The coconut milk market is thriving due to its appeal as a plant-based, dairy-free alternative, its health benefits, and its versatile applications in various cuisines and products. With consumer demand on the rise and continuous product innovation, the future looks promising for the coconut milk industry, both in terms of growth and market reach.
Coconut milk, a rich and creamy liquid extracted from the flesh of mature coconuts, has been experiencing a significant surge in the market recently. Its unique taste, versatility, and numerous health benefits have captured the attention of consumers worldwide.
One of the primary drivers behind the growing coconut milk market is the increasing demand for plant-based and dairy-free alternatives. As more people adopt vegan, vegetarian, or lactose-free diets, they are seeking nutritious and delicious alternatives to traditional dairy products. Coconut milk, with its natural sweetness and smooth texture, has emerged as a popular choice for those looking for a dairy substitute.
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The coconut milk market size has been valued at USD 1152.71 Million in 2022 and is expected to grow to USD 2131.6 Million by 2032, at a CAGR of 7% during the forecast period.
The impact of COVID-19 on the world has been unprecedented and overwhelming, with the pandemic having a negative impact on demand for coconut milk in every region and future market trends.
Products made from plants are safer and healthier than those made from animals. The global rise in veganism’s popularity is driving the coconut milk industry. The rising consumer popularity of coconut milk and the product’s adaptability in use are the main drivers of its increased adoption.
Due to its association with reduced blood pressure and cholesterol, coconut milk is becoming more and more popular with consumers, accelerating important trends and market prospects.
The desire for pleasant, low-calorie beverages that are also nutritious is another factor influencing the growing sales of coconut milk. Manufacturers of coconut milk are coming up with creative ways to combine this commodity into various processed foods in order to keep up with market trends.
Key Takeaways:
- India currently has a coconut milk market share of around 36.2% in the South Asian market.
- Full fat coconut milk market share is expected to reach 46.1% in 2022.
- Unsweetened coconut milk has a significant value share of the coconut milk market, accounting for 77.9% in 2022. The current market value is expected to be around US$ 1.3 billion.
- During the forecast period, the coconut milk market in the United Kingdom is expected to grow at a rapid CAGR of 7.2%.
- During the forecast period, the Germany coconut milk market is expected to grow at a high CAGR of 8.7%.
- During the forecast period, the France coconut milk market is expected to grow at a high CAGR of 9%.
- In the North American Region, the coconut milk market for coconut milk products is dominated by the United States, with a coconut milk market share of 65%.
- In terms of coconut milk market size, the United States is expected to have a total market capitalization of USD 568.1 billion in 2022.
- After the United States, the United Kingdom has the potential to become a coconut milk market leader. With a coconut milk market volume of USD 159.9 million, the United Kingdom is rapidly expanding.
“Coconut milk is a versatile ingredient that has a wide array of applications from food and beverage to cosmetic and skincare products. With rising health awareness and lactose intolerance, consumers are shifting towards coconut milk owing to its organic, natural, plant-based characteristics which will assist the growth of the market segment,” says a lead analyst at Future Market Insights.
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Competitive landscape:
Top 5 manufacturers of coconut milk are Nestlé, SunOpta, Inc., Danone SA, Goya Foods, and McCormick & Company, holding 20% to 30% coconut milk market share.
Companies are using coconut milk in their cosmetic and skincare products to incorporate nutrients and the skincare benefits of coconut milk. With increasing, research and development and technological advancement companies are finding new techniques to effectively use coconut milk and milk powder to their maximum potential.
Coconut milk is used by companies like KORA Organics because of its heavy concentration of essential antioxidants & amino acids, allowing it a beneficial choice for the skin. Coconut milk is abundant in MCTs (medium-chain triglycerides), which help to make it such a versatile product. MCTs have the property of antimicrobial and anti-inflammatory, making them ideal for use in masks, rinse-off cleansers, and leave-on moisturizers to help soothe and restore the skin.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of coconut milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
Market Segmentation for Coconut Milk
By Form:
- Liquid Coconut Milk
- Coconut Milk Powder
By Nature:
- Organic Coconut Milk
- Conventional Coconut Milk
By End-Use:
- Household
- Food Service
- Food & Beverages Manufacturing
- Cosmetics & Personal Care
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Frequently Asked Questions
- How much is the coconut milk market currently worth?
- At what CAGR is the market expected to grow?
- What are the key trends boosting Coconut Milk sales?
- How are market players reacting to the new developments in the market?
- How much share do the top 3 companies hold?
- Which are the major countries driving demand for Coconut Milk?
- Who are the major players in Coconut Milk Market?
- What outlook does APAC provide?
- At what rate will the U.S. Coconut Milk market grow?
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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