Global Coconut Milk Products Market on Track to Reach USD 2.74 billion by 2033 - TMR

The global coconut milk products market is expected to reach a value of USD 2.74 billion by 2033, growing at a CAGR of 7.8% from 2023 to 2033. The market is driven by a number of factors, including the increasing demand for plant-based products, the rising awareness of the health benefits of coconut milk, and the growing popularity of coconut-based beverages.

Coconut milk products are derived from the flesh of coconuts and are used in a variety of culinary applications. These products include coconut milk, coconut cream, and related items such as coconut yogurt and ice cream. They are favored for their rich, creamy texture and suitability for plant-based and dairy-free diets.

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Market Dynamics

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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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

Year: 2023
• Vita Coco launched a new line of coconut milk beverages with added calcium and minerals, in response to growing consumer demand for fortified plant-based foods and beverages.
• Aroy-D announced plans to invest USD 10 million in expanding its coconut milk production capacity in Thailand over the next two years.
• Chaokoh partnered with Alibaba Group to launch its coconut milk products on Alibaba's Tmall e-commerce platform in China.
• Thai Kitchen acquired coconut milk producer Coco Lopez from Kraft Heinz for USD 500 million.
• Kara launched a new line of coconut milk products in the United States, including coconut milk powder and coconut milk creamer.

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Growth Opportunities

• Expanding product portfolios: Manufacturers can expand their product portfolios to include a wider range of coconut milk products, such as coconut-based ice cream, yogurt, and cheese.
• Entering new markets: Manufacturers can enter new markets, such as emerging markets in Latin America and the Middle East, to capitalize on the growing demand for coconut milk products.

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