The demand in the market will continue rising as an increasing number of consumers showcase inclination for plant-based food and beverages. In 2022, it was estimated that the global market for goods made with coconut milk product would amount to USD 1.2 billion. The industry is expanding as a result of evolving consumer tastes and rising health concerns. By 2033, it is expected to have generated USD 2.74 billion in revenue, with a CAGR of 7.8% from 2023 to 2033.
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Other factors such as rapid urbanization, rising number of health-conscious consumers, increasing disposable income of consumers, and their changing lifestyles especially in developing countries are expected to be a major driver for the growth of the food processing industry. Coconut milk products help in the formation of hemoglobin as they contain iron and also help in improving the health of patients suffering from anemia. Coconut milk products also strengthen immune system against various microorganisms because they have various anti-bacterial and anti-viral properties. Increasing awareness about various health benefits of coconut milk products and consumer preference for a vegetarian diet, will drive the market.
The hectic lifestyle of people has increased the demand for ready to eat foods and processed food products. Increasing use of coconut milk powder for enhancing the functional and nutritional value, shelf life, and quality of the product will create growth opportunities in the market. According to the report, coconut milk powder accounts for over 80% of sales in the market.
Coconut milk products are used in the preparation of nutritional foods and also used as a dietary supplement because of their high nutritional content. Increasing application in the food and beverages sector will continue driving sales.
Key Takeaways from the Coconut Milk Products Market Study
- Increasing focus on health and wellness will push coconut milk product sales at 7.6% between 2021 and 2031
- As a result of rising cases of obesity and diabetes, the U.S. is exhibiting high demand for plant-based food and beverages. It will account for over 88% of coconut milk products sold in North America in 2021
- Expansion of the food sector, especially growth in confectionaries and bakeries will drive sales in the U.K. at above 7% in 2021
- Indonesia and India will emerge as key markets for coconut milk products in South Asia. Increasing coconut production will seal Indonesia’s dominance
- China will account for maximum coconut milk product sales in East Asia. Increasing demand for plant-based food items will drive sales in the country
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“The increasing demand for food with high nutritional value and longer shelf life has been a key factor pushing application of coconut milk products in the food processing industry. With focus on health expected to rise, the market for coconut milk products will exhibit impressive growth in the coming years,” said a lead analyst at FMI
Vegan Food Popularity a Blessing for Coconut Milk Products Market
Vegan food is gaining popularity among consumers as a result of environmentally sustainable plant cultivation. Despite the fact that vegan food is an expensive commodity, consumers are willing to pay more for it because they want to follow safe and healthy eating habits and care about the environment. Vegan food products are becoming more common in developed and developing countries as consumers have become more aware of food safety and quality. This will have a positive impact on coconut milk products market, driving sales as a sought-after dairy alternative.
Who is winning?
Some of the leading companies involved in coconut milk products are Thai Coconut Public Company Limited, Nestle S.A., The Sambu Group, Pacific Foods of Oregon, Celebs Coconut Corporation, Grace Kennedy Limited, Asiatic Agro-Industry, Monty and Totco Corporation Limited, McCormick & Company Incorporation, Primex Coco Products Incorporation and others.
Product launches remain a chief strategy among market players. For instance, Nestlé S.A launched Nespray Coco-Up in Sri Lanka in 2018.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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