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The coconut milk market is seeing significant developments as a result of shifting eating habits, mindful of their health buying habits, plus coconut milk's numerous usage across different cuisines. Another noteworthy development is the increasing appeal of organic along with free of dairy options. As customers seek replacements for conventional dairy goods, coconut milk is increasing in favor due to its smooth consistency and distinct flavor. The popularity of diets based upon plants, especially veganism or vegetarian habits, is driving the demand for coconut milk to serve as a dairy alternative in food preparation, baking, especially drinks.
Positive health as well as wellness factors influence market developments within coconut milk market. Coconut milk tends to be considered to be a more nutritious alternative to milk from cows, especially for people who are intolerant to lactose and maintain a milk-free lifestyle. Coconut milk's nutritious qualities, notably medium-chain triglycerides, or MCTs, as well as prospective immunity boosting characteristics, add towards its popularity among people or individuals who value their health. Furthermore, the industry is seeing an increasing need for reduced-fat as well as without sugar milk from coconuts variations to fit with changing dietary choices.
The coconut milk market has observed an increase in creativity with products, including producers developing flavoring and specialized coconut milk options. Infused coconut milk, including chocolate, vanilla, as well as fruit-infused varieties, appeals to those wanting novel taste sensations. Furthermore, specialist coconut milk goods, including grade like barista formulas especially for coffee drinks, demonstrate coconut milk's adaptability in a variety of food applications. This pattern indicates a rising demand for different and quality coconut milk options.
Biodiversity has grown into an increasingly important factor within coconut milk market developments. People are becoming increasingly worried regarding the detrimental impact of the food they eat, driving businesses to implement environmentally conscious purchasing techniques. This involves promoting responsible and balanced trade measures throughout coconut cultivation, as well as using renewable packaging alternatives. The industry is seeing initiatives to enhance the accessibility of supply chains and encourage ethical practices, which correspond with customer preferences for green goods.
The worldwide mix of cultures is impacting the coconut milk market, having coconut milk proving a mainstay within a variety of dishes other than its initial application within Southeast Asian cooking. Coconut milk can be found throughout a variety of ethnic meals, adding its unparalleled flexibility in dishes that are savory as well as sweet. The introduction of coconut milk into Western foods and combination recipes has broadened its commercial the appeals process, attracting a varied and globalized target audience.
The influence of online shopping upon retail settings is visible throughout the coconut milk market or sector, as platforms on the internet provide customers worldwide easy access with a selection of different coconut milk-related goods. E-commerce enables customers to try fresh companies, tastes, and formulas, boosting market diversification while encouraging the rise of specialist & niche coconut milk goods. Furthermore, the internet market makes directly to customers strategies possible for new coconut milk enterprises, encouraging creativity & affordability.
Coconut milk has grown in popularity as an initial component within dairy replacements including milk yogurt, frozen desserts, and drinks. Coconut milk's adaptability enables the development of plant-based & dairy-free substitutes which closely resemble the consistency as well as tastes of typical dairy-based goods. The coconut milk market or industry is experiencing the rise of coconut-based replacements which are appealing to customers seeking rich and flavorful alternatives within the growing plant-based products environment.
The inclusion of coconut milk within healthy as well as enriched goods is a well-known industry phenomenon. To improve the dietary value of milk made from coconuts, producers add additional nutrients , including nutrients, minerals, vitamins, along with enzymes. Such functioning coconut milk items attempt to deliver beneficial health effects in addition to straightforward dietary intake, making them acceptable for buyers looking for extra value coconut milk solutions.
To summarize, the coconut milk market has undergone rapid shifts to be a result of the increasing popularity of vegan and other mindful of their health customers, new product development, environmental sustainability factors, worldwide culinary combination, the influence of online shopping, and the integration regarding coconut milk in different useful along with infused goods. As consumer tastes shift, coconut milk makers evolve, delivering a varied variety of goods to meet the rising need for plant-based, environmentally friendly, and adaptable options within the dairies as well as cuisine landscapes.
Coconut Milk Market Highlights:
Global Coconut Milk Market Overview
Coconut Milk Market Size was valued at USD 0.82 billion in 2023. The coconut milk industry is projected to grow from USD 0.97 billion in 2024 to USD 3.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.67% during the forecast period (2024 - 2032). The increasing prevalence of lactose intolerance and rising awareness of the health benefits of coconut milk are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Coconut Milk Market Trends
- The surge in lactose intolerance is driving the market growth
The surge in lactose intolerance among worldwide consumers is a major growth booster in the coconut milk market CAGR. Rising awareness about the health benefits of coconut milk also remains a major reason for the market's strong performance across the globe. It is expected that the soaring popularity of Asian cuisine worldwide will present attractive opportunities in the coconut milk industry in the coming years.
Additionally, Coconut milk is widely used as an ingredient in a variety of processed food products such as cookies, cakes, pies, soups, milkshakes, and ice cream. Products like copra, coconut chips, coconut squash, and coconut vinegar find application mainly in the food & beverages industry worldwide. With the growth in consumption of processed food products, owing to the rise in urban population, the demand for coconut milk is expected to grow coconut milk industry revenue. Also, the expanding vegan population across these regions should push the demand for coconut milk.
Segment Insights
Coconut Milk Category Insights
The Coconut Milk market segmentation, based on category, includes conventional & organic. The conventional segment dominated the market. The conventional category of coconut milk comes from coconuts produced using traditional farming methods, aided by agrochemicals like pesticides and fertilizers. As a result, coconut milk derived this way has some chemicals. On the other hand, consumers' demand for the organic Category of coconut milk has been growing considerably, given the rising preference for clean-label products. Hence, the organic coconut milk category should procure a better growth rate of 15.11% in the ensuing years. The liquid form of coconut milk is gaining high demand.
Figure1: Coconut Milk Market, by Category, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Coconut Milk Form Insights
The Coconut Milk market segmentation, based on the form, includes powder, & liquid. The liquid segment dominated the market. Liquid coconut milk is the most preferred form and therefore, the segment is on the way to touching USD 4056.07 Mn by 2027-end. The segment has achieved dominance over the market as the liquid form is easily available, and its consumption rate as a beverage is quite significant. The powdered form of coconut milk can experience the highest CAGR of 14.78%, given its extended shelf-life and the escalating applications in several cuisines and beverages.
Coconut Milk Packaging Type Insights
Based on Packaging Type, the Coconut Milk market segmentation includes Bottles, Cans, Pouches, & Others. The Cans segment dominated the market; the can packaging type has secured the top spot due to the significant strength and stability that these provide to the consumer. In the coming years, the cans segment can attain a healthy growth pace to achieve a valuation of USD 914.2 million by 2027-end. Bottles remain the second biggest market of coconut milk, while cartons and pouches are other crucial packing types—non-store-based channels to gain the fastest growth rate.
Coconut Milk Distribution Channel Insights
The Coconut Milk market segmentation, based on distribution channels, includes store- and Non- store based. Store-based category is ahead in the market, with coconut milk primarily sold at convenience stores, and supermarkets & hypermarkets. Supermarkets & hypermarkets stand as the key revenue-generating segment, while convenience stores also significantly contribute when distributing coconut milk, particularly in emerging countries.
The non-store-based distribution channels are growing rapidly since most companies now opt for e-commerce channels to gain higher consumer access. Moreover, the online mode is viewed as a better option among firms striving to bolster brand awareness.
Coconut Milk Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Coconut Milk market will dominate this market due to the emerging vegan diet trend in the country and the growing importance of natural products among health-conscious consumers. Also, the significant number of lactose intolerant cases in the Region adds to the market strength.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: COCONUT MILK MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Coconut Milk market accounts for the second-largest market share due to the surging preference for plant-based beverages and products with natural ingredients. Further, the German market of coconut milk held the largest market share, and the UK coconut milk industry was the fastest-growing market in the European Region
The Asia-Pacific market for coconut milk is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe soaring popularity of veganism, and the untapped markets in the Region will offer attractive opportunities to the players in the following years. Moreover, China’s coconut milk industry held the largest market share, and the Indian coconut milk market was the fastest-growing market in the Asia-Pacific region.
Coconut Milk Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Coconut Milk market grow even more. Market participants are also undertaking various 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, the Coconut Milk industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the 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. Major players in the Coconut Milk market, including McCormick & Company Inc. (US), Goya Foods Inc. (New Jersey), Dabur India Ltd (India), Ducoco (Brazil), Vita Coco (US), Celebes Coconut Corp. (Philippines), Thai Agri Foods Public Co. (Thailand), Danone SA (France), Theppadungporn Coconut Co. Ltd (Thailand), ThaiCoconut Public Company (Thailand).and others, are attempting to increase market demand by investing in research and development operations.
Quikfood offers a wide range of Instant Chai Tea Lattes, Organic leaf teas, Teabags, Instant Coffee Lattes, and, last but not least, our latest innovation. Instant Vegan Chai. Our products are available in various flavors, in regular and unsweetened versions. Quikfood Flagship products are INSTANT PREMIXES made with pure and simple-to-understand ingredients; QuikTea's pre-brewed chai latte offers a robust flavor of freshly made Chai married with handpicked spices and herb extracts from Kerala. Simplicity in making and attention to detail make the difference in this truly elegant blend. Chai Tea Latte flavors include Cardamom, Masala (Spiced), Ginger, Lemongrass, Saffron-Masala, Turmeric, and Mint Ginger. Quikfood has launched its latest QuikTea Vegan Chai Tea Latte. The company has worked with its manufacturing partners to eliminate the oils in the coconut milk powder that provides a certain aroma associated with coconuts. The final product boasts creamy coconut milk powder without residual coconut aftertaste.
Nescafé is a brand of coffee made by Nestlé. It comes in many different forms. The name is a portmanteau of the words "Nestlé" and "café." Nestlé first introduced their flagship coffee brand in Switzerland on 1 April 1938. Nescafé has introduced vegan flat white pods in the United Kingdom (UK). These latte pods will now be deployed in Nescafé's Dolce Gusto coffee machines and will be available in new flavors of Coconut, along with Almond and Oat. Also, when the user is done with the pods, they can return them to Nescafé for recycling.
Key Companies in the Coconut Milk market include
- McCormick & Company Inc. (US)
- Goya Foods Inc. (New Jersey)
- Dabur India Ltd (India)
- Ducoco (Brazil)
- Vita Coco (US)
- Celebes Coconut Corp. (Philippines)
- Thai Agri Foods Public Co. Ltd (Thailand)
- Danone SA (France)
- Theppadungporn Coconut Co. Ltd (Thailand)
- ThaiCoconut Public Company (Thailand)
Coconut Milk Industry Developments
January 2022: Quikfoods has launched its latest QuikTea Vegan Chai Tea Latte. The company has worked with its manufacturing partners to eliminate the oils in the coconut milk powder that provides a certain aroma associated with coconuts. The final product boasts creamy coconut milk powder with no residual coconut aftertaste.
January 2022: Nescafé has introduced vegan flat white pods in the United Kingdom (UK). These latte pods will now be deployed in Nescafé's Dolce Gusto coffee machines and will be available in new flavors of Coconut, along with Almond and Oat. Also, when the user is done with the pods, they can return them to Nescafé for recycling.
Coconut Milk Market Segmentation
Coconut Milk Category Outlook
- Conventional
- Organic
Coconut Milk Form Outlook
- Powder
- Liquid
Coconut Milk Packaging Type Outlook
- Bottles
- Cans
- Pouches
- Others
Coconut Milk Distribution Channel Outlook
- Store-based
- Non-store-based
Coconut Milk Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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