Coconut Milk Market
Coconut Milk Market Forecasts to 2030 - Global Analysis By Product (Regular Coconut Milk, Low-Fat Coconut Milk, Flavoured Coconut Milk, Coconut Cream and Other Products), Form, Packaging, Distribution Channel, Application, End User and By Geography
According to Stratistics MRC, the Global Coconut Milk Market is accounted for $1.68 billion in 2024 and is expected to reach $3.53 billion by 2030 growing at a CAGR of 10.5% during the forecast period. Coconut milk is a creamy, dairy-free liquid extracted from the grated pulp of mature coconuts. Known for its rich, mildly sweet flavor, it’s made by blending coconut flesh with water and straining to achieve a smooth consistency. This versatile milk is a staple in Southeast Asian, Caribbean, and Indian cuisines, enhancing curries, soups, desserts, and beverages.
According to the Plant-Based Foods Association data published in 2022, plant-based milk sales in the U.S. increased by 9% in 2022 compared to the previous year and accounted for 15% of the retail milk sales.
Market Dynamics:
Driver:
Rise in plant-based diets
Coconut milk offers a creamy texture and rich flavor, making it a popular substitute for traditional dairy products in cooking, baking, and beverages. Its lactose-free nature appeals to those with lactose intolerance, while its medium-chain triglycerides (MCTs) attract health-conscious individuals. This shift towards veganism and vegetarianism drives demand for versatile ingredients like coconut milk, leading manufacturers to innovate and expand their product lines, ultimately fostering a vibrant market landscape that meets evolving consumer preferences.
Restraint:
Potential allergies and sensitivities
While coconut is classified as a fruit, its chemical composition may trigger reactions in sensitive individuals, leading to symptoms like hives, digestive issues, or anaphylaxis. This concern hampers market growth as allergic consumers may avoid coconut milk, limiting its target audience. Additionally, manufacturers face challenges in educating consumers about potential allergies, leading to hesitation in trying coconut-based products, thus affecting overall demand and market expansion.
Opportunity:
Increased consumer interest in sustainable and ethical choices
As consumers become more aware of environmental issues, they seek out brands that prioritize sustainable sourcing and production methods, such as responsibly harvested coconuts and minimal packaging. This trend encourages coconut milk producers to adopt environmentally friendly practices, thereby appealing to a growing segment of eco-conscious consumers. Additionally, certifications like Fair Trade and organic labeling further enhance brand credibility, fostering consumer loyalty and expanding market reach in an increasingly competitive landscape.
Threat:
Supply chain challenges
Supply chain challenges in the coconut milk arise from factors such as seasonal coconut harvests, geographic limitations in production, and reliance on specific regions, like Southeast Asia, for sourcing. Disruptions from natural disasters, pandemics, or transportation issues can lead to shortages and increased prices. Additionally, inconsistent quality and variations in processing methods can affect product availability. These challenges hamper market growth by limiting the steady supply of coconut milk.
Covid-19 Impact
The covid-19 pandemic significantly impacted the coconut milk market, initially disrupting supply chains and production due to lockdowns and restrictions. However, as consumers shifted towards healthier, plant-based alternatives and increased home cooking, demand for coconut milk surged. E-commerce emerged as a vital sales channel, allowing brands to reach consumers despite retail challenges. Post-pandemic, the coconut milk market continues to thrive as consumers prioritize wellness and convenience in their food choices.
The low-fat coconut milk segment is expected to be the largest during the forecast period
The low-fat coconut milk segment is predicted to secure the largest market share throughout the forecast period. Low-fat coconut milk is a lighter version of traditional coconut milk, offering a creamy texture with reduced fat content. It is made by diluting coconut milk with water or using specific extraction methods to decrease fat levels while retaining the characteristic flavor. It provides a guilt-free option for those seeking to enjoy the benefits of coconut milk without the extra calories and saturated fat.
The dairy alternatives segment is expected to have the highest CAGR during the forecast period
The dairy alternatives segment is anticipated to witness the highest CAGR during the forecast period. Coconut milk serves as a popular dairy alternative, particularly for those seeking lactose-free options. Its creamy texture and subtle sweetness make it ideal for various applications, including beverages, cooking, and baking. It is also a favoured ingredient in vegan and vegetarian recipes, enhancing flavor in soups, curries, and sauces. Additionally, the rising demand for plant-based diets fuels its popularity, positioning coconut milk as a versatile choice in the dairy alternatives market.
Region with largest share:
Asia Pacific is expected to register the largest market share during the forecast period driven by rising demand for plant-based and lactose-free alternatives. Traditionally used in Southeast Asian cuisines, coconut milk is increasingly popular for its flavor, nutritional benefits, and compatibility with various diets, including vegan and keto. Countries like Thailand, Indonesia, and the Philippines, major coconut producers, lead the market, contributing significantly to exports. The expanding food and beverage, cosmetic, and health sectors further boost demand.
Region with highest CAGR:
Europe is projected to witness the highest CAGR over the forecast period fuelled by the growing trend towards plant-based diets and health-conscious consumer preferences. Countries like the UK, Germany, and France lead in demand, supported by the rise of veganism and the integration of coconut milk in various recipes and beverages. Additionally, the market benefits from innovative product offerings and sustainable sourcing practices, appealing to environmentally conscious consumers.
Key players in the market
Some of the key players profiled in the Coconut Milk Market include Nestle S.A., Califia Farms, Dabur India Limited, Vita Coco, McCormick & Company, Sambu Group, Cocos Organic, The Hain Celestial Group, Pacific Foods of Oregon LLC, Chaokoh, Harmless Harvest, Aroy-D, Marks & Spencer, GraceKennedy Group, and Goya Foods Inc.
Key Developments:
In October 2024, Califia Farms introduced a coconut and almond milk blend to the U.S. market. This new product aims to offer a creamy, dairy-free milk alternative suitable for coffee, smoothies, and cooking, designed for those seeking a versatile, plant-based option. This blend offers a versatile option for those who prioritize health-conscious and environmentally friendly choices without compromising on taste or functionality.
In October 2024, Danone North America expanded its So Delicious Dairy Free line with the launch of a French Vanilla Coconut Milk Creamer. This addition caters to the rising demand for dairy-free creamers, offering a rich and smooth flavor profile for those avoiding dairy. The product joins the market alongside the Silk Mocha Almond Creamer, creates a selection of plant-based creamers to meet diverse consumer tastes.
Products Covered:
• Regular Coconut Milk
• Low-Fat Coconut Milk
• Flavoured Coconut Milk
• Coconut Cream
• Other Products
Forms Covered:
• Liquid
• Powder
Packagings Covered:
• Tetra Packs
• Cans
• Bottles
• Pouches
• Other Packagings
Distribution Channels Covered:
• Supermarkets/Hypermarkets
• Specialty Stores
• Online Retail
• Convenience Stores
• Other Distribution Channels
Applications Covered:
• Cooking & Baking
• Dairy Alternatives
• Health & Wellness Products
• Snacks & Desserts
• Animal Feed
• Other Applications
End Users Covered:
• Households
• Food Service Industry
• Industrial
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Coconut Milk Market, By Product
5.1 Introduction
5.2 Regular Coconut Milk
5.3 Low-Fat Coconut Milk
5.4 Flavoured Coconut Milk
5.5 Coconut Cream
5.6 Other Products
6 Global Coconut Milk Market, By Form
6.1 Introduction
6.2 Liquid
6.3 Powder
7 Global Coconut Milk Market, By Packaging
7.1 Introduction
7.2 Tetra Packs
7.3 Cans
7.4 Bottles
7.5 Pouches
7.6 Other Packagings
8 Global Coconut Milk Market, By Distribution Channel
8.1 Introduction
8.2 Supermarkets/Hypermarkets
8.3 Specialty Stores
8.4 Online Retail
8.5 Convenience Stores
8.6 Other Distribution Channels
9 Global Coconut Milk Market, By Application
9.1 Introduction
9.2 Cooking & Baking
9.3 Dairy Alternatives
9.4 Health & Wellness Products
9.5 Snacks & Desserts
9.6 Animal Feed
9.7 Other Applications
10 Global Coconut Milk Market, By End User
10.1 Introduction
10.2 Households
10.3 Food Service Industry
10.4 Industrial
10.5 Other End Users
11 Global Coconut Milk Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Nestle S.A.
13.2 Califia Farms
13.3 Dabur India Limited
13.4 Vita Coco
13.5 McCormick & Company
13.6 Sambu Group
13.7 Cocos Organic
13.8 The Hain Celestial Group
13.9 Pacific Foods of Oregon LLC
13.10 Chaokoh
13.11 Harmless Harvest
13.12 Aroy-D
13.13 Marks & Spencer
13.14 GraceKennedy Group
13.15 Goya Foods Inc.
List of Tables
1 Global Coconut Milk Market Outlook, By Region (2022-2030) ($MN)
2 Global Coconut Milk Market Outlook, By Product (2022-2030) ($MN)
3 Global Coconut Milk Market Outlook, By Regular Coconut Milk (2022-2030) ($MN)
4 Global Coconut Milk Market Outlook, By Low-Fat Coconut Milk (2022-2030) ($MN)
5 Global Coconut Milk Market Outlook, By Flavoured Coconut Milk (2022-2030) ($MN)
6 Global Coconut Milk Market Outlook, By Coconut Cream (2022-2030) ($MN)
7 Global Coconut Milk Market Outlook, By Other Products (2022-2030) ($MN)
8 Global Coconut Milk Market Outlook, By Form (2022-2030) ($MN)
9 Global Coconut Milk Market Outlook, By Liquid (2022-2030) ($MN)
10 Global Coconut Milk Market Outlook, By Powder (2022-2030) ($MN)
11 Global Coconut Milk Market Outlook, By Packaging (2022-2030) ($MN)
12 Global Coconut Milk Market Outlook, By Tetra Packs (2022-2030) ($MN)
13 Global Coconut Milk Market Outlook, By Cans (2022-2030) ($MN)
14 Global Coconut Milk Market Outlook, By Bottles (2022-2030) ($MN)
15 Global Coconut Milk Market Outlook, By Pouches (2022-2030) ($MN)
16 Global Coconut Milk Market Outlook, By Other Packagings (2022-2030) ($MN)
17 Global Coconut Milk Market Outlook, By Distribution Channel (2022-2030) ($MN)
18 Global Coconut Milk Market Outlook, By Supermarkets/Hypermarkets (2022-2030) ($MN)
19 Global Coconut Milk Market Outlook, By Specialty Stores (2022-2030) ($MN)
20 Global Coconut Milk Market Outlook, By Online Retail (2022-2030) ($MN)
21 Global Coconut Milk Market Outlook, By Convenience Stores (2022-2030) ($MN)
22 Global Coconut Milk Market Outlook, By Other Distribution Channels (2022-2030) ($MN)
23 Global Coconut Milk Market Outlook, By Application (2022-2030) ($MN)
24 Global Coconut Milk Market Outlook, By Cooking & Baking (2022-2030) ($MN)
25 Global Coconut Milk Market Outlook, By Dairy Alternatives (2022-2030) ($MN)
26 Global Coconut Milk Market Outlook, By Health & Wellness Products (2022-2030) ($MN)
27 Global Coconut Milk Market Outlook, By Snacks & Desserts (2022-2030) ($MN)
28 Global Coconut Milk Market Outlook, By Animal Feed (2022-2030) ($MN)
29 Global Coconut Milk Market Outlook, By Other Applications (2022-2030) ($MN)
30 Global Coconut Milk Market Outlook, By End User (2022-2030) ($MN)
31 Global Coconut Milk Market Outlook, By Households (2022-2030) ($MN)
32 Global Coconut Milk Market Outlook, By Food Service Industry (2022-2030) ($MN)
33 Global Coconut Milk Market Outlook, By Industrial (2022-2030) ($MN)
34 Global Coconut Milk Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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