Coconut Milk Market Synopsis

Coconut Milk Market Size Was Valued at USD 1233.70 Million in 2023 and is Projected to Reach USD 2141.63 Million by 2032, Growing at a CAGR of 6.32% From 2024-2032.

Coconut milk is a creamy, white liquid extracted from the flesh of mature coconuts which is commonly used as an ingredient in various cuisines and recipes. The flesh of the coconut is grated or blended and then strained to separate the liquid from the solid pieces for extracting coconut milk.

• Coconut milk is rich in vitamins and minerals like potassium, magnesium, iron, and vitamin C, which can help improve overall health. It is easy to digest and can help boost metabolism. It is also rich in fiber, vitamins, and minerals, providing a wholesome nutritional profile.
• It can also be used for skincare as a natural moisturizer. It can help nourish the skin, leaving it soft and smooth.
• Coconut milk is an excellent dairy alternative for those who are lactose intolerant or following a vegan or plant-based diet, can be used as a substitute for cow's milk in recipes, beverages, and desserts.
• Coconut milk has a rich and creamy texture, making it a popular choice as a thickening agent for adding a smooth and velvety consistency to dishes.

• This statistic depicts coconut production worldwide from 2020 to 2023. In 2023, global coconut production amounted to about 62.87 million metric tons.

Top Active Players:

"Ayam Sarl (Singapore), Renuka Holdings PLC (Sri Lanka), Celebes Coconut Corp. (Philippines), PureHarvest (Australia), Dr. Antonio Martins Coco GmbH (Germany), Bionova (India), Santanku Sdn. Bhd. (Malaysia), The Coconut Company (UK) Ltd (United Kingdom), Nature's Charm Co., Ltd. (Thailand), ThaiCoconut Co., Ltd. (Thailand), Cocomi Bio Organic (Sri Lanka), Primex Coco Products, Inc. (Philippines), PT. Sari Segar Husada (Indonesia), Asiatic Agro-Industry Co. Ltd. (Thailand), The Sambu Group (Indonesia), Ducoco (Brazil), McCormick & Company, Inc. (United States), THAI COCONUT PUBLIC COMPANY (Thailand), Vita Coco (United States), Danone SA (France), Glanbia PLC (Ireland), DABUR INDIA LTD (India), GraceKennedy Limited (Jamaica), M&S Food Industries (Philippines), Health Milk Manufacturers' Association (U.K.), NOW Milk (U.S.), and Other Active Players."

Coconut Milk Market Trend Analysis

Rising Lactose Intolerance

• Lactose intolerance is a common condition where individuals have difficulty digesting lactose. The prevalence of lactose intolerance is on the rise globally affecting approximately 75% of the world's population.
• Coconut milk is a natural lactose-free alternative that offers various health benefits over dairy milk. Coconut milk is rich in medium-chain fatty acids which can boost metabolism, improve energy levels, and aid in weight loss. which can boost metabolism, improve energy levels, and aid in weight loss. It is also a good source of vitamins and minerals like iron, magnesium, and potassium.
• The rising prevalence of lactose intolerance and the health benefits, versatility, and availability of coconut milk have created a significant growth opportunity for coconut milk.
• Some individuals also suffer from milk allergies, which can cause adverse reactions. Coconut milk provides a viable allergen-free alternative as it is naturally free from dairy proteins making it suitable for individuals with milk allergies.

Restraint

Availability of Other Substitutes In the Market

• The easy access to non-dairy milk options in stores and online has made it simpler for consumers to switch from coconut milk. some options being more budget-friendly which caters to price-conscious consumers.
• The presence of alternatives such as soy milk, oat milk, cashew milk, etc. in the market has given consumers additional choices and freedom to select their preferred milk substitute.
• While coconut milk offers unique health benefits, such as medium-chain triglycerides (MCTs) and lauric acid, other non-dairy milk substitutes may have their own nutritional advantages.
• The coconut milk market may face obstacles and limitations due to the rise in popularity of non-dairy milk options because of the alternatives’ distinct taste, health benefits, and cultural importance. The non-dairy milk market is constantly expanding and diversifying with various brands which can attract consumers who are looking for unique flavours or specific taste experiences.

Opportunity

Increasing Demand for Plant-based Products

• The demand for plant-based milk options like coconut milk is on the rise the reason behind this is people are becoming more health-conscious and seeking alternatives to dairy products. Coconut milk is naturally lactose-free, cholesterol-free, and low in carbohydrates which makes it an attractive choice for these consumers.
• Coconut milk's rich and creamy texture makes it a popular choice for various culinary applications. It adds a unique taste and velvety consistency to various dishes appealing its versatility.
• The growing number of individuals adopting vegan and vegetarian diets is another driving factor for the increased demand for plant-based products, including coconut milk. As a versatile dairy substitute, coconut milk serves as a crucial ingredient in vegan and vegetarian cooking.

Coconut Milk Market Segment Analysis:

Coconut Milk Market Segmented on the basis of Nature, Product Type, Form, Application, And Distribution Channel.

By Nature, Conventional Segment Is Expected to Dominate the Market During the Forecast Period

There are two segments by nature such as conventional and organic. Among these, the conventional segment is expected to dominate the market during the forecast period.

• Conventional coconut milk tends to be more cost-effective compared to organic coconut milk because the production method involves less stringent farming practices, which results in lower production costs.
• Conventional coconut farming methods are more widely adopted and practiced across different regions allowing a larger supply of coconuts. The higher supply volume helps meet the growing demand for coconut milk and maintain a dominant market share.
• Conventional coconut milk has been a staple ingredient in many traditional cuisines for generations, leading to a higher preference for conventional coconut milk among a majority of consumers who prioritize cost and convenience.
• Conventional coconut milk has been available in the market for a longer time and has well-established distribution networks, giving conventional coconut milk an advantage over organic coconut milk, especially in terms of accessibility and reach.

By Application, Food & Beverages Segment Held the Largest Share In 2023

There are three segments by application such as food & beverages, personal care & cosmetics, and health & wellness. Among these, the food & beverages segment held the largest share in 2023.

• Coconut milk is a highly versatile ingredient that adds richness, creaminess, and a unique tropical flavor to a variety of recipes, including curries, soups, desserts, sauces, smoothies, and bakery goods.
• With the increasing popularity of plant-based diets, the demand for dairy alternatives including coconut milk has surged. It serves as a substitute for traditional dairy milk, cream, and other dairy-based ingredients.
• It contains essential minerals, vitamins, medium-chain triglycerides (MCTs), and lauric acid, which are believed to offer various health benefits. Coconut milk products are readily available in supermarkets, grocery stores, and online platforms which ensures widespread availability and easy accessibility.
• Coconut milk is an integral part of various ethnic cuisines, especially in Southeast Asian, Indian, and Caribbean culinary traditions also gaining popularity in worldwide.

Coconut Milk Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• Countries such as Indonesia, the Philippines, and India are among the top coconut producers globally, situated in the Asia Pacific region. The large-scale coconut farming in the region ensures a steady supply of raw materials for coconut milk production, helping manufacturers meet worldwide demand.
• Coconut milk is deeply ingrained in the culture and cuisine of the Asia Pacific region, with traditional dishes using it in curries, desserts, and drinks.
• The widespread use of coconut milk in the area is leading to an increasing interest globally, as people from around the world are embracing Asian dishes and adding coconut milk to their meals.
• The food and beverage industry in the Asia Pacific region is seeing a big increase due to quick urbanization, higher disposable incomes, and evolving consumer preferences, leading to a demand for fresh and inventive products. Being a versatile product, coconut milk can be used in a wide range of food and drink categories.

Coconut Milk Market Active Players

• Ayam Sarl (Singapore)
• Renuka Holdings PLC (Sri Lanka)
• Celebes Coconut Corp. (Philippines)
• PureHarvest (Australia)
• Antonio Martins Coco GmbH (Germany)
• Bionova (India)
• Santanku Sdn. Bhd. (Malaysia)
• The Coconut Company (UK) Ltd (United Kingdom)
• Nature's Charm Co., Ltd. (Thailand)
• ThaiCoconut Co., Ltd. (Thailand)
• Cocomi Bio Organic (Sri Lanka)
• Primex Coco Products, Inc. (Philippines)
• Sari Segar Husada (Indonesia)
• Asiatic Agro-Industry Co. Ltd. (Thailand)
• The Sambu Group (Indonesia)
• Ducoco (Brazil)
• McCormick & Company, Inc. (United States)
• THAI COCONUT PUBLIC COMPANY (Thailand)
• Vita Coco (United States)
• Danone SA (France)
• Glanbia PLC (Ireland)
• DABUR INDIA LTD (India)
• GraceKennedy Limited (Jamaica)
• M&S Food Industries (Philippines)
• Health Milk Manufacturers' Association (U.K.)
• NOW Milk (U.S.) and Other Active Players

Key Industry Developments in the Coconut Milk Market:

• In February 2024, Dove introduced their plant milk cleansing bars made with 100% gentle, plant-based cleansers with 98% biodegradable formulas. These mainly contain coconut milk.
• In July 2023, AXELUM Resources Corp. launched its Fiesta Coconut Milk Powder in flexible retail pouches. It may be used as an ingredient in different dishes or as a dairy substitute. The company is conducting product research and development focused on local and overseas retail sectors to take advantage of the emerging health and active lifestyle trend in plant-based consumption.