Coconut Milk Market

Global Coconut Milk Market Size (2024 to 2032)

Global Coconut Milk Market size is expected to be worth USD 1.86 billion in 2024 and is anticipated to reach a valuation of USD 3.37 billion by 2032 with a CAGR of 7.7%

MARKET OVERVIEW

Coconut milk is a fluid obtained by the manual or mechanical extraction of coconut, with or without water. The composition of coconut milk depends on the water used during the extraction procedure. Water also affects the content of fat and moisture in coconut milk. Coconut milk with a pH of 6 is considered slightly acidic in nature. Coconut milk contains two types of protein, albumins, and globulins in the 6% to 8% range. Manufacturers use the spray drying method to dry coconut milk in powder form, as it increases its shelf life and is also easy to transport. On average, a coconut gives 60 to 100 grams of coconut powder depending on its size. It is a liquid obtained after mixing grated meat (excluding the brown portion) and mature coconut water. It is high in oil, most of which are saturated fats that help lower cholesterol, improve blood pressure, and prevent heart attacks. Grating meat can be done manually or using a grating machine. Its fat content depends on the fat level of the meat and is generally around 24%. Milk is a rich source of manganese, phosphorous, manganese, and iron. It contains cytokinin or zatine that helps in the growth of crops. 

MARKET DRIVERS

The utilization of coconut milk bestows a few medical advantages, which are required to fuel market development during the estimated time frame. The utilization of coconut milk helps in improving the resistant framework, along these lines supporting in the anticipation of a few ailments.

 The high measures of lauric corrosive found in coconut milk are effectively consumed by the body and utilized for vitality. It additionally helps in bringing down cholesterol levels, improving pulse, and forestalling coronary failures and strokes. Rising buyer familiarity with these advantages is bringing about an inclination for coconut milk over other dairy options, boosting the development of the global coconut milk market. Significant restriction for the coconut milk market is constrained wellsprings of delicate coconuts utilized for the readiness of the item. Its overabundance utilization can cause high blood cholesterol by expanding high thickness lipoprotein cholesterol levels and lead to hypersensitivities. These elements may confine the coconut milk market development over the conjecture time frame.

MARKET RESTRAINTS

Rising interest in plant-based food items will drive the market development. Expanding the selection of coconut milk items in a few food plans is another factor boosting the market development. The expanding pervasiveness of lactose intolerance in North America and Europe will support the market .Developing mindfulness about the medical advantages of coconut milk will likewise fuel the development of the market in the figure time frame .Expanding hypersensitivities because of high utilization of coconut milk will hamper the development of the market .Accessibility of substitutes to coconut milk, for example, spiced milk, soy milk, and yogurt frustrates the market development .The significant expense of coconut milk, when contrasted with dairy milk, is another factor limiting the development of this market

REPORT COVERAGE

This research report on the Global Coconut Milk Market has been segmented and sub-segmented based on form, application, distribution channel, and region. 

Global Coconut Milk Market By Form                        

• Liquid        
• Powder    
• Nature                          
• Organic     
• Conventional         

Global Coconut Milk Market By Application     

• Household              
• Food and beverages           
• Cosmetics and personal care           
• Other applications               

Global Coconut Milk Market By Distribution channel                                

• Hypermarkets and supermarkets 
• Specialist retailers
• Convenience stores   

Liquid coconut milk is the main fragment, which is developing at a generous CAGR to reach USD 1,550.5 million before the finish of 2025. The fragment is anticipated to achieve market strength all through the estimated time frame as it is a promptly accessible type of coconut milk and is favored for utilization as a drink.

Powdered coconut milk section is relied upon to witness the quickest CAGR of 14.78% during the figure time frame because of its expanded time frame of realistic usability and expanding use in different cooking styles and drinks. In any case, the significant expense of coconut milk powder when contrasted with coconut milk is making obstacles in the fragment development.

Based on the distribution channel, the coconut milk market is portioned into store-based and non-store-based. Store-based channels were the prevailing fragment in 2018 and are probably going to remain so over the figure time frame. Strong development of composed retail far and wide is one of the significant drivers of the development of this market portion. Claim to fame stores is probably going to pick up conspicuousness over the figure time frame.

Global Coconut Milk Market By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle-East & Africa

Asia-Pacific represented the biggest portion of the overall industry in 2023 and is anticipated to develop at the most noteworthy CAGR of 14.50% during the conjecture time frame.

Coconut milk is a basic piece of Asian food, and the interest for coconut milk powder is relied upon to stay high in the locale during the figure time frame. The significant development factor for the coconut milk market in Asia-Pacific is the elevated level of lactose intolerance among the buyers.

Asia-Pacific district is trailed by North America, which represented the second biggest piece of the overall industry and is assessed to surpass USD 629.1 million by 2023.

The US represented the most noteworthy piece of the pie in North America and expected to stay predominant all through the gauge time frame inferable from the expanding pattern of veggie lover eats fewer carbs in the nation. This has contributed fundamentally to the developing interest of coconut milk in the nation.

Europe is a huge locale in the global coconut milk market. It represented a significant piece of the pie of 21.72%, starting in 2023.

The rest of Europe represented the most elevated piece of the overall industry in the European market. The flooding interest for plant-based drinks and items containing common ingredients are urgent determinants of powering provincial development. Center East and Africa areas are evaluated to develop at a moderate rate during the conjecture time frame.

KEY MARKET PLAYERS

Key market players of Global Coconut Milk Market are WhiteWave Foods, McCormick, Theppadungporn Coconut Co. Ltd, Goya Foods, Pureharvest, Edward & Sons, Chi, Ducoco, iTi Tropicals, Thai Agri Foods, Turtle Mountain, Pacific Foods.

RECENT HAPPENINGS IN THE MARKET

• Koko Dairy Free named Southpaw as the leading creative communication agency. The company has appointed a selected creative agency as it prepares for a major marketing investment focused on growing consumer interest in coconut milk as dairy-free alternatives.
• Vita Coco launched a dairy alternative, low calorie, and low-fat coconut milk. The new product was intended to meet the demand of health-conscious customers. Light coconut milk is made from a mixture of coconut water and coconut cream and contains 20 calories per 100 ml. According to the company CEO, Coconut-based innovation is at the heart of everything they do at Vita Coco. Their latest milk offering is just one more step in expanding the brand, and they are planning to innovate in all categories in the coming years.
• Ceylon Biscuits Limited (CBL) launched a new product that was marketed under the "Sera" brand. Sera is a premium liquid coconut milk that is conveniently available in 180 ml UHT packages. The company focused on expanding its coconut milk business to the market. The company has invested over INR 2 billion to establish a state-of-the-art factory that hygienically extracts, sterilizes and conditions coconut milk, using high-quality machines and technologies from Europe.
• the Coconut Development Board (BDC) was a statutory body created by the Ministry of Agriculture, the Indian government launched coconut milk flavored with pistachio, rose and chocolate. This new product is a rich source of iron and copper.