Coconut Milk Market Size

Market Size Snapshot

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

Coconut milk is a major market for coconut milk. The coconut milk market is expected to grow at a CAGR of around 6% from 2024 to 2032, with the market size reaching $3.12 billion by 2032. The annual growth rate will be 15.67%. The main driving force is the increasing consumer demand for plant-based foods due to health consciousness and dietary restrictions. Awareness of lactose intolerance and the growing number of vegans have also increased the demand for coconut milk as a versatile ingredient in various food and beverage applications. The development of production technology and packaging has played a major role in improving the shelf life and product availability, thus attracting more consumers. The major players in the coconut milk market, such as Thai Coconut Public Company, Vita Coco, and So Delicious Dairy Free, have taken strategic measures such as forming strategic alliances and product innovations to meet the market demand. These companies have launched new products such as organic coconut milk and flavored coconut milk, which have successfully tapped into the niche market and have established a solid foundation for their leadership in this rapidly changing industry.

Regional Market Size

Regional Deep Dive

Coconut milk is growing in popularity in many countries, mainly driven by the rising demand for healthy, plant-based alternatives. North America is seeing a growing trend towards veganism and lactose-free diets, while in Europe the trend is towards organic and sustainably sourced products. Consequently, the Asia-Pacific region, the world’s largest producer of coconuts, is enjoying the benefits of both increased local consumption and export opportunities. The Middle East and Africa are seeing growing interest in coconut milk as a versatile ingredient in cuisine, while Latin America is able to use its agricultural skills to increase production and distribution.

Europe

• The European market is seeing a notable increase in the availability of organic coconut milk products, driven by consumer preferences for sustainable and ethically sourced ingredients, with companies like Alpro leading the charge.
• Innovations in packaging, such as eco-friendly cartons and single-serve options, are becoming more prevalent, as brands respond to the growing demand for convenience and sustainability among European consumers.

Asia Pacific

• Countries like the Philippines and Indonesia are investing in advanced processing technologies to enhance the quality and shelf-life of coconut milk, with government initiatives supporting local farmers and exporters.
• The popularity of coconut milk in traditional Asian cuisines is being leveraged by food manufacturers to create new products, such as ready-to-drink beverages and cooking sauces, appealing to both local and international markets.

Latin America

• Latin American countries are focusing on enhancing their coconut production capabilities, with initiatives aimed at improving agricultural practices and sustainability, supported by organizations like the Food and Agriculture Organization (FAO).
• The region is witnessing a rise in local brands that are tapping into the health benefits of coconut milk, promoting it as a superfood in smoothies and health drinks, thus expanding its market presence.

North America

• The rise of health-conscious consumers has led to a surge in demand for coconut milk as a dairy alternative, with brands like So Delicious and Silk expanding their product lines to include flavored and fortified options.
• Recent regulatory changes in labeling requirements have prompted companies to ensure transparency in ingredient sourcing, with organizations like the Non-GMO Project gaining traction among consumers seeking clean-label products.

Middle East And Africa

• The increasing popularity of vegan diets in urban areas is driving demand for coconut milk, with local brands like Al Ain Food and Fresh Delights introducing coconut-based products to cater to this trend.
• Culinary innovations are emerging, with chefs incorporating coconut milk into traditional dishes, thereby enhancing its acceptance and usage in the region's diverse food culture.

Did You Know?

“Coconut milk is not actually milk but a liquid extracted from the grated meat of mature coconuts, making it a popular choice for those seeking dairy alternatives.” — Coconut Research Institute

Segmental Market Size

The coconut milk market is an important part of the plant-based beverage market, which is currently experiencing strong growth as a result of the growing demand for dairy alternatives. The growth in demand is largely due to the growing trend towards veganism and the trend towards a healthier lifestyle. Further market stimulation is provided by government initiatives to promote a plant-based diet. The coconut milk market is currently in a mature stage of development, with So Delicious and Thai Kitchen leading the way in product development and distribution throughout North America and Europe. Coconut milk is used mainly in cooking, such as in the preparation of desserts, snacks and sweets, and is popular with both health-conscious consumers and gourmets. In addition, the growing demand for coconut milk is being accelerated by the green movement and the COVID-X pandemic. The evolution of the market is also being driven by technological developments, such as improved production and packaging methods that ensure the quality of the products and extend their shelf-life.

Future Outlook

Coconut milk is a promising market, and its value is expected to increase from $820 million to $3.12 billion by 2032, with a high compound annual growth rate (CAGR) of 15.67%. The reason for this is the increase in the demand for plant-based foods. Plant-based foods are increasingly popular among health-conscious consumers, especially those with lactose intolerance or milk allergies. Coconut milk has been recognized for its health benefits, such as its rich nutrient content and potential anti-inflammatory properties. Coconut milk is expected to increase its share of the non-dairy milk market, and it may reach 26% by 2032. The development of production and packaging technology will also promote the development of the market. Also, the government's policy on sustainable agriculture and plant-based diets will help coconut milk to grow. The trend of using coconut milk in food and beverage applications such as desserts, drinks, and ice cream is also expected to drive market growth. Coconut milk is a good way to ensure the health and safety of consumers.