Global Coconut Milk Market Insights Forecasts to 2033

• The Global Coconut Milk Market Size was Valued at USD 1.67 Billion in 2023
• The Market Size is Growing at a CAGR of 8.40% from 2023 to 2033
• The Worldwide Coconut Milk Market Size is Expected to Reach USD 3.74 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Coconut Milk Market Size is Anticipated to Exceed USD 3.74 Billion by 2033, Growing at a CAGR of 8.40% from 2023 to 2033. The Market is driven due to a growing awareness of environmental and health issues, which is increasing demand for coconut milk as a dairy alternative.

COCONUT MILK MARKET REPORT OVERVIEW

Coconut milk can be described as a milky fluid manually or mechanically produced from shredded coconut kernel, with or without the addition of water. The milk from coconuts is commonly used in processed food items such as cakes, biscuits, pies, soups, milkshakes, and ice cream. Copra, coconut chips, coconut squash, and coconut vinegar are some of the most commonly utilized items in the global food and beverage business. Demand for coconut milk is expected to rise dramatically as the urban population grows, resulting in increased processed food consumption.

Its increased consumer adoption and versatility to a wide range of applications are primarily responsible for the increase in the demand of the global coconut milk market. It also reduces the levels of cholesterol and blood pressure, which has led to clients' growing demand for the global coconut milk market. Another factor driving the increase in coconut milk consumption is the desire for tasty, healthy beverages with low-calorie counts.

The increasing demand for using coconut milk in food and beverages, expanding health awareness for utilizing organic ingredients, growing worry about the consumption of nutritious drinks, and the usage of coconut milk in the growing cosmetic industry are all driving revenue growth in the market.

Report Coverage

This research report categorizes the market for the coconut milk market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the coconut milk market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the coconut milk market.

DRIVING FACTORS:

The health advantages of coconut milk components and the growing popularity of using coconut milk in food and beverages can support market expansion.

Coconut milk is excellent for humans due to its numerous health advantages. Coconut milk's medium-chain triglycerides are considered a healthy fat that aids in weight loss. During metabolism, bodily tissues produce free oxygen radicals, which contribute to tumor formation and aging. Vitamins C and E have antioxidant capabilities that provide value to coconut milk while also neutralizing hazardous chemicals. Other nutrients included in coconut milk include magnesium, potassium, and phosphorus, all of which are beneficial to heart rhythm, immune system health, and neuron and muscle function. The availability of all of these elements in coconut milk increases customer demand, which is likely to fuel revenue growth in the market.

RESTRAINING FACTORS

The scarcity of raw materials can limit the market's expansion.

The limited availability of needed ingredients for product preparation is projected to limit the coconut milk market throughout the forecast period. Additionally, the occurrence of various alternatives such as rice milk, almond milk, soy milk, and many others can impede market expansion.

Market Segmentation

The global coconut milk market share is classified into form and nature.

Which segment is expected to hold the largest share of the global coconut milk market during the forecast period?

The liquid segment dominates the market over the forecast period.

Based on form, the global coconut milk market is classified into liquid and powder. The liquid form of coconut milk, one of two marketed forms, is the most popular and occupies the majority of the market share. The category is being fueled by the increased availability of liquid form in supermarkets and the widespread utilization of beverages such as coffee and tea. Liquid milk is commonly used in Asian cuisine to enhance flavor and texture. Moreover, using liquid coconut milk instead of dairy milk to make vegan yogurt and smoothies has increased sales volume.

Why is organic coconut milk so popular?

Consumer demand for organic coconut milk has increased throughout the anticipated period.

Based on nature, the global coconut milk market is classified into organic, and conventional. Among these, consumer demand for organic coconut milk has increased throughout the anticipated period. The growing demand for organic coconut milk is mostly due to people being more aware of the benefits of eating organic food. Organic foods, unlike ordinary coconut milk, have no chemical ingredients. Organic coconut milk has witnessed significant demand in this category as customer tastes and health awareness have risen. It enhances blood circulation and reduces excessive blood pressure, lowering the risk of strokes and other cardiovascular issues. It has antiviral and antibacterial characteristics that can help strengthen your immune system and fight viral infections like the flu.

Regional Segment Analysis of the Global Coconut Milk Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Which region is Expected to hold the largest share of the coconut milk market over the forecast period?

Asia-Pacific region is holding the highest share of the global coconut milk market during the forecast period.

This is related to the widespread usage of milk in Asian cuisine. Along with this, the industry has been substantially driven by the expanding trade in coconut-based products between Asian countries and others. Furthermore, customers are becoming more vegan as a result of rising urbanization and growing acceptance of Western lifestyles, which is expected to boost the local market growth. Furthermore, Asia-Pacific's rapid market growth could be attributed to variables such as greater acceptance of new technology for product innovation, partnerships between international and local milk companies, higher research and development expenditures by governments in the milk sector, and the existence of a large number of major players in the market can boost the market expansion.

Why Europe is growing at the fastest CAGR in the global coconut milk market?

Consumption of coconut milk in the European coconut milk market is being driven by rising consumer demand for plant-based products. Consumers are more aware of the health benefits of plant-based milk and starting to substitute it for dairy milk in everyday meals.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global coconut milk market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Ayam Sarl
• Celebes Coconut Corporation
• Renuka Holdings PLC
• GraceKennedy Limited
• Turtle Mountain, LLC
• Dr. Antonio Martins Coco GmbH
• CocoGoods Co.
• The Coconut Company
• Nature's Charm Co., Ltd.
• Danone S.A.
• Pacific Foods of Oregon, LLC
• The Thai Coconut Public Company Limited
• Others

Key Market Developments

• In October 2020, Goya Foods revealed it would be expanding its manufacturing and distribution facility in Brookshire, Texas. The development includes new, innovative food processing equipment, which doubles the company's manufacturing capacity to satisfy rising consumer demand.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global coconut milk market based on the below-mentioned segments: 

Global Coconut Milk Market, By Form

• Liquid
• Powder

Global Coconut Milk Market, By Nature

• Organic
• Conventional

Global Coconut Milk Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa