Global Coconut Milk Market

Global Coconut Milk Market Size, Share, Growth Analysis, By Nature(Organic, Conventional), By Form(Liquid, Powder), By Distribution Channel(Supermarkets/Hypermarkets, Convenience Stores) - Industry Forecast 2023-2030


Report ID: SQMIG30I2333 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 89 | Figures: 76

Global Coconut Milk Market Insights

Coconut Milk Market size was valued at USD 1.4 billion in 2021 and is poised to grow from USD 1.64 billion in 2022 to USD 5.8 billion by 2030, growing at a CAGR of 17.3% in the forecast period (2023-2030).

Products made from plants are often safer and healthier than those made from animals. As a result, the industry is primarily driven by the rising tide of veganism around the globe. Its improved customer acceptance and the product's adaptability to a variety of uses are mostly responsible for it. Wherein, coconut milk has gained all the fame. It also lowers blood pressure and cholesterol levels, which has contributed to customers' increased preference around global coconut milk market. The need for pleasant, healthful beverages with low calorie counts is another element influencing the rise in coconut milk usage.

To stay up with the trend, manufacturers are developing creative ways to add this product to different processed foods. For instance, to make milk more appealing for youngsters in Sri Lanka, Nestle S.A. launched Nespray Coco-Up ready-to-drink beverage in February 2018.

Many processed food items, including cookies, cakes, pies, soups, milkshakes, and ice cream, contain coconut milk as an ingredient. Copra, coconut chips, coconut squash, and coconut vinegar are examples of products that are primarily used in the food and beverage industry globally. The demand for coconut milk is anticipated to increase significantly in the next years due to an increase in processed food consumption brought on by an increase in the urban population. Furthermore, production of coconut trees is not anticipated to increase much in the foreseeable future due to difficulties scaling up production. Therefore, in order to make the most of their existing output and profit from this rise in demand, companies must rely on creative solutions. These elements are expected to impede growth of the coconut milk market. 

US Coconut Milk Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 1.4 billion

Largest Segment

Conventional

Fastest Growth

Conventional

Growth Rate

17.3% CAGR

Global Coconut Milk Market ($ Bn)
Country Share for Aisa Pacific Region (%)
Country Share for Europe Region (%)
Global Coconut Milk Market By Nature ($ Bn)
Global Coconut Milk Market By Nature (%)

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Global Coconut Milk Market Segmental Analysis

Global Coconut Milk Market is segmented based on nature, form, distribution channel and region. Based on the nature, the global coconut milk market is segmented into organic and conventional. Based on the form, the Coconut Milk Market is segmented liquid and powder. Based on the distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, grocery stores, and online retail. Based on region, the Coconut Milk Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Coconut Milk Market Analysis by Nature

By nature, global coconut milk market is segmented into organic and conventional products. Although its sales are slowing down, the standard form continues to dominate this market. Its demand has been fuelled by its simpler availability and lower cost compared to its organic cousin. However, the demand for organic products is surging as a result of the well-established trend of clean-label products among informed customers. Organic items are healthier because they are secure and devoid of any dangerous chemical pesticides and fertilisers. Among other things, organic coconut milk market has had a significant impact on customers' decisions to buy plant-based milk.

Coconut Milk Market Analysis by Form

By form, global coconut milk market is segmented into liquid and powder form. The liquid form of coconut milk, which is one of two varieties offered, is the most popular and accounts for largest market share. The category is being driven by the improved accessibility of liquid form in retail outlets and its widespread inclusion in beverages like coffee and tea. Liquid milk is frequently used in Asian cuisine to improve their flavour and texture. Additionally, the use of liquid coconut milk in place of dairy milk in the production of vegan yoghurt and smoothies has improved the sales volume further.

Due to its longer shelf life and convenience of storage, the powdered form is becoming more and more popular with customers. The development of cutting-edge technologies in powdered milk has helped to preserve the milk's nutritional value and keep the quantity of fat to a minimum, making it low in calories. These elements are anticipated to accelerate the segment's growth in the global coconut milk market.

Global Coconut Milk Market By Nature, 2021 (%)

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Global Coconut Milk Market Regional Insights

Asia Pacific is holding the largest share of the global coconut milk market. This is attributed to the extensive use of milk in Asian cuisines. Along with this, the market has been largely driven by the growing trade in goods made from coconuts between Asian nations and others. Among the top producers of coconuts are nations like Thailand, Indonesia, Sri Lanka, and others. As per reports, with a projected production of 16.82 million metric tonnes of coconuts in 2020, Indonesia is the world's largest producer. On the other hand, India produced around 14.7 million metric tons of coconut milk. As a result of the region's easy access to raw materials, it is a leading manufacturer of goods with coconut as an ingredient.

The existence of some well-known companies in the Asia Pacific coconut milk market, including Thai Coconut Public Company Ltd., Nestle S.A., and Celebes Coconut Corporation, has helped the market expand more aggressively. Additionally, customers are becoming more vegan as a result of increased urbanisation and the acceptance of western lifestyle, which is anticipated to stimulate the local market during the foreseeable future.

Sales of coconut milk in the Europe coconut milk market is driven by growing tendencies toward the consumption of plant-based goods. Because consumers are becoming more aware of the health benefits from consuming plant-based milk, they have begun to substitute it for dairy milk in their regular meals.

Global Coconut Milk Market By Region, 2023-2030

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Global Coconut Milk Market Dynamics

Coconut Milk Market Driver

  • Increasing Popularity of Plant-Based Foods

According to the Vegan Society, the market for plant-based milk in Europe is expanding rapidly in the United Kingdom. Approximately 15% of the entire European market was made up by this industry in 2019, which had a total market value of USD 320.6 million. Coconut milk market is majorly driven by the customers’ increasing preferences for plant-based products as being safer and healthier than items generated from animals.

Moreover, the increase in the global sales of coconut milk has been largely attributed to consumers' shifting dietary preferences toward plant-based meals. Leading manufacturers might further stimulate the coconut milk makret by coming up with inventive ways to include milk in different baking and confectionery products. The rise in sales of plant-based milk can be attributed to the fact that lactose intolerance is becoming more common among customers. Additionally, rising interest in natural and clean-label items is anticipated to increase demand for the product in the future years.

  • Growing Global Popularity of Coconut Milk in Asian Cuisine

The most popular and tried Asian cuisine, according to a 2019 study in the Institute of Food Technologists (IFT), is Chinese food, which is followed by Japanese, Thai, and Korean. Consumers today are open to trying new flavors and anticipate that the food they eat will be flavorful. Consumers are constantly looking for novel and unusual flavours, especially Gen Z and millennials. One of the essential elements in Asian cuisine, coconut milk is quickly gaining popularity among western consumers. The appeal of Asian food is also influenced by the cross-cultural eating patterns in western nations. 

Coconut Milk Market Restraint

  • Presence of Numerous Alternatives to Limit Coconut Milk Market Growth

There are various plant-based alternatives that are widely sold in markets around the world, including rice milk, almond milk, soy milk, and many others. These goods could serve as substitutes for coconut milk because they have been on the market for a longer period of time and have earned the trust and acceptance of consumers. Compared to coconut milk, these plant-based beverages have higher levels of proteins, calcium, carbs, and low fats. Therefore, diet-conscious consumers favour soy or almond milk instead of coconut milk, which has somewhat harmed sales of coconut milk.

  • Price Fluctuation in Raw Materials

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Global Coconut Milk Market Competitive Landscape

Few major companies in the global coconut milk market such as Nestle S.A., Danone S.A., Nestle S.A., Dabur India Ltd., and Celebes Coconut Corporation, are holding major market share. These businesses control a substantial portion of global market and they are putting a lot of effort into geographical expansion and the diversification of their product offerings to maintain their position . For instance, Nestle S.A. invested USD 72 million in Sri Lanka's biggest plant for processing coconut milk in April 2019. By making these investments, the corporation hopes to diversify its product offerings and increase its global reach. The production of dairy substitutes, which don't contain dangerous chemicals like GMOs, lactose, trans fats, artificial flavours, or other synthetic compounds, involves major producers of coconut milk. They are able to achieve more standards and certifications as a result, which expands their customer base.

Coconut Milk Market Top Player's Company Profiles

  • Thai Agri Foods Public Company Limited
  • McCormick & Company, Inc.
  • The Hain Celestial Group, Inc.
  • Goya Foods, Inc.
  • WhiteWave Foods Company
  • The Coca-Cola Company
  • Danone S.A.
  • Pacific Foods of Oregon, LLC
  • The Thai Coconut Public Company Limited
  • Nestle S.A.
  • Ayam Sarl
  • Celebes Coconut Corporation
  • Renuka Holdings PLC
  • GraceKennedy Limited
  • Turtle Mountain, LLC
  • Dr. Antonio Martins Coco GmbH
  • ThaiCoconut Co., Ltd.
  • CocoGoods Co.
  • The Coconut Company (UK) Ltd
  • Nature's Charm Co., Ltd.

Coconut Milk Market Recent Developments

  • In June 2021, Danone Manifesto Ventures (DMV) purchased the majority of Harmless Harvest, a pioneer in organic coconut-based goods such coconut water and dairy-free coconut yoghurt substitutes.
  • In October 2021, in an effort to give the distinctive qualities of Greek yoghurt without the dairy, Danone SA launched Silk Greek Style Coconutmilk Yogurt Alternatives.
  • In March 2021, Dabur India increased the selection of Vatika products available by introducing the "Dabur Vatika Select" line of shampoos. It included four products which are Coconut Milk Extract shampoo, Red Onion Black Seed Oil shampoo, Apple Cider Vinegar shampoo, and Moroccan Argan Oil shampoo. The coconut milk extract and coconut oil in Dabur Vatika Select Coconut Milk Extract shampoo are touted to strengthen hair, prevent hair damage, and replenish moisture in the hair.

Global Coconut Milk Key Market Trends

A noticeable trend is consumers' growing preference for vegan foods.

  • Rising consumer awareness about the vegan diet and the health advantages it offers is proving advantageous for the coconut milk market. In many industrialised nations, including the U.S. and the U.K., where concerns about animal welfare and the environment are growing, veganism is commonly accepted. Plant-based milk sales in the U.S. grew by 5% in 2020 compared to the prior year and made up 14% of retail milk sales, according to data from the Plant-Based Foods Association published in 2020. Additionally, the growing use of plant-based milk in a variety of processed foods, including cakes, yoghurt, smoothies, and others, would support the market's expansion.

Global Coconut Milk Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global coconut milk market analysis, popularity of Asian Cuisine, plant-based foods, vegan diet and growing population of people adopting these diets in their lifestyles are some major factors driving the growth of the global coconut milk market. Moreover, coconut milk is also being used in the cosmetic industry for skin and hair care products which will also impact the market positively.

Report Metric Details
Market size value in 2021 USD 1.4 billion
Market size value in 2030 USD 5.8 billion
Growth Rate 17.3%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Nature
    • Organic, Conventional
  • Form
    • Liquid, Powder
  • Distribution Channel
    • Supermarkets/Hypermarkets, Convenience Stores, Grocery Stores, Online Retail
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Thai Agri Foods Public Company Limited
  • McCormick & Company, Inc.
  • The Hain Celestial Group, Inc.
  • Goya Foods, Inc.
  • WhiteWave Foods Company
  • The Coca-Cola Company
  • Danone S.A.
  • Pacific Foods of Oregon, LLC
  • The Thai Coconut Public Company Limited
  • Nestle S.A.
  • Ayam Sarl
  • Celebes Coconut Corporation
  • Renuka Holdings PLC
  • GraceKennedy Limited
  • Turtle Mountain, LLC
  • Dr. Antonio Martins Coco GmbH
  • ThaiCoconut Co., Ltd.
  • CocoGoods Co.
  • The Coconut Company (UK) Ltd
  • Nature's Charm Co., Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Coconut Milk Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Coconut Milk Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Coconut Milk Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Coconut Milk Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Coconut Milk Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Coconut Milk Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Coconut Milk Market size was valued at USD 1.4 billion in 2021 and is poised to grow from USD 1.64 billion in 2022 to USD 5.8 billion by 2030, growing at a CAGR of 17.3% in the forecast period (2023-2030).

Few major companies in the global coconut milk market such as Nestle S.A., Danone S.A., Nestle S.A., Dabur India Ltd., and Celebes Coconut Corporation, are holding major market share. These businesses control a substantial portion of global market and they are putting a lot of effort into geographical expansion and the diversification of their product offerings to maintain their position . For instance, Nestle S.A. invested USD 72 million in Sri Lanka's biggest plant for processing coconut milk in April 2019. By making these investments, the corporation hopes to diversify its product offerings and increase its global reach. The production of dairy substitutes, which don't contain dangerous chemicals like GMOs, lactose, trans fats, artificial flavours, or other synthetic compounds, involves major producers of coconut milk. They are able to achieve more standards and certifications as a result, which expands their customer base. 'Thai Agri Foods Public Company Limited', 'McCormick & Company, Inc.', 'The Hain Celestial Group, Inc.', 'Goya Foods, Inc.', 'WhiteWave Foods Company', 'The Coca-Cola Company', 'Danone S.A.', 'Pacific Foods of Oregon, LLC', 'The Thai Coconut Public Company Limited', 'Nestle S.A.', 'Ayam Sarl', 'Celebes Coconut Corporation', 'Renuka Holdings PLC', 'GraceKennedy Limited', 'Turtle Mountain, LLC', 'Dr. Antonio Martins Coco GmbH', 'ThaiCoconut Co., Ltd.', 'CocoGoods Co.', 'The Coconut Company (UK) Ltd', 'Nature's Charm Co., Ltd.'

Increasing Popularity of Plant-Based Foods

Rising consumer awareness about the vegan diet and the health advantages it offers is proving advantageous for the coconut milk market. In many industrialised nations, including the U.S. and the U.K., where concerns about animal welfare and the environment are growing, veganism is commonly accepted. Plant-based milk sales in the U.S. grew by 5% in 2020 compared to the prior year and made up 14% of retail milk sales, according to data from the Plant-Based Foods Association published in 2020. Additionally, the growing use of plant-based milk in a variety of processed foods, including cakes, yoghurt, smoothies, and others, would support the market's expansion.

Asia Pacific is holding the largest share of the global coconut milk market. This is attributed to the extensive use of milk in Asian cuisines. Along with this, the market has been largely driven by the growing trade in goods made from coconuts between Asian nations and others. Among the top producers of coconuts are nations like Thailand, Indonesia, Sri Lanka, and others. As per reports, with a projected production of 16.82 million metric tonnes of coconuts in 2020, Indonesia is the world's largest producer. On the other hand, India produced around 14.7 million metric tons of coconut milk. As a result of the region's easy access to raw materials, it is a leading manufacturer of goods with coconut as an ingredient.

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Global Coconut Milk Market

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