Asia Pacific Coconut Milk Market

Increasing preference for plant-based foods is driving the market growth

The market for plant-based milk in Europe is fast growing in the UK, according to the Vegan Society. The sector's market size in 2019 was USD 320.6 million, or 15% of the whole European market. Customers' shifting perceptions of plant-based products as being healthier and safer than those made from animals would propel the market. The rise in its sales on a regional scale is largely attributable to customers' dietary choices moving in favour of meals made from plants.

Leading producers might further boost the sector by coming up with creative ways to incorporate milk into various baked goods and confections. The fact that lactose intolerance is on the rise among consumers may be to blame for the increase in sales of plant-based milk. In addition, it is projected that growing consumer interest in natural and clean-label products would boost the product's demand in the next years.

Chinese food is the most popular and tried Asian cuisine, followed by Japanese, Thai, and Korean, according to a 2019 study in the Institute of Food Technologists (IFT). Consumers today are willing to experiment with new flavours and hope their meals will be delectable. Customers, particularly members of Generation Z and Millennials, are always yearning for new and unusual flavours. Coconut milk, one of the key ingredients in Asian cuisine, is increasingly finding favour with western diners. The cross-cultural eating habits in western countries have an impact on the popularity of Asian cuisine as well.

Additionally, the steady growth of Asian restaurant chains in these regions has contributed to an increase in product sales.

Customer care for their physical health is proactive. Nowadays, people who are active and concerned about their health prefer natural energy drink substitutes to those that are too caffeinated and sweetened. Low in calories, fats, and carbs is coconut milk. It has numerous antioxidants and healing qualities. Blood pressure, cardiovascular, and kidney function are all supported by coconut milk. Additionally, it aids in managing diabetes. Since coconut milk contains nutritive qualities including electrolytes and nutrients, demand for it as a healthy beverage is growing quickly.

The retail industry refers to the businesses and people that sell goods and finished products to consumers. Because of the country's low unemployment rate and stable electricity prices, the US retail market expanded in 2019. Stores that sell coconut milk and related products include supermarkets, discounters, convenience stores, and grocery stores. The sectors of the market that are growing fastest are discounters, convenience stores, and online retailers. These outlets serve as a tool for international marketing, supporting the growth of a premium brand and raising consumer knowledge of a range of coconut milk products.

As a result, the growth of the retail sector is crucial to the development of the coconut milk market. Thus, driving the Coconut Milk market revenue.

By region, the study provides the market insights into Asia Pacific. The Asia Pacific Coconut Milk market dominated this market in 2022 (45.80%). This is explained by how frequently milk is used in Asian dishes. Additionally, the industry has been significantly influenced by the expansion of commerce in products made from coconuts between Asian countries and others. Thailand, Indonesia, Sri Lanka, and other countries are among those with the highest coconut production rates. The region is a top producer of items containing coconut as a component due to its simple access to raw materials.

The market has grown as a result of the presence of some well-known businesses in the region, including Thai Coconut Public Company Ltd., Nestle S.A., and Celebes Coconut Corporation. Additionally, as urbanisation and the adoption of western lifestyles expand, consumers are becoming increasingly vegan, which is expected to fuel the local market in the near future.

Before organic coconut milk became popular, there was only one sort of coconut milk; today, this category dominates the market for coconut milk. One of the things driving the expansion of this sector is regular coconut milk, which is significantly less expensive than organic coconut milk. The variety of uses for coconut in various cuisines in this area is one of the factors driving up demand for the product. The food connoisseurs have developed a taste for a variety of cuisines, with Asian cuisine rising to the top.

For significant regional players, the use of coconut or coconut milk in Asian cuisine offers huge opportunities. Moreover, China’s Coconut Milk market held the largest market share, and the Indian Coconut Milk market was the fastest growing market in the Asia Pacific region.

Further, the major countries studied in the market report are China, Japan, India, Australia, South Korea, and New Zealand.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Coconut Milk market, grow even more. Market participants are also undertaking a variety of 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, Coconut Milk Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Asia Pacific 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 to medicine.

Major players in the Coconut Milk market, including McCormick & Company, Goya Foods, Inc., Dabur India Ltd, Thai Agri Foods Public Co., Ltd, Danone S.A., Theppadungporn Coconut Co., Ltd, ThaiCoconut Public Company Limited, Edward & Sons Trading Co, Vita Coco, and Celebes Coconut Corporation, are attempting to increase market demand by investing in research and development operations.

Danone SA (Danone) is a manufacturer and producer of dairy and nutritional products. The company offers products for infant nutrition, therapeutic nutrition, and fresh dairy. Its menu includes yoghurt, fermented dairy products, dairy specialties, plant-based nutritional items and beverages, and prepared meals for young children and elderly persons with medical conditions. Danone also offers flavoured and sparkling water in bottles. The company provides its products under the brand names Danone, Activia, Evian, Volvic, Aqua, Gallia, Actimel, Nutricia, and Bledina. Danone distributes its products through retail chains, traditional market outlets, and specialised distribution techniques to institutions like hospitals, clinics, and pharmacies.

In addition to the Asia-Pacific region, the corporation also operates in the Americas, the Middle East, Africa, and Europe. Danone's headquarters are in Paris, Ile-de-France, France. Danone S.A. launched Pairings Coconut Milk Yoghurt Alternatives in the U.S. in April 2020 under the So Delicious Dairy Free brand to provide consumers healthful and delicious plant-based snacks.

Drums Food International Private Limited, doing business as Epigamia, manufactures dairy products. The business offers a wide variety of yoghurt. Epigamia caters to customers from India. In June 2020, Drums Food International Pvt. Ltd. debuted a range of vegan yoghurt made from coconut milk for Indian consumers under the name Epigamia.