Coconut Milk Products Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
The coconut milk products market size is expected to grow from US$ 985.92 million in 2021 to US$ 1,400.27 million by 2028; it is estimated to register a CAGR of 5.2% from 2022 to 2031.
The low-calorie content and rich nutrient profile of coconut milk products have increased their demand in the food & beverages sector. Coconut milk products such as coconut milk powder and coconut cream powder are used in various recipes because of their sweet and mild taste. Coconut milk products are often associated with various health benefits. Their consumption has been indicated to help lower blood pressure and cholesterols, improve kidney health, and prevent heart attacks and strokes. In addition to this, consumer preference for a vegetarian diet has been contributing to the high adoption of coconut milk products.
Asia Pacific held the largest coconut milk products market share in 2021, while the Middle East & Africa is expected to register significant growth in the market during the forecast period. Coconut milk is used in farms to speed up the growth of the crop. Its consumption aids in improvements in liver functioning. Coconut milk is a source of lauric acid, which can be easily absorbed by the body for energy generation. In addition to the growing vegan population, an increase in the prevalence of lactose intolerance drives the demand for coconut milk products. Asian cuisine, which has gained the attention of people from various countries worldwide, involves the use of coconut milk as one of the major ingredients. Further, the well-established distribution systems with the growing e-commerce services are contributing to the coconut milk products market growth.
Strategic Insights
Market Insights
Flourishment of E-Commerce Contributed to Growth of Coconut Milk Products Market
In recent years, there has been a massive transformation in the organized retail sector. The emergence of e-commerce has resulted in considerable changes in the way people shop and spend their money. The increasing penetration of smartphones and the internet, easy access to emerging technologies, rise in purchasing power, and convenience provided by online retail platforms in terms of shopping products from anywhere at any time are among the key factors bolstering e-commerce businesses. The online sales of food and beverages rose significantly during the pandemic due to the shutdown of brick-and-mortar stores and the imposition of social restrictions by governments. As lockdowns constrained people’s movement and compelled them to work from their homes, there was a substantial shift to online shopping. With the expansion of e-commerce across different regions, coconut milk product manufacturers such as Nestle SA, and Danone S.A. started enlarging their online presence by selling their products through well-known e-commerce platforms, including Amazon.com, Lidl, and Walmart. This factor has been contributing to the growth of the coconut milk products market by eliminating the dependency of market players and customers on offline retail stores.
Product Type-Based Insights
Based on product type, the coconut milk products market is segmented into coconut cream, coconut milk powder, coconut milk, and others. The coconut milk powder segment is projected to register the highest CAGR during the forecast period. Coconut milk powder has a longer shelf life than coconut milk. It contains iron in large quantities, iron in the blood protein hemoglobin acts as an oxygen carrier to the body organs. The hemoglobin transporter function of iron helps in reducing anemia, muscle fatigue, and heart irregularities. Recent studies have successfully proved that the presence of medium-chain fatty acids in coconut milk powder helps in deactivating fungi, yeast, and bacterial microorganisms. Further, lauric acid is a unique saturated fatty acid found in coconut milk powder. This fatty acid works together with monolaurin, and it has been proven to have an essential role in enhancing consumer immunity.
Distribution Channel Insights
Based on distribution, the coconut milk products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held the largest share of the market in 2021. Online retail stores offer various products with heavy discounts, and consumers can buy desirable products with better convenience. Additionally, the doorstep delivery service attracts many customers to shop through e-commerce platforms. E-commerce websites and apps display product information and user reviews, which help buyers compare products and make informed decisions.
The key players operating in the coconut milk products market are Danone S.A.; Goya Foods, Inc.; GraceKennedy Limited; McCormick & Company, Inc.; Nestlé SA; Pacific Foods of Oregon, LLC; Sambu Group; Thai Agri Food PLC; Thai Coconut Public Company Limited; and Celebes Coconut Corporation. These players are engaged in developing products with reduced health risks to meet emerging consumer trends and abide by regulatory frameworks. They also engage in mergers and acquisitions, business expansions, and partnerships to expand their market share.
Report Spotlights
- Progressive industry trends in the coconut milk products market to help players develop effective long-term strategies
- Business growth strategies adopted to secure growth in developed and developing markets
- Quantitative analysis of the coconut milk products market from 2022 to 2031
- Estimation of global demand for coconut milk products
- Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, and factors governing the coconut milk products market growth
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the coconut milk products market at various nodes
- Detailed overview and segmentation of the market and the food & beverages industry dynamics
- Size of the growth in various regions with promising growth opportunities
Coconut Milk Products Market Report Analysis
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CAGR (2023 - 2031)5.20% -
Market Size 2023
US$ 1.09 Billion -
Market Size 2031
US$ 1.64 Billion
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- Danone S.A.
- Goya Foods, Inc.
- Gracekennedy Limited
- Mccormick & Company, Inc.
- Nestle S.A.
- Pacific Foods Of Oregon, Llc
- Sambu Group
- THAI Agri Food Plc
- Thai Coconut Public Company Limited
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
By Product Type
- Coconut Cream
- Coconut Milk Powder
- Coconut Milk
- Others
By Category
- Organic and Conventional
By and Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retail
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Coconut Milk Products Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.09 Billion |
| Market Size by 2031 | US$ 1.64 Billion |
| Global CAGR (2023 - 2031) | 5.20% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Category, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The major players operating in the global coconut milk products market are Danone S.A., Goya Foods, Inc., Gracekennedy Limited, Mccormick & Company, Inc., Nestle S.A., Pacific Foods Of Oregon, Llc, Sambu Group, THAI Agri Food Plc, Thai Coconut Public Company Limited, Celebes Coconut Corporation and many others.
The food and beverage processing is leading the end use segment in the coconut milk products market. Coconut milk products such as coconut cream and coconut milk powder are extensively used by the food and beverage industry. Products based on coconut milk have high nutrition content, low calories, and high fiber content which helps the development of the body.
The Asia Pacific accounted for the largest market share in the global coconut milk products market owing to the wide utilization of various coconut milk products in various regional cuisines and rising demand from the food and beverage industry. The region is expected to register a CAGR of 10.0% during the forecast period.
Merger & acquisition, corporate communication, project finance and product news were observed as the most adopted strategies in global coconut milk products market. For instance, in 2019 Nestlé SA invested US$ 72 million in single largest coconut milk processing plant in Sri Lanka. It helped them in increasing product offering to a wider customer base in the food and beverage industry.
The global coconut milk products market growth is majorly influenced by the surge in demand for plant-based food products. Additionally, increase in adoption of coconut milk in cosmetic industry is also offering opportunities for the coconut milk products market growth.
The coconut milk products market is bifurcated on the basis of the product type into coconut cream, coconut milk powder, and others. The coconut cream segment holds the largest share in the coconut milk products market. Coconut cream is the cream produced by coconuts which is rich in oils, medium-chain triglycerides, and carbohydrates and help in easy functioning of the brain and are easily digestible.
The List of Companies
- Danone S.A.
- Goya Foods, Inc.
- Gracekennedy Limited
- Mccormick & Company, Inc.
- Nestle S.A.
- Pacific Foods Of Oregon, Llc
- Sambu Group
- THAI Agri Food Plc
- Thai Coconut Public Company Limited
- Celebes Coconut Corporation
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