What is the global market size of Coconut Milk Market?

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).

What is the key driver of Global Coconut Milk Market?

Increasing Popularity of Plant-Based Foods

Coconut Milk Market Size

SkyQuest Technology's Coconut milk market size, share and forecast Report is based on the analysis of market data and Industry trends impacting the global Coconut Milk Market and the revenue of top companies operating in it. Market Size Data and Statistics are based on the comprehensive research by our Team of Analysts and Industry experts.

Coconut Milk Market Insights

Coconut Milk Market size was valued at USD 1.64 Billion in 2023 and is poised to grow from USD 1.92 Billion in 2024 to USD 6.8 Billion by 2032, growing at a CAGR of 17.3% during the forecast period (2025-2032).

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.

Coconut Milk Market Report Snapshots

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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. ', '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.'

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.

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.

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.

Coconut Milk Market Size

Coconut Milk Market Insights

Coconut Milk Market Report Snapshots

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