Coconut Milk Market Projected to Hit US$ 3.7 Bn by 2032 - Persistence Market Research

The global Coconut Milk Market is poised for remarkable growth over the forecast period from 2025 to 2032. With increasing consumer preference for plant-based and lactose-free milk alternatives, the market is anticipated to register a high compound annual growth rate (CAGR) of 8.7%. Currently valued at US$ 2.05 billion, the market is expected to reach US$ 3.7 billion by 2032. Coconut milk holds a 10-12% value share in the global plant-based milk market, reinforcing its growing popularity.

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Market Insights

A historical analysis from 2019-2024 indicates that coconut milk sales registered a CAGR of 8.1%. The rising demand for naturally derived and healthy food products has been a key driver behind the increasing adoption of coconut milk. Manufacturers are offering a variety of flavors, including organic and non-GMO coconut milk, to attract health-conscious consumers.
The market is experiencing strong demand, particularly in regions with high lactose-intolerant populations, where consumers are increasingly shifting toward plant-based milk alternatives. Additionally, technological advancements and expansion of production capacities by key manufacturers are further propelling market growth.

Market Drivers

1. Rise in Lactose Intolerance:
o Lactose intolerance is a growing concern in the food & beverage industry, prompting consumers to opt for plant-based milk.
o Coconut milk, being naturally lactose-free, has become a preferred choice for individuals with dairy-related digestive issues.
o The availability of oat-based, almond-based, and coconut-based milk alternatives is driving the overall plant-based milk segment.
2. Growing Vegan Population:
o The demand for vegan-friendly food and beverages has significantly increased in developed regions.
o Coconut milk is widely used in vegan desserts, ice creams, and frozen treats.
o Germany, for instance, has 8% of its population following a vegetarian diet, with 12% identifying as vegan, according to the United States Department of Agriculture (USDA).
3. Expanding Applications in the Food Industry:
o Coconut milk is a perfect substitute for regular dairy milk and is widely used in culinary applications.
o It is a key ingredient in sweet and savory dishes, desserts, pastries, and vegan ice creams.
o High-end hotels specializing in Asian cuisines utilize coconut milk for thickening sauces and enhancing flavors.

Business Opportunities

• Organic & Clean Label Trends: Consumers are becoming more health-conscious and prefer organic, non-GMO, and preservative-free food products.
• Expanding Distribution Networks: Online retail and specialty stores are playing a significant role in making plant-based milk alternatives widely available.
• Technological Advancements: Advanced processing techniques are helping manufacturers enhance product quality and expand production capacities.

Regional Analysis

Europe: Leading the Market Growth
• The U.K., Germany, and France are expected to register CAGRs of 7.2%, 8.7%, and 9%, respectively.
• Growth in the retail and foodservice sectors is fueling demand for coconut milk in this region.
South Asia: Emerging as a Key Consumer
• India is experiencing a strong growth trajectory with an estimated CAGR of 11.3% during the forecast period.
• The country holds a 36.2% market share in the South Asia coconut milk market.
• Growing consumer awareness regarding health benefits and culinary applications is driving demand.

Challenges Facing the Market

1. Presence of Alternative Plant-Based Milk
o Coconut milk faces competition from soy milk, almond milk, oat milk, and rice milk.
o Some of these alternatives offer higher protein and calcium content, making them preferable for diet-conscious consumers.
2. Consumer Preferences for Low-fat Options
o Some consumers prefer low-fat dairy alternatives, which can impact the sales of full-fat coconut milk products.
Impact of COVID-19 on the Market
• The pandemic heightened consumer focus on immune-boosting foods, driving demand for nutritional plant-based alternatives.
• The World Health Organization (WHO) recommended adding immunity-enhancing foods to diets, which further accelerated coconut milk consumption.
• The growing preference for vegan and plant-based products continues to shape market dynamics post-pandemic.

Competitive Landscape

Major players in the coconut milk market are emphasizing innovation, organic certification, and clean label products. These companies are strengthening their supply chains, ensuring direct procurement from coconut-growing regions in Southeast Asia to maintain quality.
Key Market Players:
• Nestlé
• SunOpta, Inc. (Non-GMO & organic plant-based milk producer)
• Pacific Foods of Oregon, LLC. (Vegan & gluten-free dairy alternatives)
• Pureharvest
• Danone SA
• Vitasoy International Holdings Limited
• McCormick & Company
• Goya Foods
• Califia Farms (Known for flavor-infused plant-based milk products)
• Sanitarium
• Ecomil
• Earth's Own Food Company Inc.
• Edward & Sons
• Chef's Choice Food Manufacturer Company Limited
• GraceKennedy Group

Market Segmentation

By Product Form:
• Full Fat Coconut Milk
• Low Fat Coconut Milk
• Coconut Milk Cream
• Coconut Milk Powder
By Flavor:
• Sweetened Coconut Milk
• Unsweetened Coconut Milk
By End Use:
• Food & Beverages
• Foodservice
• Retail/Household
• Others
By Distribution Channel:
• Business to Business (B2B)
• Business to Consumer (B2C)
o Hypermarkets/Supermarkets
o Specialty Stores
o Online Retail
o Other Retail Sectors
Coconut Milk Market by Region:
• North America Coconut Milk Market
• Latin America Coconut Milk Market
• Europe Coconut Milk Market
• South Asia Coconut Milk Market
• East Asia Coconut Milk Market
• Oceania Coconut Milk Market
• Middle East and Africa Coconut Milk Market

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This release was published on openPR.