Coconut Milk Market

Coconut Milk Market Outlook for (2023 to 2033)

The coconut milk market is estimated to be valued at USD 1,233.4 million in 2023. The market is expected to reach USD 2,199.4 million by 2033 developing at a CAGR of 6.3%.

Coconut Milk Market Trend Analysis

• Increasing the application of coconut milk as an ingredient used in cocktails, alcoholic beverages, and other drinks. The coconut milk market witnessed an increase in demand along with the acceleration of coconut milk adoption trends.
• Increased consumers' awareness of leading healthy lives and the availability of gluten-free goods, and functional food products
• Coconut cream and milk are mostly used in the food and baking industries surging the demand for coconut milk.

Attributes	Key Insights
Coconut Milk Market Estimated Size in 2023	USD 1,233.4 million
Projected Market Value in 2033	USD 2,199.4 million
Value-based CAGR from 2023 to 2033	6.3%

2018 to 2022 Historical Analysis vs. 2023 to 2033 Market Forecast Projections

A study by our analysts found that a 2.6% CAGR was experienced between 2018 to 2022 in the coconut milk market. Global demand for coconut milk is predicted to increase at a CAGR of 6.3% from 2023 to 2033.

Coconut cream/milk is utilized in a variety of recipes, including meat & fish dishes, as well as curries. It is also used in pastries, bakery products, and sweet dishes, in order to add the flavor of coconut milk which results in the escalation of the coconut milk market key trends and opportunities.

Coconut milk that has been skimmed is also utilized as a protein supplement. Coconut milk is also sort as an ingredient used in cocktails, alcoholic beverages, and other drinks. Coconut milk is also good for skincare because of its hydrating and nourishing characteristics. Due to all these properties, the market for coconut milk is expected to rise globally.

Historical CAGR from 2018 to 2022	2.6%
Forecast CAGR from 2023 to 2033	6.3%

Coconut Milk Market Drivers

• Increasing application as a dairy-free alternative to cow's milk in smoothies, coffee drinks, and baking recipes to boost the global coconut milk demand.
• The rising vegan trend & and popularity of vegan ice cream, yogurt, and cheese, propel the coconut milk market
• The increasing number of health-conscious consumers and the growing need for healthier alternatives to dairy milk drive the coconut milk market growth
• The increasing demand for coconut milk in moisturizers, soaps, conditioners, bath fizzes, milk baths, face packs, shampoos, and other personal care products owing to its moisturizing and hydrating properties increases coconut milk products demand
• The growing popularity of vegan and plant-based diets has driven demand for dairy alternatives, adding to the growth of the coconut milk market.

Coconut Milk Market Restraints

• Lack of consumer awareness about how to use coconut milk in cooking or baking, which can limit its adoption in certain markets
• Coconut production can be affected by weather-related issues, such as hurricanes and droughts, which can lead to fluctuations in coconut supply and affect the availability and pricing of coconut milk.
• Maintaining consistent quality in coconut milk products can be challenging, which can limit the market demand during the forecast period.
• Regulations surrounding food labeling, health claims, and import/export regulations can vary from one market to another and may pose challenges for coconut milk producers and exporters.
• Availability of other plant-based milk alternatives, including almond milk, soy milk, oat milk, and cashew milk, may hinder the growth of the market.
• The growing consumer awareness and concerns about fat content and caloric density may deter health-conscious consumers, which may impact the overall market demand.
• Some individuals may be allergic to coconut or have cross-reactivity with other tree nuts or allergens. This limits the market's accessibility to these consumers.

Country-wise Insights

The below table showcases revenues in terms of the top 5 leading countries, spearheaded by the United States and the United Kingdom. Through 2033, these two countries are likely to dominate the market.

Expected Value Share in 2022

Germany	2.7%
Japan	5.3%
The United States	28.2%
Australia	3.0%

Forecast CAGRs from 2023 to 2033

China	7.6%
India	19.2%
The United Kingdom	5.1%

The United States Is the Most Dominant Region for the Coconut Milk Market Globally

The coconut milk market in the United States has dominance in the North American region which possesses a major coconut milk market share of 28.2%. In terms of value, the United States is predicted to have a total valuation of USD 568.1 million in the year 2022. There has been a high spike in the number of lactose intolerance cases in the United States. The rising prevalence of diabetes and obesity in the country has made people more cautious of their food choices.

With the numerous health benefits offered by coconut milk, a rising number of customers are opting for it. Rising consumer health consciousness is driving the coconut milk market expansion in the country as well as shooting up the coconut milk market key trends and opportunities.

High Demand for Natural Plant-Based Products Boost Market in the United Kingdom

The coconut milk market in the United Kingdom is anticipated to rise at a 5.1% CAGR from 2023 to 2033. The United Kingdom can grow as a leader in the coconut milk market after the United States.

The dairy and meat markets in the United Kingdom are currently facing significant competition from the naturally sourced organic food industry. Consumers in this country are more likely to substitute more sustainable plant-based alternatives for traditional foods, and coconut milk market trends are not restricted to foods & and beverages.

Beauty and skincare companies to provide plant-based personal care in the country are using coconut milk products. Coconut milk products are rich in potassium, vitamin C, and other hydrating minerals for hair and skin. The beauty and skincare industry is predicted to see an increase in demand for coconut milk products due to an increased desire for plant-based skincare and personal care products, therefore accelerating the coconut milk market trends and forecasts.

The Growing Opportunity in the Dairy Industry to Boost Market Growth in China

Coconut milk trends in China are taking a turn for the better. A 7.6% CAGR is forecasted for the country from 2023 to 2033. China is found to be the one of the best-performing market globally.

The country’s inclination for alternative milk will continue to rise. With consumers consistently showing a higher degree of preference for plant-based food and beverages, the demand for coconut milk is expected to rise in China.

The high consumption rate of coconut milk products in the country, owing to the huge population residing creates a huge demand for the coconut milk industry.

Rising Health-Conscious Consumers Have Been Aiding the Growth in India

India has a significant coconut milk market, especially in southern regions where coconuts are abundant. Coconut milk is used in various Indian dishes and is available in both canned and freshly extracted forms. The market in India is poised to expand at a value CAGR of 19.2% through 2033.

Consumer habits have shifted dramatically owing to the increasing health awareness. This trend also is picking up pace in India. Consumers in India are showing greater willingness to pay more for a product that has health benefits. This has been encouraging some of the leading players to produce organic, vegan, and gluten-free coconut milk.

Increasing Demand for Functional Food Products Increases Sales in Japan

According to projections, the coconut milk market in Japan will account for a market share of 5.3% in 2022. Japan has a growing coconut milk market, with an emphasis on quality and taste. Local and international brands supply coconut milk products to meet consumer demand.

Coconut milk is used in some Japanese dishes, particularly in fusion cuisine and desserts. The demand for coconut milk has been growing in Japan.

Category-wise Insights

According to market forecasts, the liquid segment is predicted to dominate until 2033, with a market share of 88%. The organic segment is expected to have share of 83.2%.

Category	Market share
Liquid	88%
Organic	83.20%

Increased Demand for Liquid Coconut Milk Promotes Growth

Based on form the coconut milk market is segmented into liquid coconut milk and coconut milk powder segments

Liquid coconut milk form is mostly used. According to the report, liquid coconut milk held an 88% market share in terms of value in 2022. Demand in the segment is expected to rise considerably in the coming years.

Acceptance of liquid coconut milk is rising as one of the more cost-effective and shelf-stable alternatives to dairy milk. Liquid coconut milk is a tasty and refreshing alternative to dairy and has plenty of health benefits, which intensifies the wide adoption of liquid coconut milk in many end-use industries.

The Demand for Organic Coconut Milk is high in the Food and Beverage Sector

In the year 2022, organic coconut milk was the leading nature segment of the target market contributing an overall market share of 83.20% as revealed by the global market study on coconut milk sales.

Organic coconut milk typically has a shorter list of ingredients and is free from synthetic additives and preservatives, aligning with the clean-label trend. Many consumers are seeking products with clean and transparent ingredient labels. Consumers believe that organic coconut milk has a purer and more authentic taste compared to conventional options; this drives the market demand for organic coconut milk promoting segmental growth.

Competitive Landscape

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.

Leading participants in the market are focusing on adopting capacity expansion, collaboration, mergers, and acquisition strategies to gain an edge in the highly competitive market.

• Thai Agri Foods is one of the leading producers of coconut milk and coconut-related products. They offer various coconut milk varieties, including canned coconut milk and coconut cream.
• In October 202 - Goya Foods announced an expansion of its manufacturing and distribution facility in Brookshire, Texas. The expansion includes the purchase of new, state-of-the-art food processing equipment that will enable the company to double production capacity in order to meet the increased consumer demand for its products
• Theppadungporn Coconut Co., Ltd. based in Thailand, is a leading producer of coconut products, including coconut milk and cream. They are a major supplier to both domestic and international markets.

Report Scope

Attributes	Details
Estimated Market Size in 2023	USD 1233.4 million
Projected Market Valuation in 2033	USD 2199.4 million
Value-based CAGR 2023 to 2033	6.3%
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	Value in USD billion
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered	Form, Nature, End-use, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	Theppadungporn Coconut; Renuka Foods PLC; Goya Foods Incorporation; Asiatic Agro-Industry; The Sambu Group; PT. Sari Segar Husada; Thai Agri Foods PLC; M&S Food Industries; Primex Coco Products Incorporation; Santanku Sdn. Bhd

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
• 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form
  • 5.1. Liquid
  • 5.2. Powder
• 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature
  • 6.1. Organic
  • 6.2. Conventional
• 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use
  • 7.1. Household
  • 7.2. Food Service
  • 7.3. Food & Beverages Manufacturing
  • 7.4. Cosmetics & Personal Care
  • 7.5. Others
• 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Western Europe
  • 8.4. Eastern Europe
  • 8.5. South Asia and Pacific
  • 8.6. East Asia
  • 8.7. Middle East and Africa
• 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. Theppadungporn Coconut
  • 18.2. Renuka Foods PLC
  • 18.3. Goya Foods Incorporation
  • 18.4. Asiatic Agro-Industry
  • 18.5. The Sambu Group, PT.
  • 18.6. Sari Segar Husada
  • 18.7. Thai Agri Foods PLC
  • 18.8. M&S Food Industries
  • 18.9. Primex Coco Products Incorporation
  • 18.10. Santanku Sdn. Bhd
• 19. Assumptions & Acronyms Used
• 20. Research Methodology