Coconut Milk Products Market

Analysts at GMI Research estimates that the Coconut Milk Products Market was worth USD 1,126 million in 2022, and forecast to touch USD 2,614 million in 2030, growing at a CAGR of 11.1% from 2023-2030.

Coconut Milk Products Market Overview

Coconut milk products are produced from the coconut with further processing. Coconut milk products are rich sources of vitamins, fibers, iron, calcium, phosphorus, sodium and other nutrients. It is used as an alternative for conventional milk especially by lactose intolerance people. Coconut milk powder and coconut cream are widely used for various end-uses such as food and beverage, cosmetic and personal care, among others. In addition, coconut milk products are delicious in taste because of their high oil content and also used to produce milk substitutes such as almond, soy milk and others.

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Coconut Milk Products Market Drivers

The factors driving the global coconut milk products market include increasing demand for plant-based products across the globe and growing awareness regarding the benefits related to the coconut milk products among consumers. The health benefits associated with coconut milk products improve blood pressure, reduce cholesterol levels, boost kidney health and prevent heart attacks & strokes will drive the global coconut milk products market. Moreover, consumer are inclined towards a vegetarian diet along with the rise in the adoption of coconut milk products will further increase the consumption of coconut milk products among consumers. Growing consumer preference regarding the dairy alternatives along with the increasing health awareness among consumers will further boost the global coconut milk products market in upcoming years. In addition, the rising usage of coconut milk products in various end-use areas will further propel the global coconut milk products market. However, fluctuation in the prices of coconut and its products may hamper the global coconut milk products market.

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Based on the product type, Coconut milk powder and coconut cream are mostly preferred coconut milk products across the globe. In addition, coconut milk powder and coconut cream are rich sources of fat and nutrition. Coconut milk powder type is growing owing to the higher shelf life and increasing usage in various food & beverage applications. Coconut cream type contains a considerable amount of medium-chain fatty acids that help in easy digestion and functioning of the brain. These benefits are enhancing the demand for coconut milk powder and coconut cream during the forecast period.

Based on the nature, Organic nature is constantly growing due to increasing health awareness and change in consumer preferences regarding the organic coconut milk products across the globe. The conventional nature of coconut milk products consists of high milk content as compared to the organic owing to high uses of fertilization during the production of coconut.

Based on the Flavor, Sweetened flavor is used in the coconut milk products for food products to enhance the taste of food & beverage by the application. In addition, sweetened flavor includes artificial sugar content in the coconut milk products. Unsweetened flavor retains the natural sweetness and doesn’t contain any artificial additives in the coconut milk products.

Based on the end-use, food & beverage are increasing in the global coconut milk products owing to the growing application in confectionery, bakery, dairy products and other products. Coconut milk products are extensively used in the food & beverage industry to add flavor to the products. Moreover, coconut milk products have high fiber content, low calories and high nutritional content will further increase the usage in the food & beverage application by the manufacturers. Cosmetics & personal care application is also growing due to the growing demand for plant-based cosmetic products as coconut milk products are a good source of nutrients.

Based on the distribution channel, Hypermarkets distribution channel is expected to grow at a higher rate in the global coconut milk products market due to the easy availability of products among urban and semi-urban population. Online stores distribution channel is also booming during the forecast period due to the wide range of product availability with more discount offers and easy delivery.

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Regional – Segment Analysis

Based on the region, North America region represented a high market growth for the global coconut milk products during the forecast period owing to growing health awareness related to lactose restrictions and obesity among consumers. Moreover, the high demand for coconut milk products will further enhance the market growth of this region. Asia-Pacific region is predicted to grow in the global coconut milk product market in upcoming years owing to the changing consumer preference towards a vegetarian diet in countries like India and China. In addition, a high degree of lactose intolerance among consumers will further drive the coconut milk products in this region.

Top Market Players

Various notable players operating in the market, include Sambu Group, Grace Foods Canada Inc., Nestlé S.A., Renuka Foods PLC, J Mitra Sdn. Bhd., Santanku Sdn Bhd, S&P International Holding Limited, M&S Food Industries, Monty & Totco Co.Ltd., Primex Coco Products Inc., Danone S.A., among others. Key players are expanding their product portfolio to capture the share in the global coconut milk products market.

Key Developments:

• • In 2019, Nestlé S.A. invested INR 5 Billion in its new plant for processing coconut milk in Sri Lanka to cater the growing demand for coconut milk products in the market.
  • In 2018, Danone S.A. launched coconut milk-based Oikos yogurt to cater the increasing demand of consumers in the market.

Segments covered in the Report:

The global coconut milk products market has been segmented on the basis of product type, end-use, flavor, application, distribution channel and key regions. Based on product type, the market is segmented into coconut milk powder, coconut cream and others. Based on nature, the market is segmented into organic and conventional. Based on flavor, the market is segmented into sweetened and Unsweetened. Based on end-use, the market is segmented into food & beverage, cosmetics & personal care and others. Based on distribution channel, the market is segmented into online stores, hypermarkets, specialised stores and others.

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Market Segmentation:

Global Coconut Milk Products Market by Product Type

• • Coconut Milk Powder
  • Coconut Cream
  • Others

Global Coconut Milk Products Market by Nature

• • Organic
  • Conventional

Global Coconut Milk Products Market by Flavor

• • Sweetened
  • Unsweetened

Global Coconut Milk Products Market by End-Use

• • Food & Beverage
  • Cosmetics & Personal Care
  • Others

Global Coconut Milk Products Market by Distribution Channel

• • Online Stores
  • Hypermarkets
  • Specialized Stores
  • Others

Global Coconut Milk Products Market by Region

• • North America Coconut Milk Products Market Option 1: As a part of the free 25% customization

    • By Product Type
    • By Nature
    • By Flavor
    • By Application
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up

• • Europe Coconut Milk Products Market Option 2: As a part of the free 25% customization

    • By Product Type
    • By Nature
    • By Flavor
    • By Application
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Coconut Milk Products Market Option 3: As a part of the free 25% customization

    • By Product Type
    • By Nature
    • By Flavor
    • By Application
    • By Distribution Channel
    • China Market All-Up
    • Australia Market All-Up
    • India Market All-Up
    • Rest of APAC Market All-Up

  • ROW Coconut Milk Products Market Option 4: As a part of the free 25% customization

    • By Product Type
    • By Nature
    • By Flavor
    • By Application
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • GCC countries Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading market players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • S&P International Holding Limited
  • Sambu Group
  • Grace Foods Canada Inc.
  • Nestlé S.A.
  • Renuka Foods PLC
  • J Mitra Sdn. Bhd.
  • Santanku Sdn Bhd
  • M&S Food Industries
  • Monty & Totco Co., Ltd
  • Primex Coco Products, Inc.
  • Danone S.A.