Coconut Milk Market Primed for Remarkable Expansion to US$ 3.7 Bn by 2032 - Persistence Market Research

Coconut milk has gained immense popularity as a plant-based alternative to traditional dairy products, carving a significant niche within the global food and beverage industry. From health-conscious consumers seeking clean-label products to vegans and lactose-intolerant individuals exploring dairy-free options, the appeal of coconut milk continues to grow rapidly. As of 2025, the global coconut milk market stands at a valuation of US$ 2.05 Bn, with projections estimating a leap to US$ 3.7 Bn by 2032, driven by a compound annual growth rate (CAGR) of 8.7%. This represents a remarkable evolution from the 8.1% CAGR seen during the 2019-2024 period.

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The global plant-based milk movement has played a significant role in positioning coconut milk as a staple in modern diets. Currently, coconut milk constitutes approximately 10%-12% of the global plant-based milk market's value. Among various product forms, full fat coconut milk dominates with a projected 46.1% market volume share by 2025. Europe and South Asia lead the regional consumption trends, with countries like India, Germany, and France emerging as key contributors due to their growing vegan populations and expanding retail landscapes.

Key Highlights from the Coconut Milk Market Report:

➤ The global coconut milk market is expected to grow at a CAGR of 8.7% between 2025 and 2032.
➤ Europe's coconut milk demand is driven by the U.K., Germany, and France with projected CAGRs of over 7%.
➤ India holds a 36.2% share in South Asia's coconut milk market and is set to grow at a CAGR of 11.3%.
➤ Full fat coconut milk is projected to reach 802,069 tons in volume by 2032.
➤ Unsweetened coconut milk is anticipated to account for 77.9% of market value by 2025.
➤ The market benefits from rising veganism, lactose intolerance, and preference for immunity-boosting foods.

Market Segmentation

The coconut milk market can be segmented based on nature, product type, flavor, end use, and distribution channel.

On the basis of product type, the market includes full fat coconut milk, low fat coconut milk, coconut milk cream, and coconut milk powder. Among these, full fat coconut milk is dominant, valued for its health benefits, especially in cholesterol management.

In terms of flavor, the market is divided into sweetened and unsweetened coconut milk. Unsweetened variants dominate with a 77.9% share due to increasing demand for sugar-free, low-calorie products.

By end use, coconut milk is extensively used across food and beverage manufacturing, foodservice, and retail/household segments. The versatility of coconut milk in curries, desserts, and vegan snacks has cemented its place across these domains.

In distribution, the market is categorized into business-to-business (B2B) and business-to-consumer (B2C), with B2C further segmented into hypermarkets/supermarkets, specialty stores, online retail, and other retail outlets. The rise of e-commerce has particularly boosted online retail sales.

Regional Insights

In Europe, the U.K., Germany, and France are major consumers of coconut milk. The expanding foodservice industry and shifting dietary preferences toward plant-based diets are propelling demand in these countries. Germany alone accounts for a vegan population of over 12%, which amplifies market growth.

South Asia, particularly India, is witnessing a rapid uptake of coconut milk. India's market share currently stands at 36.2% in the region, with a CAGR of 11.3% projected for 2025-2032. This surge is attributed to traditional usage in Indian cuisine, rising health consciousness, and increasing availability of organic coconut milk.

Other significant regions include North America, where consumers seek dairy alternatives due to lactose intolerance, and East Asia, where coconut milk is a cultural culinary staple.

Market Drivers

The foremost driver for coconut milk demand is the rising prevalence of lactose intolerance globally. As consumers face digestive discomfort from traditional dairy, they increasingly turn to lactose-free alternatives like coconut milk, almond milk, and oat milk.

Additionally, the veganism trend in North America, Europe, and parts of Asia is fostering demand for plant-based alternatives. Coconut milk is not only used in cooking but also in beverages, desserts, and snacks, especially vegan ice creams and pastries.

The market also benefits from consumer preference for organic, clean-label, and non-GMO products. Brands are innovating with flavor varieties and enhanced nutritional profiles, making coconut milk more appealing.

Post-pandemic, demand for immunity-boosting foods has also catalyzed coconut milk sales. With WHO's emphasis on nutrient-rich diets to fight infections, coconut milk, rich in vitamins and healthy fats, has gained renewed consumer trust.

Market Restraints

Despite its rising popularity, the coconut milk market faces competition from other plant-based milk substitutes such as soy, almond, oat, and rice milk. These alternatives often offer higher protein content and are perceived as healthier by fitness-conscious consumers.

Furthermore, the relatively high fat content in coconut milk, particularly in full-fat varieties, has deterred some health-aware consumers from adopting it as a daily dairy substitute.

Supply chain challenges and seasonal fluctuations in coconut production, especially in Southeast Asia, also pose risks to consistent product availability and pricing.

Market Opportunities

With evolving consumer demand, there are abundant opportunities in flavored and fortified coconut milk products, particularly those infused with calcium, vitamin D, or functional ingredients like turmeric and probiotics.

There's also a rising market for organic and sustainably sourced coconut milk, especially in the U.S. and Europe. Certification for non-GMO, gluten-free, and vegan labeling further adds to product appeal.

The foodservice sector, particularly vegan cafés, plant-based fast food chains, and premium dessert outlets, represents a fertile ground for coconut milk adoption.

In addition, the online retail segment offers strong growth potential, supported by influencer marketing, product sampling, and direct-to-consumer brand models.

Frequently Asked Questions

◆ How big is the coconut milk market currently and what is its future potential?
◆ Who are the key players in the global coconut milk market?
◆ What is the projected growth rate of the coconut milk market between 2025 and 2032?
◆ What is the market forecast for coconut milk by the year 2032?
◆ Which region is estimated to dominate the coconut milk industry through the forecast period?

Company Insights

• Nestlé
• SunOpta, Inc.
• Pacific Foods of Oregon, LLC
• Pureharvest
• Danone SA
• Vitasoy International Holdings Limited
• McCormick & Company
• Goya Foods
• Califia Farms
• Sanitarium
• Ecomil
• Earth's Own Food Company Inc.
• Edward & Sons
• Chef's Choice Food Manufacturer Company Limited
• GraceKennedy Group

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