Coconut Milk Market

Coconut Milk Market Outlook (2022-2032)

Over the forecasted period of 2022 to 2032, coconut milk consumption is anticipated to increase at a high CAGR of 8.5%. Currently, the global coconut milk market is valued at US$ 1.66 Bn, and is expected to reach US$ 3.77 Bn by the year 2032.

Worldwide coconut milk sales currently account for around 10% to 12% value share of the global plant-based milk market.

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Coconut Milk Demand Analysis (2017-2021) Vs Market Estimations (2022-2032)

During the historical period (2017-2021), sales of coconut milk registered a CAGR of 7.2%. Demand for coconut milk is increasing as the various coconut milk benefits make it a vital component for naturally obtained healthy products to improve the health and well-being of consumers.

Coconut milk products are available in diverse flavors and varieties. Moreover, offering flavorful, organic, and non-GMO coconut milk are also some of the strategies being adopted by coconut milk manufactures.

Countries with increasing lactose intolerant population offer huge opportunities for manufacturers of coconut milk. Key market players are expected to continue expanding their production capacities with the incorporation of the latest technologies. Besides, increasing demand for organic and clean label food products is also contributing to the sales of organic coconut milk products.

All in all, the global market for coconut milk is expected to see a significant growth and is projected to register a CAGR of 8.5% over the decade.

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What are the Reasons for Growing Consumption of Lactose-free Milk?

“Increasing Lactose Intolerance Driving Coconut Milk Consumption”

Lactose intolerance has become a major concern in the food & beverage industry, which has led to a rise in the consumption of lactose-free milk across the world. Indigestion of lactose by consumers has led them to turn toward plant-based milk products. Plant-based milk is free from lactase and doesn’t lead to any allergic reaction.

Producers are focusing on lactose-free plant-based milk products, which include coconut-based, oat-based, and almond-based milk products.

• In February 2019, Hiland Dairy introduced a new chocolate lactose-free milk product. The product is available in a variety of flavours and comprises essential vitamins and minerals. Moreover, the product is lactose-free and offered in half-gallon size.

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What are the Various Uses of Coconut Milk Products?

“Coconut Milk - Perfect Substitute for Regular Milk”

Coconut milk is a potential substitute for regular milk and can also be used in various regular milk-based products. Coconut milk has been witnessing increasing demand for its use as a substitute for regular milk, especially in a number of sweet and savory dishes.

Coconut milk has been conventionally used for cooking purposes, in both, non-vegetarian and vegetarian dishes. Coconut milk also finds application in vegan ice creams, frozen desserts, sweets, pastries, and others. It is also used as a thickener in various other dishes, specifically in high-end hotel chains that offer Asian cuisines.

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Will Rise in Consumption of Vegan Desserts and Ice Creams Drive Coconut Milk Demand?

“Vegan Trend Catalyzing Coconut Milk Usage”

Growing number of vegan individuals in developed markets is a major reason for driving the demand growth of coconut milk and associated products markets. Increasing demand for sweets and vegan ice creams is driving the sales of plant-based alternatives for animal-based milk. Coconut milk has been witnessing increasing use in sweets and vegan ice creams, as individuals have developed a flavor for coconut milk with time.

• According to the United States Department of Agriculture (USDA), around 8% of the population in Germany is vegetarian, out of which, approximately 12% is vegan.

What’s Impeding Growth of the Coconut Milk Industry?

“Numerous Substitutes of Coconut Milk May Impede Market Expansion”

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

These plant-based drinks have high content of proteins, calcium, carbohydrates, and low fats as compared to coconut milk. Hence, diet-conscious customers prefer soy or almond milk as compared to coconut milk, and this has negatively impacted the sales of coconut milk to some extent.

Country-wise Insights

Which Countries are Prominent Coconut Milk Consumers in the European Market?

“Europe Coconut Milk Market Led by the U.K., Germany, and France”

The U.K., Germany, and France markets are expected to expand at high CAGRs of 7.2%, 8.7%, and 9%, respectively, during the forecast period (2022-2032).

Demand for coconut milk is high in the European market due to growth of the retail and foodservice industry, which is likely to have a positive impact on the sales of coconut milk in the near future.

Who is Leading the South Asia Coconut Milk Market?

“Coconut Milk Consumption Increasing across India”

In the South Asia coconut milk market, India is showing a promising growth trajectory for the forecast period, and is expected to register a significant CAGR of 11.3%.

Coconut milk sales are growing due to rising awareness among consumers, which increases its usage in food applications. Market share of India in the South Asian market is around 36.2% at present.

Category-wise Insights

Which Coconut Milk Form Holds High Volume Share in the Global Market?

“Full Fat Coconut Milk Enjoys Highest Market Share”

Based on product form, coconut milk is segmented into full fat coconut milk, low fat coconut milk, coconut milk cream, and coconut milk powder, among which, the full fat coconut milk product form is mostly utilized in the global market.

Full fat coconut milk is known for its health benefits as it helps in improving cholesterols levels. According to various studies conducted on the consumption of coconut milk, it reduces bad cholesterol or LDL (low-density lipoprotein) while the good cholesterol level or HDL (high-density lipoprotein) is increased.

Market volume share of full fat coconut milk is set to reach 46.1% in 2022, which is projected to be valued at 802,069 tons by the end of forecast period in the global market.

Which Coconut Milk Flavors are Most Demanded across Regions?

“Unsweetened Coconut Milk Sales Hold Major Market Share”

Based on flavor, the coconut milk market is segmented into sweetened coconut milk and unsweetened coconut milk. Among the two, unsweetened coconut milk holds a major value share in the global market at 77.9% in 2022. Current market value is expected to be close to US$ 1.3 Bn.

Impact of COVID-19

Consumers are focused on protecting their health in the wake of COVID-19, which is projected to drive the sales of nutritional foods across the world. In addition, customer desire for vegan products is impacting growth of the plant-based products marker, which, in turn, is driving coconut milk consumption. In the present scenario, raising immunity is a major concern in order to fight new COVID-19 strains.

The World Health Organization (WHO) recommends that the global population should add immunity-boosting foods into their diets to tackle the COVID-19 pandemic, and this has triggered customers to buy immunity-boosting supplements, thereby driving the sales of coconut milk.

Competitive Dashboard

Key coconut milk suppliers are involved in manufacturing dairy alternative products for the elimination of harmful ingredients such as GMO, lactose, trans fats, artificial flavors, and other synthetic ingredients. This helps them obtain various standards and certifications, which, in turn, increases their customer base.

• SunOpta, Inc. emphasizes on offering non-GMO and organic plant-based milk to consumers. The company has direct relationships with coconut suppliers in Southeast Asia, and provides the highest quality coconut cream for coconut milk production. The company’s coconut milk is kosher, non-GMO and certified organic, which enhances the quality of its final products.
• Pacific Foods of Oregon, Inc. offers vegan and gluten-free plant-based milk products. As the vegan population is rising across the world, the company is keen to make milk products that are favorable for vegan consumers. The company mostly offers nut-based milk, which is assumed to be a healthy alternative to regular milk.
• Califia Farms strategizes on offering flavorful plant-based milk products to attract consumers. Growing consumption of plant-based food products has led the company to increase its plant-based portfolio. As a result, the company has extended its product line by adding diverse flavors.

Coconut Milk Industry Report Scope

Coconut Milk Industry Survey by Category

Coconut Milk Market by Nature:

• Organic Coconut Milk
• Conventional Coconut Milk

Coconut Milk Market by Product Type:

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

Coconut Milk Market by Flavor:

• Sweetened Coconut Milk
• Unsweetened Coconut Milk

Coconut Milk Market by End Use:

• Food and Beverages
• Foodservice
• Retail/Household
• Others

Coconut Milk Market by Distribution Channel:

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

Coconut Milk Market by Region:

• North America Coconut Milk Market
• Latin America Coconut Milk Market
• Europe Coconut Milk Market
• South Asia Coconut Milk Market
• East Asia Coconut Milk Market
• Oceania Coconut Milk Market
• Middle East and Africa Coconut Milk Market