Global Coconut Milk Products Market on Track to Reach USD 1.92 billion by 2031 - New Study by TMR

The global coconut milk products market is expected to grow from USD 1.29 billion in 2023 to USD 1.92 billion by 2031, at a CAGR of 7.1%. This growth is attributed to the increasing adoption of plant-based diets, rising awareness about the health benefits of coconut milk products, and growing demand for ethnic and exotic food products.

Coconut milk is a creamy, white liquid extracted from the grated meat of mature coconuts. It is a staple in many cuisines, particularly in Southeast Asia, and has gained popularity worldwide as a plant-based alternative to dairy milk. The use of coconut milk extends to a wide range of products, including beverages, curries, desserts, and more.

This market report provides a comprehensive analysis of the global coconut milk products market, covering market size, trends, drivers, challenges, and the future outlook.

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Executive Summary

The global coconut milk products market is experiencing significant growth due to the increasing popularity of plant-based and dairy-free alternatives, health consciousness, and the diverse culinary applications of coconut milk. Coconut milk, derived from the meat of coconuts, has become a versatile ingredient used in various food and beverage products.

Competitive Landscape

The global coconut milk products market is competitive. The key players in the market are expanding their product portfolios and entering new markets to capitalize on the growing demand for coconut milk products.

Key Players:

• McCormick & Co.
• The Whitewave Foods (Danone)
• Goya Foods Inc.
• Ducoco Ailmentos SA
• Thai Agri Foods
• Celebes Coconut Corporation
• Pacific Foods of Oregon
• GraceKennedy Group
• Thai Coconut Public Company Limited and many more

Recent Developments for Year: 2023

Here are some recent developments of companies in the global coconut milk products market in 2023:

• Ajinomoto Co., Inc. launched a new line of coconut milk products in Japan, including canned coconut milk, coconut milk powder, and coconut cream.
• COCO & CO acquired Thai coconut milk producer Coconut Co. Ltd. for an undisclosed amount. The acquisition is expected to help COCO & CO expand its reach in the Asia-Pacific market.
• Vita Coco partnered with Starbucks to launch a new line of coconut milk-based beverages in the United States. The beverages are made with Vita Coco's coconut milk and Starbucks' coffee and espresso.
• PepsiCo launched a new line of coconut milk-based beverages in India under its Tropicana brand. The beverages are made with real coconut milk and fruit juice.
• Danone announced that it will invest €200 million to expand its production capacity for coconut milk products in Indonesia.

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Market Drivers

• Rising Demand for Dairy Alternatives: Consumers are increasingly opting for dairy-free and plant-based alternatives, and coconut milk products offer a compelling choice.
• Health Benefits: Coconut-based products are considered healthy alternatives due to being lactose-free and rich in medium-chain triglycerides (MCTs).
• Expansion in Food and Beverage Industry: The food and beverage sector is witnessing a surge in demand for coconut milk, particularly in vegan and vegetarian diets.

Restraints

• Price Volatility of Raw Materials: Coconut raw material prices can be highly volatile due to factors like weather conditions and supply chain disruptions.
• Competition from Other Alternatives: The market faces competition from other plant-based milk alternatives such as almond and soy milk.
• Quality and Consistency Challenges: Ensuring consistent product quality can be challenging, impacting consumer trust.
• Regulatory Hurdles: Stringent regulatory requirements and labeling regulations can pose obstacles to market entry and expansion.

Opportunities

• Cosmetics and Personal Care Industry: There is growing demand for coconut-based products in the cosmetics and personal care sector.
• Emerging Markets: Latin America and the Middle East offer untapped growth opportunities.
• Innovation and Sustainability: Innovation in product formulations, packaging, and sustainable practices can drive growth.

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