The global coconut milk products market has witnessed remarkable growth in recent years, driven by the increasing popularity of plant-based alternatives and the rising demand for dairy-free options. Derived from the matured flesh of coconuts, coconut milk is known for its creamy texture, subtle sweetness, and versatility in various culinary applications.
One of the key factors propelling the coconut milk products market is the growing awareness of the health benefits associated with coconuts. Coconut milk is naturally lactose-free, making it an excellent alternative for individuals with lactose intolerance or those following a vegan lifestyle. Additionally, it is rich in medium-chain triglycerides (MCTs), which are believed to offer numerous health advantages, including improved digestion and increased energy levels.
The coconut milk products market is projected to reach US$ 1.2 billion in 2022, driven by growing health concerns and changing customer preferences. With a CAGR of 7.8% from 2023 to 2033, the market is expected to reach US$ 2.74 billion by 2033.
Products made with coconut milk are frequently linked to a number of health advantages. It has been suggested that eating them can help prevent coronary artery disease and stroke, decrease blood pressure, enhance renal function, and lower cholesterol. Additionally, consumer preferences for vegetarian diets have contributed to an increase in the use of coconut milk goods.
The two issues that manufacturers within the food processing sector are most focused on are improving nutritional content and preserving product quality. A product’s entire quality can be significantly impacted by the spoiling of a single ingredient. Products made from coconut milk are a wise choice because of their excellent nutritional content and lengthy shelf life. These qualities of coconut milk products are becoming more well-known, which will likely increase demand for them and boost sales throughout the projection period.
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Key Takeaways from the Market Study
- Sales of items made from coconut milk increased at a 5.6% CAGR between 2018 and 2022.
- Through 2033, the market for coconut milk products will expand at a 7.8% CAGR.
- In terms of value, coconut milk powder will command an 86% market share in 2023.
- In terms of market share, hypermarkets/supermarkets are anticipated to have a 37.9% share in 2023.
- Over the period of 2033, the demand for goods made with organic coconut milk will increase at a CAGR of 8.6%.
- The food and beverage sector held a 33.2% value-based market share in 2022 and is predicted to expand at an 8.2% CAGR through 2033.
- In terms of value, the United States is anticipated to have an 89.1% market share in 2023.
“The market is primarily driven by the exploding popularity of veganism throughout the world, and its expanding adoption is mostly ascribed to its growing consumer appeal and the product’s adaptability,” remarks an FMI analyst.
Competitive Landscape
Players in the coconut milk products market have utilized product introduction and company expansion as important tactics to expand their market share, boost profitability, and maintain competitiveness.
Prominent players in the coconut milk products market are:
- Thai Coconut Public Company Limited
- Danone S.A.
- Theppadungporn Coconut
- M&S Food Industries
- Goya Foods Incorporation
- Primex Coco Products Incorporation
- Asiatic Agro Industry
- Santanku Sdn. Bhd.
- The Sambu Group
- Monty & Totco Corporation Limited
- PT. Sari Segar Husada
- Pacific Foods of Oregon
- Thai Agri Foods PLC
- Ahya Coco Organic Food Manufacturing
- Celebes Coconut Corporation
- Heng Guan Food Industrial
- Nestle SA
- The WhiteWave Foods Company
- Grace Kennedy Limited
- Coconut Palm Group
- McCormick & Company Incorporation
Some key developments of the leading companies in this market are:
- The first organic coconut milk yogurt tubes were introduced by the Met Foods-owned Cocos Organic brand in 2022 for kids six months of age and older. The brand-new product is available in strawberry as well as banana tastes. This product is prepared from organic coconut milk that has been naturally flavored with bananas and strawberries and supplemented with live bacteria, such as Bifidobacterium BB-12.
- In 2022, SUNRNBIRD launched two plant-based milks: grain oatmeal milk as well as coconut milk, both of which are also sugar-free and manufactured with natural ingredients. Coconut milk now offers more freshness, fragrance, and taste than ever thanks to a zero-sugar recipe.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global coconut milk products market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the coconut milk products market, the market is segmented on the basis of coconut milk products by product type (coconut milk powder, coconut cream powder), nature (organic, conventional), end use (food and beverage processing, personal care and cosmetics), distribution channel (direct sales/B2B, indirect sales) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Profiled in the Global Coconut Milk Products Market
By Product Type:
- Coconut Milk Powder
- Coconut Cream Powder
By Nature:
- Organic
- Conventional
By End Use:
- Food and Beverage Processing
- Bakery and Confectionery
- Ice-creams and Desserts
- Breakfast Solutions
- Curries, Sauces and Soups
- Juices, Milkshakes and Cocktails
- Other Food and Beverage Processing
- Personal Care and Cosmetics
- Functional Foods and Dietary Supplements
- Foodservice/HoReCa (Hotels/Restaurants/Cafe)
- Household
By Distribution Channel:
- Direct Sales/B2B
- Indirect Sales
- Hypermarkets/Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retailing
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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