Coconut Milk Market Size was valued at USD 0.82 billion in 2023. The coconut milk industry is projected to grow from USD 0.97 billion in 2024 to USD 3.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.67% during the forecast period (2024 - 2032). The increasing prevalence of lactose intolerance and rising awareness of the health benefits of coconut milk are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The surge in lactose intolerance among worldwide consumers is a major growth booster in the coconut milk market CAGR. Rising awareness about the health benefits of coconut milk also remains a major reason for the market's strong performance across the globe. It is expected that the soaring popularity of Asian cuisine worldwide will present attractive opportunities in the coconut milk industry in the coming years.
Additionally, Coconut milk is widely used as an ingredient in a variety of processed food products such as cookies, cakes, pies, soups, milkshakes, and ice cream. Products like copra, coconut chips, coconut squash, and coconut vinegar find application mainly in the food & beverages industry worldwide. With the growth in consumption of processed food products, owing to the rise in urban population, the demand for coconut milk is expected to grow coconut milk industry revenue. Also, the expanding vegan population across these regions should push the demand for coconut milk.
The Coconut Milk market segmentation, based on category, includes conventional & organic. The conventional segment dominated the market. The conventional category of coconut milk comes from coconuts produced using traditional farming methods, aided by agrochemicals like pesticides and fertilizers. As a result, coconut milk derived this way has some chemicals. On the other hand, consumers' demand for the organic Category of coconut milk has been growing considerably, given the rising preference for clean-label products. Hence, the organic coconut milk category should procure a better growth rate of 15.11% in the ensuing years. The liquid form of coconut milk is gaining high demand.
Figure1: Coconut Milk Market, by Category, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Coconut Milk market segmentation, based on the form, includes powder, & liquid. The liquid segment dominated the market. Liquid coconut milk is the most preferred form and therefore, the segment is on the way to touching USD 4056.07 Mn by 2027-end. The segment has achieved dominance over the market as the liquid form is easily available, and its consumption rate as a beverage is quite significant. The powdered form of coconut milk can experience the highest CAGR of 14.78%, given its extended shelf-life and the escalating applications in several cuisines and beverages.
Based on Packaging Type, the Coconut Milk market segmentation includes Bottles, Cans, Pouches, & Others. The Cans segment dominated the market; the can packaging type has secured the top spot due to the significant strength and stability that these provide to the consumer. In the coming years, the cans segment can attain a healthy growth pace to achieve a valuation of USD 914.2 million by 2027-end. Bottles remain the second biggest market of coconut milk, while cartons and pouches are other crucial packing types—non-store-based channels to gain the fastest growth rate.
The Coconut Milk market segmentation, based on distribution channels, includes store- and Non- store based. Store-based category is ahead in the market, with coconut milk primarily sold at convenience stores, and supermarkets & hypermarkets. Supermarkets & hypermarkets stand as the key revenue-generating segment, while convenience stores also significantly contribute when distributing coconut milk, particularly in emerging countries.
The non-store-based distribution channels are growing rapidly since most companies now opt for e-commerce channels to gain higher consumer access. Moreover, the online mode is viewed as a better option among firms striving to bolster brand awareness.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Coconut Milk market will dominate this market due to the emerging vegan diet trend in the country and the growing importance of natural products among health-conscious consumers. Also, the significant number of lactose intolerant cases in the Region adds to the market strength.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: COCONUT MILK MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Coconut Milk market accounts for the second-largest market share due to the surging preference for plant-based beverages and products with natural ingredients. Further, the German market of coconut milk held the largest market share, and the UK coconut milk industry was the fastest-growing market in the European Region
The Asia-Pacific market for coconut milk is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe soaring popularity of veganism, and the untapped markets in the Region will offer attractive opportunities to the players in the following years. Moreover, China’s coconut milk industry held the largest market share, and the Indian coconut milk market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Coconut Milk market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Coconut Milk industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Coconut Milk industry to benefit clients and increase the market sector. In recent years, the Coconut Milk industry has offered some of the most significant advantages. Major players in the Coconut Milk market, including McCormick & Company Inc. (US), Goya Foods Inc. (New Jersey), Dabur India Ltd (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd (Thailand), ThaiCoconut Public Company (Thailand).and others, are attempting to increase market demand by investing in research and development operations.
Quikfood offers a wide range of Instant Chai Tea Lattes, Organic leaf teas, Teabags, Instant Coffee Lattes, and, last but not least, our latest innovation. Instant Vegan Chai. Our products are available in various flavors, in regular and unsweetened versions. Quikfood Flagship products are INSTANT PREMIXES made with pure and simple-to-understand ingredients; QuikTea's pre-brewed chai latte offers a robust flavor of freshly made Chai married with handpicked spices and herb extracts from Kerala. Simplicity in making and attention to detail make the difference in this truly elegant blend. Chai Tea Latte flavors include Cardamom, Masala (Spiced), Ginger, Lemongrass, Saffron-Masala, Turmeric, and Mint Ginger. Quikfood has launched its latest QuikTea Vegan Chai Tea Latte. The company has worked with its manufacturing partners to eliminate the oils in the coconut milk powder that provides a certain aroma associated with coconuts. The final product boasts creamy coconut milk powder without residual coconut aftertaste.
Nescafé is a brand of coffee made by Nestlé. It comes in many different forms. The name is a portmanteau of the words "Nestlé" and "café." Nestlé first introduced their flagship coffee brand in Switzerland on 1 April 1938. Nescafé has introduced vegan flat white pods in the United Kingdom (UK). These latte pods will now be deployed in Nescafé's Dolce Gusto coffee machines and will be available in new flavors of Coconut, along with Almond and Oat. Also, when the user is done with the pods, they can return them to Nescafé for recycling.
Coconut Milk Industry Developments
January 2022: Quikfoods has launched its latest QuikTea Vegan Chai Tea Latte. The company has worked with its manufacturing partners to eliminate the oils in the coconut milk powder that provides a certain aroma associated with coconuts. The final product boasts creamy coconut milk powder with no residual coconut aftertaste.
January 2022: Nescafé has introduced vegan flat white pods in the United Kingdom (UK). These latte pods will now be deployed in Nescafé's Dolce Gusto coffee machines and will be available in new flavors of Coconut, along with Almond and Oat. Also, when the user is done with the pods, they can return them to Nescafé for recycling.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.82 billion |
| Market Size 2024 | USD 0.97 billion |
| Market Size 2032 | USD 3.12 billion |
| Compound Annual Growth Rate (CAGR) | 15.67%(2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Category, Form,Packaging Type, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | McCormick & Company Inc. (US), Goya Foods Inc. (New Jersey), Dabur India Ltd (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd (Thailand), ThaiCoconut Public Company (Thailand). |
| Key Market Opportunities | MEA and Latin America to Offer Significant Opportunities to Players |
| Key Market Dynamics | Increasing Prevalence of lactose intolerance, Health Benefits Of Coconut Milk |
Coconut Milk Market Highlights:
Frequently Asked Questions (FAQ) :
The Coconut Milk market was valued at USD 0.97 Billion in 2024.
The market is projected to grow at a CAGR of 15.67% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are McCormick& Company Inc. (US), Goya Foods Inc. (New Jersey), Dabur India Ltd (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd (Thailand), ThaiCoconut Public Company (Thailand).
The ConventionalCoconut Milk category dominated the market in 2023.
The store-based channel had the largest share of the market.
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