Coconut Milk Derivatives Market Size

Coconut Milk Derivatives Market Overview

Global Coconut Milk Derivatives Market is estimated to touch a valuation of USD 4,423.5 Million by 2023, as per the latest findings of Market Research Future (MRFR). It is Projected to register 14.80% CAGR over the forecast period (2018-2023). It is primarily driven by the increasing incidences of lactose intolerance among consumers of Asia-Pacific (APAC) and Africa. Preference for non-dairy products such as soy, almond, and coconut milk is expected to likely to propel market demand exponentially. Rising awareness of the benefits of coconut milk is expected to fuel the coconut derivatives market till 2023. Coconut milk is primarily derived from deshelled coconuts which possess various functional, medicinal, and nutritional properties. The main derivatives of coconut milk include milk, cream, flour, and syrup. The high nutritional profile of coconuts has led to its inclusion in various Asian cuisines.

Market Dynamics

Veganism has caught the fancy of consumers opting for healthy diets. This trend has been noticeable worldwide, especially in North America and Europe, with consumers switching to vegan diets with regards to concerns regarding the ethical treatment of animals. This is buttressed by a survey conducted by the U.S. National Library of Medicine which asserts that the consumption of meat can pose a threat to kidneys and be a leading cause of cancer.

Regions of APAC and Africa are ripe for investment with consumers unaware of coconut milk derivatives. Manufacturers are attempting to create brand awareness via attractive packaging designs and persuading retail chains to store their products.

Segmentation

The Coconut Milk Derivatives Market is segmented on the basis of category, type, packaging type, and distribution channel.

Category-wise, the conventional segment accounted for a larger share of the market in 2017, while the organic segment is expected to exhibit an exceedingly high CAGR of 17.16% during the forecast period. This can be attributed to the surging demand for organic products among the global populace.

By type, coconut milk accounted for a market share of 55.65% in 2017. Coconut milk dominated the market owing to its consumption as a drink and as a cooking ingredient. On the other hand, the coconut milk derivatives segment is expected to exhibit a stellar CAGR owing to the increasing demand for natural ingredients in food and beverages.

By packaging type, cans held 35.61% share of the Coconut Milk Derivatives Market in 2017. Cans are preferred due to its airtight nature and a reliable storage option at high temperatures. Bottles was the second-largest segment in the same year. This segment is expected to witness a declining growth rate owing to the ban on plastic bottles.

By distribution channel, food retail accounted for a large market share of 69.84% in 2017, owing to the easy availability of coconut milk and its derivatives at supermarket chains.

Key Players

Key players in the Coconut Milk Derivatives Market report include McCormick & Company, Inc. (US), Goya Foods, Inc. (US), Dabur India Ltd. (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corporation (The Philippines), Thai Agri Foods Public Co., Ltd. (Thailand), The Hain Celestial Group (US), Heng Guan Food Industrial Pte Ltd. (Singapore), and ThaiCoconut (Thailand).

Expansions, novel product launches, partnerships, and acquisitions are major strategies considered by these players to gain a larger market share in the global market.

Regional Analysis

Based on region, the Coconut Milk Derivatives Market is segmented into North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).

North America is expected to dominate the market and it is touted to exhibit 15.25% CAGR over the assessment period due to the high consumption of coconut-derived products in the region. In addition, the launch of new coconut-based products by prominent manufacturers such as VitaCoco and the penchant for healthy products is likely to drive sales in the region.

Europe coconut milk derivatives market is expected to exhibit significant CAGR owing to the rising trend of veganism and surging demand for healthy products. The prevalence of social media and its endorsement by vegan celebrities is also driving the market growth.

Industry Updates

In 2023, Axelum Resources Corp. emerged as a top-tier integrated manufacturer and exporter of high-quality coconut products in the Philippines with a strong position in the Coconut Milk market.

August 2022: At age six months and older, Cocos Organic brand, owned by Met Foods, has introduced its first line of natural organic coconut milk yogurt tubes for infants. The brand-new product is available in strawberry and banana flavors that are completely different from other similar products in the market today. It’s also made from organic coconut milk fortified with live bacteria, including Bifidobacterium BB-12, flavored with natural strawberries and bananas.

April 2022: SUNRNBIRD unveiled two types of plant-based milk – grain oatmeal milk and coconut milk – which are both sugar-free and have no artificial ingredients. Coconut milk now has more freshness, flavoring and aroma than ever before due to the zero-sugar formula that dawns upon it.

December 2021: Machcri, located in the Philippines, released its very first product under their own label called “Machcri Coconut Cream,” which is based on RSAI Coconut Cream 32% Fat.

Being one of them, Axelum Resources Corp.’s partnering sites include Shopee, Lazada (an e-commerce) as well as another online shop that sells such things like coconut powder or creamer or even oil along with all other forms such as purees or pates (AXELUM RESOURCES CORP., 2020).

Finally, Only Earth will enter India with its oat and coconut milk portfolio in May 2021. In India, these can be purchased through several online retailers such as Amazon.in; Big Basket; QTROVE etc. A package of this product will cost you INR 300 for a single litre volume. In some Indian cities, you may find them at stores like Nature’s Basket and Foodhall stores.

Beginning in March 2021, at its Labinsk facility in southern Russia, Danone SA started production of its plant-based Alpro drinks. Oat, almond and coconut drinks are already being produced at this stage. This new line has the capacity of 7 thousand units products per hour in bottles by volumes of 1 l and 0.75 l.

In September 2020, EVR Foods began to sell Lavva, a brand known for plant-based yogurts, which is now making non-dairy milks and creamers from coconut water and pili nuts.

Danone S.A. introduced plant-based yogurt made from coconut milk in July 2020. Rising the trend of coconut milk over dairy milk.

May 2020 – Danone announced its plan to expand its footprint across Europe in the plant-based food category with a special focus on countries such as Benelux (Belgium, Netherlands and Luxemburg), Germany or the UK; it wants total sales growth to reach approximately EUR5bn by 2025 up from EUR2bn in FY19 via presence in the US plus these three European markets (Experian Census Bureau Economic Currents Q3-20).