Coconut Milk Market Size, Share, Growth Analysis, By Category, By Form, By Packaging Type, By Distribution Channel, By Region - Industry Forecast 2024-2031

Global Coconut Milk Market size was valued at USD 1.3 billion in 2022 and is poised to grow from USD 1.40 billion in 2023 to USD 2.51 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2024-2031).

The global market for plant-based products is witnessing significant growth, largely driven by the increasing popularity of veganism and the rising consumer acceptance of healthier alternatives. Among these, coconut milk has emerged as a favored choice due to its health benefits, including reductions in blood pressure and cholesterol levels, and its versatility across various culinary applications. The demand for nutritious, low-calorie beverages further boosts coconut milk's appeal. Innovative product launches, such as Nestle S.A.'s Nespray Coco-Up in Sri Lanka, illustrate how manufacturers are creatively incorporating coconut milk into processed foods like cookies, soups, and ice creams. However, the challenge of stagnant coconut tree production presents a potential barrier to meeting the growing demand, necessitating innovative solutions from companies to maximize existing output and capitalize on market trends.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Coconut Milk market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Coconut Milk Market Segmental Analysis

Global Coconut Milk Market is segmented by Category, Form, Packaging Type, Distribution Channel, and region. Based on Category, the market is segmented into Organic, Conventional. Based on Form, the market is segmented into Liquid, Powder. Based on Packaging Type, the market is segmented into Bottles, Cans, Pouches, Others. Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Convenience Stores, Grocery Stores, Online Retail. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Coconut Milk Market

The global coconut milk market is being significantly propelled by the growing popularity of plant-based foods. The Vegan Society highlights that, in Europe, particularly in the United Kingdom, the plant-based milk sector is experiencing rapid growth, with this segment representing roughly 15% of the entire European market, valued at around USD 320.6 million in 2019. Consumers are increasingly favoring plant-based alternatives, viewing them as healthier and safer compared to animal-derived products. This shift in dietary preferences, coupled with rising lactose intolerance rates, is boosting coconut milk sales. Additionally, leading manufacturers have the opportunity to enhance market growth by innovatively incorporating coconut milk into various baking and confectionery applications, while the increasing demand for natural and clean-label products is expected to further drive future growth.

Restraints in the Global Coconut Milk Market

The global coconut milk market faces significant constraints due to the prevalence of various plant-based alternatives that compete with it. Products such as rice milk, almond milk, and soy milk are readily available and have gained considerable acceptance among consumers over the years. These alternatives often boast higher levels of proteins, calcium, and carbohydrates while being lower in fats, making them more appealing to health-conscious individuals. As a result, consumers tend to prefer soy or almond milk over coconut milk, which has negatively impacted the sales and growth potential of the coconut milk market, limiting its overall expansion in the industry.

Market Trends of the Global Coconut Milk Market

The Global Coconut Milk market is witnessing a significant trend driven by the rising demand for vegan foods, as consumers become increasingly aware of the health benefits and sustainability associated with plant-based diets. This shift is particularly pronounced in developed regions like the U.S. and U.K., where the acceptance of veganism is surging alongside heightened concerns over animal welfare and environmental issues. Data from the Plant-Based Foods Association indicates that U.S. plant-based milk sales rose by 5% in 2020, accounting for 14% of overall retail milk sales. Furthermore, the incorporation of coconut milk in various processed foods such as cakes, yoghurts, and smoothies is expected to further propel market growth.