About the Report
The low calorie and high nutrition content of coconut milk products have increased their demand in the food and beverage industry. Coconut milk products such as coconut milk powder and coconut cream powder are used in various recipes because of their sweet and mild taste. In the coming years, the demand for coconut milk products is expected to rise, thanks to the expansion of the food and beverages industry.
Coconut milk products are often associated with various health benefits. Their consumption has been indicated to help lower blood pressure, cholesterol, improve kidney health, and prevent heart attacks and strokes. Coupled with this, consumer preferences for a vegetarian diet, has been increasing the adoption of coconut milk products.
The availability of several plant-based milk substitutes, such as oat milk, almond milk, corn milk, and so on, is expected to stifle the demand for coconut milk products. Consumers have migrated to oat milk products because they provide a variety of health benefits and include phytochemicals and dietary fibers. Their choice is often influenced by several factors, including price, availability, health benefits, shelf life, and so on. Demand in the market could wave due to the increasing availability of a variety of other plant-based milk substitutes.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for coconut milk products. The report tracks the global sales of coconut milk products in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the food and beverage industry in general, and coconut milk products in particular.
How Does Historical and Future Outlook For Coconut Milk Products Match Up?
Coconut milk is a milky-white, opaque liquid made from the coconuts pulp. Coconut milk is a popular food ingredient used Southeast Asian, Oceanian, South Asian, and East African cuisines. Coconut milk is used to produce a variety of popular Southeast Asian beverages. Cendol is a common iced drink, made with chilled coconut milk. It also is used in preparation of various hot drinks in Indonesia. In southern China, coconut milk products are used to prepare beverages diluted with water. According to FMI's analysis, coconut milk products sales have grown at a 5.4% CAGR between 2016 and 2020.
Besides this, the market will gain from some of the economic factors such as the rising number of working women, evolving lifestyles, increasing disposable income, increasing urbanization, and so on. With the demand for processed food items rising consistently as a result of hectic schedules of consumers, opportunities for coconut milk products sales will surge.
Manufacturers in the food processing industry are most concerned with maintaining product quality and increasing nutritional value. The spoilage of a single ingredient can have a significant impact on the overall quality of a product. As a result, coconut milk products are a good choice because they are high in nutritional value and have a long shelf life. These properties of coconut milk products are gaining attention, which would help to drive their sales over the forecast period. FMI expects the global coconut milk products market to grow at a 7.6% CAGR through 2031.
What is the Impact of Consumer Preference for Fresh and Healthy Foods?
Increasing awareness regarding various health issues and natural ways of preventing them has been favoring the overall market. Thanks to this, consumers have become more willing to pay for foods that have various health benefits. Hence in customer perception, products containing coconut milk are considered healthier than those with added flavors.
Coconut milk products have several health advantages. Besides this, coconut milk powder can be used to make a variety of products that improve the health of people who are anemic. Antiviral and antibacterial properties in coconut milk products also aid in improving immune strength against a variety of microorganisms. The demand for these products is therefore expected to rise in response to the increase focus on health and wellness among consumers.
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Is Preference for Vegan Products Improving Coconut Milk Products Sales?
Vegan products are becoming more popular among consumers. An increasing number of consumers are transitioning to plant-based food consumption. When buying a product, the millennial population consider a variety of factors such as plant source, environmental effects, animal welfare concerns, and so on. As a result, businesses are attempting to produce vegan goods based on consumer demand.
Coconut milk products can be used to produce vegan products by food and beverage manufacturers. Coconut milk do not alter the flavor of the final product and it increases the nutritional value. Considering this, consumer preference for vegan products is expected to boost the demand for coconut milk products.
What are the Factors Drive Coconut Milk Products Sales in the U.S.?
According to FMI analysis, the coconut milk products market in the U.S. is set to grow at an 8.4% CAGR through 2031. The U.S is expected to hold an 88.5% market share in terms of value in 2021. There has been an increase in the number of lactose-intolerant people in the U.S. Besides this, the increasing prevalence of diabetes and obesity has made consumers in the country increasingly conscious about their food choice.
According to a recent study by the Centers for Disease Control and Prevention (CDC), 34.2 million Americans have diabetes. While as per the National Diabetes Statistics Report by CDC new diabetes cases have declined over the last decade, people have become increasingly conscious about their overall wellbeing.
An increasing number of consumers are therefore preferring coconut milk because of the various health benefits it provides. Therefore, increasing health awareness among consumers is the factor boosting the growth of coconut milk products in the region.
Why is India Considered a Leading Market for Coconut Milk Products?
Consumer habits have shifted dramatically as a result of 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.
Besides this, coconut milk products brands are looking to expand their footprint. India happens to be one of the lucrative markets for sales of coconut based food items. Easy availability of raw materials and inexpensive labor will seal India’s positive as an attractive pocket within the global market.
According to FMI analysis, the coconut milk products market in India is set to grow at a 6.4% CAGR through 2031. The increase in the vegan population and the rise in health awareness are the factors that will help in the growth of coconut milk products in the next few years.
What are the Factors Boosting Coconut Milk Products Sales in China?
According to the report, the coconut milk products market in China is set to grow at a 7.1% CAGR through 2031. The rising demand for dairy alternatives as a result of increasing prevalence of lactose intolerance, will boost sales in China. High amount of fat and cholesterol in dairy products have been shifting consumer preference to coconut milk products.
The country’s inclination for alternative milk will continue rising. With consumers consistently showing higher degree of preference for plant-based food and beverages, the demand for coconut milk products is expected to rise in China.
What is Favoring Coconut Milk Products Sales in the U.K.?
The plant-based products market is currently giving stiff competition to the meat and dairy market in the U.K. Consumers in this nation are likelier to replace traditional food items with more sustainable plant-based choices and this is no longer limited to food and beverage choices. Consumers want to use animal-free cosmetics. As a result, cosmetic and personal care product manufacturers are using coconut milk products to offer plant-based personal care. Coconut milk products are high in potassium, vitamin C, and other nutrients that hydrate the hair and skin. As a result of the growing demand for plant-based personal care products, the cosmetic and personal care industry is expected to see a rise in demand for coconut milk products.
Which Type of Coconut Milk Products are Selling More?
Coconut milk products in powder form is mostly used. According to the report, coconut milk powder will hold an 85% market share in terms of value in 2021. Demand in the segment is expected to rise considerably in the coming years. Acceptance of coconut milk powder is rising as one of the more cost-effective and shelf-stable alternatives to standard coconut milk. Coconut milk powder has a shelf life of 30 days, while coconut cream milk has a shelf life of 10 days after being opened. Considering this, sales in former category will continue rising at an impressive pace.
Which is the Preferred Distribution Channel for Coconut Milk Products?
Hypermarkets/supermarkets are expected to hold a 34.9% market share in terms of value in 2021. Hypermarkets/Supermarkets accounts for a significant portion of the market, as the urban and semi-urban population favors these outlets due to product accessibility. Expansion of retail network will therefore create opportunities for increasing sales via these channels.
What is the Preferred Type Coconut Milk Product in Terms of Nature?
Organic coconut milk products are in high demand, owing to the increasing awareness about the benefits of coconut milk products on human health. FMI expects the demand for organic coconut milk products to grow at 8.3% of CAGR over the 2031.
Who are the Key End Users of Coconut Milk Product?
The food and beverage industry accounted for a 32.1% of market share in terms of value in 2021 and is set to grow at 8.1% CAGR through 2031.The food and beverage industry makes extensive use of coconut milk products such as coconut milk powder and coconut cream in various confectionery and bakery items. Besides this, coconut milk also is used in the preparation of various cuisines, ice-creams, beverages, and other food and drinks items.
To grow their market share, increase profitability, and stay competitive in the coconut milk products market players have used product launch and business expansion as key strategies.
Some of the Key Companies Operating in the Coconut Milk Products Market are-
- Danone S.A.
- Theppadungporn Coconut
- Thai Coconut Public Company Limited
- Renuka Foods PLC
- 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
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Report
Historical Data Available for
USD Million for value and MT for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, MEA and Oceania.
Key Countries Covered
U.S., Canada, Brazil, Mexico, Argentina, Rest of Latin America, Germany, U.K., France, Italy, Spain, BENELUX, Nordic, Russia, Poland, Rest of Europe, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, Rest of South Asia.
Key Segments Covered
Product type, Nature, End Use, distribution channel and Region.
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered in the Report
Which type of coconut milk products is preferred more?
The powdered form of coconut milk products holds a higher percentage of share in the coconut milk products market. It is used in preparation of various food and beverage items because of its longer shelf life.
What are the key factors driving the coconut milk products market?
Coconut cream powder and coconut milk powder have a longer shelf life, they are easier to ship, and take up less storage space. The food processing industry needs ingredients with a longer shelf life to maintain the flavor and consistency of final products. This will create opportunities for sales of coconut milk products.
Which are some of the leading companies offering coconut milk products?
Some of the leading companies involved in manufacturing of 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.
Which is the leading market for coconut milk products?
South Asia currently dominates the coconut milk products market. The presence of some of the leading producing countries such as Indonesia and India will spur growth in the region.
Enquiry Before Buying
- Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses the demand-side assessment of the market and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods and definitions. Request detailed methodology
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Coconut Milk Products Market by Category
By Product Type
- Coconut Milk Powder
- Coconut Cream Powder
- 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)
By Distribution Channel
- Direct Sales/B2B
- Indirect Sales
- Convenience Stores
- Mass Grocery Retailers
- Speciality Stores
- Online Retailing
- North America
- Latin America
- East Asia
- South Asia