the retail/household sector.

Why is Demand for Coconut Milk Surging across India?

Sales of coconut milk are anticipated to increase at a value CAGR of around 12% in India, owing to rising awareness about vegan milk. In the Indian market, milk is widely used for preparing various food & beverage products, and commonly used in households, foodservice outlets, and in the food industry.

The Indian market is highly influenced by Western trends for vegan products, and has seen rising demand for such products over the years. Moreover, there is increasing demand for nutritional and healthy food products amongst health-concerned consumers, which is a major factor driving demand for coconut milk in the country.

Thus, changing behaviour of consumers toward a healthy lifestyle consisting of nutritional ingredients in diets is anticipated to fuel demand for coconut milk over the next few years. Additionally, the dense population in the country might assist growth of the coconut milk industry owing to rising demand for plant-based food and beverage products.

Category-wise Insights

Why is Demand for Unsweetened Coconut Milk Rising?

The unsweetened coconut milk segment holds around 70% of the value share in the global market for coconut milk.

Consumers are becoming more cautious regarding healthy eating habits, due to which, sugar-free or unsweetened plant-based milk products are trending. Growing health-conscious population is avoiding sugar and related products, and is focused on consuming sugar-free beverage items. This has led to manufacturers are increasingly expanding the production of unsweetened plant-based milk products.

  • For instance, in September 2018, Elmhurst, a milk product company, launched walnut, coconut, peanut, oat, and cashew-based drinks. The company also launched unsweetened walnut and unsweetened cashew milk as per growing consumer demand.

Why is Low Fat Coconut Milk Gaining Popularity among Consumers?

The low fat coconut milk segment is expected to expand at a CAGR of 10%. Changes in consumer food preferences are expected to have an influence on food and beverage manufacturers to develop innovative products by incorporating coconut milk products in their portfolios.

Demand for organic, healthy ingredients is increasing from food & beverage manufactures, as consumer are seeking healthy and sustainable food & beverage products. Besides, increasing demand for fat-free, gluten free, sugar-free, and non-GMO food products are further fueling demand for low fat coconut milk products across the globe.

What is the Impact of COVID-19 on the Sales of Coconut Milk?

COVID-19 has impacted demand and sales of coconut milk, with supply chain disruptions and import and export restrictions. There has been a sudden surge in demand for products with high nutritional value, which created a mild demand-supply gap in the first two quarters of 2020. However, manufacturers soon caught up with the elevated demand. With disrupted distribution, manufacturers also increased their distribution reach to online channels.

Competition Landscape

Persistence Market Research has profiled the following prominent coconut milk manufacturers in its report:

  • Nestlé
  • SunOpta, Inc.
  • Pacific Foods of Oregon, LLC.
  • Pureharvest
  • Danone SA
  • Vitasoy International Holdings Limited
  • McCormick & Company
  • Goya Foods
  • Califia Farms
  • Sanitarium
  • Ecomil
  • Earth’s Own Food Company Inc.
  • Edward & Sons
  • Chef’s Choice Food Manufacturer Company Limited
  • GraceKennedy Group

Manufacturers are expected to witness demand majorly from South Asia and East Asia. They are focusing on increasing production capacity as well as research & development activities involving coconut milk for the development of innovative products.

Companies such as Symrise, Van Duren Farms, Seawind International LLC, and others are focusing on offering high quality coconut milk products for various end-use industries.

  • On December 30, 2020, McCormick & Company, Inc. acquired FONA International, LLC and some of its affiliates (FONA). FONA is a leading manufacturer of clean and natural flavors. It also provides plant-based solutions for a diverse customer base across various applications in the food, beverage, and nutritional markets.
  • In 2020, Nestlé developed a wide range of plant-based dairy alternatives that were nutritious, great-tasting, and had a favorable environmental footprint. These plant-based and lactose-free products are suitable for consumers with lactose intolerance or those following a dairy-free or vegan diet.

Report Scope



Forecast Period


Historical Data Available for


Market Analysis

US$ Mn for Value & Tons Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Vietnam
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa

Key Segments Covered

  • Nature
  • Product
  • Flavor
  • End Use
  • Distribution Channel
  • Region

Key Companies Profiled

  • Nestlé
  • SunOpta, Inc.
  • Pacific Foods of Oregon, LLC.
  • Pureharvest
  • Danone SA
  • Vitasoy International Holdings Limited
  • McCormick & Company
  • Goya Foods
  • Califia Farms
  • Sanitarium
  • Ecomil
  • Earth’s Own Food Company Inc.
  • Edward & Sons
  • Chef’s Choice Food Manufacturer Company Limited
  • GraceKennedy Group

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  • Is the research conducted by Persistence Market Research?

Yes, the report has been compiled by expert analysts of Persistence Market Research, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

  • What research methodology is followed by Persistence Market Research?

Persistence Market Research follows a methodology that encompasses a demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

  • Who are the respondents for primary research?

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  • What are the sources of secondary research?

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Key Market Segments Covered


  • Organic Coconut Milk
  • Conventional Coconut Milk


  • Full Fat Coconut Milk
  • Low Fat Coconut Milk
  • Coconut Milk Cream
  • Coconut Milk Powder


  • Sweetened Coconut Milk
  • Unsweetened Coconut Milk

End Use

  • Coconut Milk Used in Food and Beverages
  • Coconut Milk Used in Foodservice
  • Coconut Milk Used in Retail/Household
  • Others

Distribution Channel

  • Business to Business
  • Business to Consumer
    • Hypermarkets/Supermarkets
    • Specialty Stores
    • Online Retail
    • Other Retail Sectors


  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa (MEA)

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