Asia Pacific Coconut Milk Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Coconut Milk Market in Asia Pacific is estimated to be valued at $ 780 million in 2024 and to reach $ 1,700 million by 2032, at a CAGR of 10.1%. The increasing health awareness in the region is expected to drive the market for coconut milk. The coconut milk market is expected to grow rapidly with the growing awareness of the benefits of coconut milk, such as the absence of lactose and the presence of a variety of nutrients. The growing popularity of vegetarianism and veganism is driving the demand for dairy alternatives. Coconut milk is expected to be a popular alternative to dairy products, and new products and new packaging are expected to attract a wider audience. The major players in the market, such as Thai Coconut Public Company and Vita Coco, are actively promoting the development of the market through strategic cooperation and new product launches. Their recent efforts to promote sustainable sourcing and green packaging have not only met the needs of consumers but have also positioned them as leaders in the coconut milk industry.

Regional Market Size

Regional Deep Dive

Increasingly health-conscious consumers, the growing popularity of plant-based diets, and the expanding use of coconut milk in regional cuisines are all driving the demand for coconut milk in Asia-Pacific. In countries such as Thailand, Indonesia, and the Philippines, where coconuts are widely grown, the market for coconut milk is particularly strong. The region also has a rich cultural heritage that has long embraced coconut milk, which is further driving growth. Coconut milk is also increasingly available through retail and e-commerce, enhancing consumer access to the product and contributing to its growth.

Europe

• In Europe, the growing trend of health and wellness has prompted major retailers like Tesco and Sainsbury's to increase their offerings of coconut milk products, including organic and fortified varieties, catering to health-conscious consumers.
• Innovations in packaging, such as eco-friendly cartons and single-serve options, are being adopted by brands like Alpro, which are expected to enhance convenience and sustainability, appealing to environmentally conscious consumers.

Asia Pacific

• In the Asia Pacific region, the integration of coconut milk into traditional dishes is being promoted by culinary initiatives and food festivals, particularly in countries like Thailand and Indonesia, which are expected to boost local consumption.
• Government programs aimed at supporting coconut farmers, such as the Philippine Coconut Authority's initiatives, are enhancing production capabilities and ensuring a steady supply of raw materials for coconut milk manufacturers.

Latin America

• In Latin America, the growing awareness of the health benefits of coconut milk is leading to increased product launches by local companies, such as Cocofina, which are focusing on organic and sustainably sourced coconut milk.
• The rise of e-commerce platforms in the region is facilitating greater access to coconut milk products, allowing consumers to explore a wider variety of brands and flavors.

North America

• The growing popularity of plant-based diets in North America has boosted the demand for coconut milk as a dairy alternative. Brands like So Delicious and Silk have enlarged their product lines to include organic and flavored coconut milks.
• Regulatory changes, such as the FDA's updated labeling guidelines, are encouraging manufacturers to provide clearer nutritional information, which is expected to enhance consumer trust and drive sales of coconut milk products.

Middle East And Africa

• The Middle East is witnessing a surge in demand for coconut milk due to the increasing popularity of vegan diets, with brands like Alpro and Koko Dairy Free entering the market to cater to this demographic.
• Cultural shifts towards healthier eating habits are prompting local food manufacturers to innovate with coconut milk-based products, such as desserts and beverages, which are expected to diversify the market offerings.

Did You Know?

“Coconut milk is not actually milk but a liquid extracted from the grated meat of mature coconuts, and it contains a high level of healthy fats, making it a popular choice for both cooking and health-conscious consumers.” — Coconut Research Institute

Segmental Market Size

The coconut milk market in the Asia-Pacific region is booming, mainly because of a rising demand for plant-based alternatives and healthy products. Coconut milk is also enjoying increasing popularity in the region because of the increasing popularity of vegetarian and vegan diets and because of the health benefits associated with it, such as its lactose-free nature and its high nutritional content. The growth of the coconut milk market is also being driven by favourable government policies that promote the consumption of natural and organic foods. At present, coconut milk is already widely used, with notable players like Thai Coconut PLC and Vita Coco leading the market. Coconut milk is used in a wide range of food and beverage applications, such as dairy alternatives, cooking ingredients and ready-to-drink beverages. Its use is growing as a result of several trends, such as the growing focus on clean labels and sustainable practices. Technological advances, such as the development of new production processes that improve the quality and shelf life of coconut milk, are also driving the market. In general, the coconut milk market is well positioned to take advantage of the shift towards healthier and more sustainable foods.

Future Outlook

The coconut milk market in Asia Pacific is projected to grow at a CAGR of 10.1% from 2024 to 2032. The growth of this market is due to the rise in awareness of the health benefits of coconut milk, which is a lactose-free food, and the rising demand for plant-based food alternatives. Coconut milk is projected to have a penetration rate of over 20% in the food service and retail sectors in the major markets by 2032. The introduction of new extraction and packaging methods is expected to enhance the quality of coconut milk and its shelf life, which is expected to boost the market. Supportive government policies for sustainable agriculture and the health food industry will also have a major influence on the market. Coconut milk is also being developed in a variety of flavours and fortified with nutrients, which is expected to increase the customer base and strengthen the market’s growth prospects in Asia Pacific. These changes in the market are creating opportunities for coconut milk manufacturers, but they will need to remain flexible to take advantage of these opportunities and meet the changing preferences of health-conscious consumers.