Global Coconut Milk Market Ascends at a CAGR of 17.3%

Introduction

The flesh of mature coconuts is used to make coconut milk with a creamy white tint. It contains a lot of oil, most of which are saturated fats that lower cholesterol, elevate blood pressure, and fend off heart attacks. The dairy-free coconut milk substitute is an excellent fiber, calcium, zinc, iron, and magnesium source. Additionally, it has advantages for cardiovascular health, weight loss, immune system strength, and allergen-free qualities. It also strengthens bones.

Products made with coconut milk have several health benefits. As more people become aware of the health benefits of coconut milk, demand for it is rising. Additionally, producers are concentrating on important developments that meet the needs of a sizable client base. Since coconut milk is now viewed as a healthy alternative to carbonated beverages, demand for these goods is anticipated to increase quickly.

Market Dynamics

Rising Consumption of Nutritious Drinks Propels the Global Coconut Milk Market

Customers are proactively focused on their health and fitness. Consumers who are active and concerned about their health now favor natural energy drink substitutes over-caffeinated and sugar-based ones. Coconut milk has extremely few calories and low lipids and carbohydrate levels. It offers a lot of antioxidants and medicinal qualities. Blood pressure, renal, and cardiovascular health are all maintained with coconut milk. Additionally, it aids in managing diabetes. Since coconut milk has nutritional qualities, including electrolytes and nutrients, the demand for it as a healthy beverage is increasing quickly.

Product Innovation and Growing Demand for Coconut Milk Create New Market Opportunities

Introducing new products made from plant-based ingredients is expected to disrupt the assumption that coconut milk contains artificial ingredients. In addition, lactose-free protein increases muscle mass & strength; therefore, the introduction of lactose-free and organic coconut milk is expected to fuel its demand among the health-conscious population, thereby creating opportunities for growth of the coconut milk market in the future. Organizations such as Vita Coco and WhiteWave Food have been engaged in R&D activities to enhance the properties of coconut milk. For instance, Vita Coco has launched its product with added calcium and minerals. Further, this is anticipated to offer lucrative opportunities for manufacturers to provide an improved variety of coconut milk, which will aid them in achieving a higher market share.

Regional Insights

Asia-Pacific is the highest revenue contributor and is estimated to grow at a CAGR of 17.2% during the forecast period. One of the trends boosting product demand in this region is the various ways that coconut is used in different dishes. Food aficionados worldwide have developed a taste for various cuisines, and Asian cuisine has become extremely popular. Including coconut or coconut milk in Asian cuisine presents enormous prospects for significant regional players.

Due to the growing number of obese and lactose-intolerant people in North America, it is one of the fastest-growing regions in coconut milk consumption. Considering the multiple health advantages of coconut milk, many consumers in this region are opting for it, which helps the market grow. Other factors driving the significant revenue in this region are high disposable income and an increase in the adoption of a healthy lifestyle.

The European coconut milk market is projected to reach USD 1,276 million by 2030, growing at a CAGR of 17.5%. In this region, the global rise in the food & beverage industry is becoming a lucrative growth opportunity for the coconut milk market. The major growth factors are increasing awareness among consumers about the benefits of coconut milk and their preference for it. Furthermore, the growing popularity of healthy functional drinks, the desired decrease in sugar and energy intake, and new flavor launches are the reasons behind the increasing interest in coconut milk in Europe.

Key Highlights

• The global coconut milk market was worth USD 1.4 billion in 2021. It is anticipated to reach USD 5.8 billion by 2030, growing at a CAGR of 17.3% during the forecast period (2022–2030).
• By packaging type, the global coconut milk market is categorized into Plastic Bottles, Tetra Packs, and Cans. The Tetra Packs segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.7% during the forecast period.
• By category, the global coconut milk market is segmented into Organic and Conventional. The Conventional category is the highest contributor to the market and is estimated to grow at a CAGR of 16.7% during the forecast period.
• By end-users, the global coconut milk market is segmented into Households, Food Services, Catering Services, and Others. The Food Services segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.7% during the forecast period.
• By distribution channel, the global coconut milk market is divided into Direct and Retail Distribution. The Retail Distribution channel dominates the market and is estimated to grow at a CAGR of 16.7% during the forecast period.
• By region, the global coconut milk market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the highest market share and is estimated to grow at a CAGR of 17.2% during the forecast period.

Competitive Players

Competitive Players

The key players in the global coconut milk market include McCormick & Company Inc., Goya Food Inc., Celebes Coconut Corp., Vita Coco, Celebes Coconut Corp., Thai Agri-Food Public Co. Ltd., Danone SA, Pureharvest, Thai Coconut Public Company, and Dabur India Ltd.

Recent Developments

Market News

• In May 2022, McCormick & Company, Incorporated, a global leader in flavor, announced Maria Uber and Wesley Beckett as the 87th and 88th recipients of the Charles Perry McCormick Scholarship, worth USD 40,000 over four years.
• In May 2022, For the sixth year running, McCormick & Company, Inc., a leader in the taste industry, was named to DiversityInc's Top 50 List of Companies for Diversity in 2022. In this year's overall ranking, McCormick came in at number 50. This honor is a consequence of DiversityInc's highly competitive list, which considers more than 1,800 businesses and celebrates achievements and best practices that support the growth and advancement of underrepresented groups in the workplace.

Segmentation

Global Coconut Milk Market: Segmentation

By Packaging Type

• Plastic Bottles
• Tetra Packs
• Cans

By Category

• Organic
• Conventional

By End-User

• Household
• Food Services
• Catering Services
• Others

By Distribution Channel

• Direct Distribution
• Retail Distribution
• Hypermarket/Supermarket
• Convenience Stores
• Retail Pharmacies
• E-Commerce
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA