In 2022, it was estimated that the global market for goods made with coconut milk 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.
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. 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.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 1.2 billion |
| Expected Market Value (2023) | USD 1.29 billion |
| Projected Forecast Value (2033) | USD 2.74 billion |
| Anticipated Growth Rate (2023 to 2033) | 7.8% CAGR |
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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 5.6% CAGR between 2018 and 2022.
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.
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 7.9% CAGR through 2033.
Consumer Preference for Fresh and Healthy Foods to Aid Growth
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. 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.
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. 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. Consumer preference for vegan products is expected to boost the demand for coconut milk products.
Powdered Coconut Milk to experience elevated sales
Coconut milk products in powder form is mostly used. According to the report, coconut milk powder held an 86% market share in terms of value in 2022. 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.
Hypermarkets/supermarkets to Gain Prominence During the Forecast Period
Hypermarkets/supermarkets held a 35% market share in terms of value in 2022. 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.
Organic Coconut Milk is being Preferred by the Consumers
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 an 8.3% CAGR over the 2033.
Increase in the Number of Lactose-intolerant People is Propelling the Growth
According to FMI’s analysis, the coconut milk products market in the United States is set to grow at an 8.5% CAGR through 2033. The United States is expected to hold an 89.5% market share in terms of value in 2022. There has been an increase in the number of lactose-intolerant people in the United States. 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. Increasing health awareness among consumers is the factor boosting the growth of coconut milk products in the region.
Rising Health-conscious Consumers have been Aiding the Growth
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.
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 6.5% CAGR through 2033. 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.
Increasing Demand for Dairy Alternatives to Push the Sales
According to the report, the coconut milk products market in China is set to grow at a 7.7% CAGR through 2033. 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.
Vegan and Clean Products are gaining Prominence in these Markets
The plant-based products market is currently giving stiff competition to the meat and dairy market in the United Kingdom. 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. 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.
The cosmetic and personal care industry is expected to see a rise in demand for coconut milk products as a result of the growing demand for plant-based personal care products.
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.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.9% from 2022 to 2032 |
| Market value in 2023 | USD 1.29 billion |
| Market value in 2033 | USD 2.74 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, End Use, Nature, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, Japan, China, Singapore, Thailand, Indonesia, Israel, GCC countries, South Africa, Australia, New Zealand |
| Key Companies Profiled | Thai Coconut Public Company Limited; Danone S.A.; Theppadungporn Coconut; 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 |
| Customization & Pricing | Available on Request |
The coconut milk products market size is valued at USD 1.29 billion in 2023.
The coconut milk products market is projected to thrive at a 7.8% CAGR through 2033.
The coconut milk products market is predicted to surpass USD 2.74 billion by 2033.
The powder segment leads with an acquired 86% of the market share in 2022.
China’s coconut milk products market is predicted to expand at a 7.7% CAGR through 2033.
Coconut Milk Products Market
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