The coconut milk market, predicted to increase at a compound annual growth rate of 7%, from US$ 1152.71 million in 2022 to US$ 2131.6 million in 2032. The COVID-19 pandemic significantly impacted the demand for coconut milk and changed global market trends.
The global COVID-19 pandemic has had a profound and unparalleled effect on the world, adversely affecting market trends and the worldwide demand for coconut milk.
Plant-based products are safer and healthier than those derived from animals. The global rise in popularity of veganism is driving the coconut milk industry. The product’s increasing popularity among consumers and its multipurpose nature are the main reasons for its increased use.
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Coconut milk is linked to lower blood pressure and cholesterol levels, which has led to a growing consumer preference for it and in turn accelerate the coconut milk market’s key trends and opportunities.
Another factor driving the increased sales of coconut milk is the desire for healthy beverages with low calorie content that are also tasty. To keep up with the coconut milk industry trends, coconut milk industry manufacturers are developing novel ways to incorporate this product into various processed foods.
The coconut milk market, currently valued at $1152.71 million in 2022, is slated to witness remarkable growth, reaching $2131.6 million by 2032, boasting a robust Compound Annual Growth Rate (CAGR) of 7%. The industry experienced a significant shift due to the global impact of the COVID-19 pandemic, influencing market dynamics and consumer demand worldwide.
Key Points:
- Global Growth Trajectory:
- The coconut milk market is expected to surge from $1152.71 million in 2022 to a substantial $2131.6 million by 2032, guided by a commendable 7% CAGR.
- Influence of COVID-19:
- The unprecedented impact of the COVID-19 pandemic has reshaped market trends and significantly influenced coconut milk demand on a global scale.
- Veganism’s Rising Popularity:
- Products derived from plants are gaining traction for their safety and health benefits, with the coconut milk industry benefiting from the increasing popularity of veganism worldwide.
- Health Benefits Driving Demand:
- Coconut milk, associated with lower blood pressure and cholesterol levels, is witnessing growing consumer preference, propelling key trends and opportunities in the coconut milk market.
- Global Market Insights:
- The coconut milk market in India commands a substantial 36.2% share in the South Asian market, while the United States dominates the North American region with a 65% market share.
- Product Segmentation:
- Full fat coconut milk holds a significant market share of 46.1% in 2022, and unsweetened coconut milk accounts for 77.9%, valued at around US$ 1.3 billion.
- Regional Growth Projections:
- The coconut milk industry in the United Kingdom is anticipated to grow rapidly at a CAGR of 7.2%, with Germany and France projecting high CAGR rates of 8.7% and 9%, respectively.
- Leading Manufacturers:
- Top manufacturers, including Nestlé, SunOpta, Inc., Danone SA, Goya Foods, and McCormick & Company, collectively hold a substantial 20% to 30% coconut milk market share.
- Cosmetic and Skincare Applications:
- Companies like KORA Organics are incorporating coconut milk into skincare products, leveraging its rich concentration of antioxidants and amino acids for skincare benefits.
- Market Size Projections:
- The United States is poised to achieve a total market capitalization of USD 568.1 billion in 2022, with the United Kingdom emerging as a potential market leaders
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Key Takeaways:
- India currently has a coconut milk industry 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 industry in the United Kingdom is expected to grow at a rapid CAGR of 7.2%.
- During the forecast period, the Germany coconut milk industry is expected to grow at a high CAGR of 8.7%.
- During the forecast period, the France coconut milk industry is expected to grow at a high CAGR of 9%.
- In the North American Region, the coconut milk industry 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.
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.
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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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