According to the Market Statsville Group (MSG), the global coconut milk market size was valued at USD 1.1 billion in 2021 and is anticipated to reach USD 4.5 billion by 2030, with a CAGR of 17.1% during the forecast period. Coconut milk products offer health advantages. Coconut milk products are used for preparing different products that can assist in avoiding anemia and enhance anemic patients’ health. Further, a change in consumer tastes and increased health concerns are the major factors driving the market worldwide. Coconut milk is a dairy-free alternative, an excellent source of calcium, zinc, iron, fiber, and magnesium. It also provides benefits such as cardiovascular health benefits, bone strengthening, immune strength, weight loss, and offers allergen-free properties.
Coconut Milk is a popular and trending beverage consumed by many people worldwide due to its health benefits. It falls in the type of products that is consumed daily. Hence, the consumers’ demand for such products remains consistent during the ongoing covid-19 pandemic. However, the outbreak of the novel coronavirus has normally affected the growth of the coconut milk market. This decline in the growth can be attributed to disruption in the supply chain. Moreover, halt in the production of coconut and coconut milk and its processing due to lockdown and social distancing being practiced all around the world have adversely affected the growth of this industry.
Global Coconut Milk Market Definition
Coconut milk is milky white in color and extracted from mature coconut flesh. It has high oil content; most of them are saturated fats that help in reducing cholesterol, preventing heart attacks, and improve blood pressure.
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Global Coconut Milk Market Dynamics
Drivers: Rise in consumption of nutritious drinks
Consumers are actively focused on the fitness and health. Active and health-conscious consumers have shifted their preference toward natural alternatives to caffeinated and sugar-based energy drinks. Coconut milk possesses low levels of fats and sugars, with very low calorific value. It has many antioxidants and possesses therapeutic properties. Coconut milk helps in maintaining cardiovascular health, kidney health, and blood pressure levels. It also helps in diabetes management. Hence, the demand for coconut milk as a nutritious drink is witnessing rapid growth due to its nutritional properties such as nutrients and electrolytes.
Restraints: Stagnant or slight decline in production of coconut relative to the increasing demand
The demand for coconut milk has grown exponentially in the recent past, owing to increasing consumption in the food & beverage industry. However, the production of coconuts did not increase significantly in response to the exponential demand. In contrast, the production has slightly decreased in Asia, which accounts for more than three-fourths of the global coconut production. The price of coconut has increased significantly in the past and producers have not expanded their production capacities in response to the same, because the peak yield of the coconut tree is only between age 10 and 30 years, the climatic condition required for coconut tree plantation, and small landholdings of coconut farmers.
Due to difficulty scaling up the production of coconut trees, it’s not likely that production will expand significantly in the future. Hence, producers must rely on innovative solutions to utilize the current production and capitalize on this demand surge.
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Scope of the Global Coconut Milk Market
The coconut milk market categorizes based on packaging type, category, end-users, and distribution channel at the regional and global levels.
By Packaging Type Outlook (Sales/Revenue, USD Billion, 2017–2030)
- Plastic Bottles
- Tetra Packs
By Category Outlook (Sales/Revenue, USD Billion, 2017–2030)
By End-Users Outlook (Sales/Revenue, USD Billion, 2017–2030)
- Food Services
- Catering Services
By Distribution Channel Outlook (Sales/Revenue, USD Billion, 2017–2030)
- Direct Distribution
- Retail Distribution
- Convenience Stores
- Retail Pharmacies
By Region Outlook (Sales/Revenue, USD Billion, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The tetra packs segment accounts for the largest market share
By packaging type, the coconut milk market is segregated into plastic bottles, tetra packs, and cans. In 2021, Tetra Packs had the largest market share of 61.6% in the global coconut milk market. Tetra pack is a kind of food carton, originally in a tetrahedron but now primarily in the form of a rectangular cuboid. It offers a packaging solution that is lightweight, environmental-friendly, and convenient for consumers to open and handle.
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This type of packaging enhances the shelf life and minimalizes the loss of aroma of the packed products. It keeps coconut milk and products pure and safe from exposure to contaminants, preserves freshness and quality with extended shelf life. Moreover, factors such as easy to use and carry with convenience, are gaining popularity among consumers, which is becoming one of the growth factors in this market.
North America accounted for the fastest-growing region
Based on the regions, the global coconut milk market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. North America is estimated to hold the highest CAGR of 17.6% in the global coconut milk market during the forecast period. The North America region consists of the U.S., Canada and Mexico. Significant number of lactose intolerant cases in this region is one of the major reasons for high demand in the coconut milk market. North America is the region holding major share in the coconut milk market.
North America is one of the major leading regions in the consumption of coconut milk due to the increasing population suffering from obesity and lactose intolerance. A large number of consumers in this region are switching to coconut milk due to its numerous health benefits, which contribute to the market’s growth. High disposable income and an increase in adopting a healthy lifestyle contribute the highest revenue in this market.
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Key Market Players in the Global Coconut Milk Market
Manufacturers are focusing on innovations that can cater to the requirements of consumer. Coconut milk is now being considered a healthy replacement for carbonated drinks, owing to which the demand for these products is likely to grow rapidly.
Major players in the market are:
- McCormick & Company Inc.
- Dabur India Ltd.
- Thai Agri Foods Public Co. Ltd
- Thai Coconut Public Company
- Goya Foods Inc.
- Celebes Coconut Corp.
- Vita Coco
- Celebes Coconut Corp.
- Danone SA