The coconut milk market was worth USD 1 billion in 2021 and is estimated to cross USD 1.78 billion by 2028, exhibiting a CAGR of 8.58% during the forecast period (2022-2028).
Westford USA, Jan. 25, 2023 (GLOBE NEWSWIRE) — The coconut milk market is anticipated to expand due to growing consumer concerns about consuming conventional dairy-based food and beverage items and a rise in consumer preferences for vegan diets. Another factor contributing to the increase in coconut milk consumption is the demand for palatable, healthy with low-beverages calorie counts. Additionally, the advent of food products made from coconuts shows a shift in consumer preferences from animal-based products to plant-based products, with coconut-based goods maintaining a significant market share.
Vegans, vegetarians, and people with dairy allergies or intolerances all enjoy coconut milk and cream. Due to their inherent sweetness and smoothness, they are also widely used in beverages and sauces. Additionally, it is used to make various meals, including sauces, dough , ice cream, cakes, smoothies, and shakes. Active and health-conscious consumers now prefer natural energy sources over overly caffeinated and sugar-based ones. Coconut milk contains few calories and low carbohydrate levels.
According to SkyQuest’s global study, lactose malabsorption affects approximately 68% of the world’s population, and out of this, up to 90% of East Asians are lactose tolerant. The rising prevalence of lactose tolerance in the population is increasing the demand for plant-based protein, thereby propelling demand for the coconut milk market.
Coconut Milk Powder Segment to Capture Dominant Market Share on account of Rising Global Product Sales
As per SkyQuest’s segment analysis, the coconut milk powder segment is the highest contributor, with a 71% market share, and is anticipated to register a CAGR of 17.3% from 2022 to 2028. Cakes, doughnuts, ice cream, smoothies, shakes, and Sauces can all be made with coconut milk powder. The scope of the segment is expected to increase in the near future due to growing demand for vegan ice cream and cakes as dessert options in dine-out hotels and Quick Service Restaurants (QSRs). As One of the essential potential ingredients for preparing authentic food, coconut milk powder is predicted to gain popularity. In addition, introducing coconuts from organic sources is likely to provide market participants with significant growth potential over the projection period.
India, Indonesia, Japan, and China are important revenue-generating countries in the Asia-Pacific region. Therefore, the government emphasizes bolstering the coconut business and its use in various sectors because it occupies a prominent place in the region. More than 85% of customers in Japan are lactose intolerant; however, there is a very high demand for ice cream, yogurt, and other dairy products among the locals. As a result, the country’s food manufacturing industries face a strong demand for dairy-alternative components such as coconut cream and milk.
The research report on the coconut milk market includes a thorough examination of the present uses for coconut milk and a comparative analysis with a keen eye toward opportunities and examination of unexplored regions. The research report also includes market data that has been scientifically backed and verified the relevant industries, along with growth factors, statistical data, and future trends.
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Hypermarkets/Supermarkets Emerges as the Fastest Growing Segment due to the Presence of a Vast Chain of Outlets
Based on SkyQuest’s insights, the hypermarkets/supermarkets segment held a 36.4% market share in 2022 and is predicted to expand with a CAGR of 11.5% from 2022 to 2028. The segment is dominating the coconut milk market owing to an increasings preference for Among the urban and semi-urban population due to its wide product offerings. The proximity of these establishments and the variety of products they carry play a significant role in the segment’s growth.
North America is among the top regions for coconut milk consumption due to its extensive network of supermarkets and hypermarkets, large chain stores, and rising rates of obesity and lactose tolerance. Due to the multiple health advantages of coconut milk, many consumers are in this region Switching to it, which helps the market expand. This industry’s highest revenue is due to high disposable income and an increase in people embracing healthier lifestyles.
The market is expanding quickly with increased technological innovation, intense competition, and M&A activity in the industry. Numerous local and regional vendors provide specialized application products for a wide range of end-users. The research report covers all the latest happenings in the industry, which will likely influence the market.
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Key Developments in Coconut Milk Market
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Cocos Organic, a Met Foods brand, has introduced its first organic coconut milk yogurt tubes for children aged six months. The new flavor options are strawberry and banana. The product is made with organic coconut milk, is fortified with live bacteria, including Bif -12, and is naturally flavored with strawberries and bananas.
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Aloette, an industry leader in clean beauty solutions, has introduced two new body care products: Rest & Restore Soothing Lavender Body Wash and Comforting Lavender Body Crème. These two products complement Aloette’s existing ultra-hydrating body care line, which includes the products Milk & Turmeric Line, which consists of a body wash and body mist.
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The Philippines-based food and beverage firm Mach Consumers Resources Inc., often known as Machcri, has introduced its first-ever product under its brand, the Machcri Coconut Cream, which uses RSAI Coconut Cream 32% Fat as a key component. It is Additive-free, UHT processed and homogenized to preserve the coconut’s natural flavor and aroma.
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Sternchemie, a German ingredients supplier, has recently launched a coconut milk powder called SternCream, a functional substitute for conventional milk products. SternCream, which has a very high coconut milk concentration, is touted as being perfect for creamy items, like frafer and ice cream, as well as other uses, including soups and sauces.
The market is expanding quickly with increased technological innovation, intense competition, and M&A activity in the industry. Numerous local and regional vendors are providing specialized application products for a wide range of end-users. The research report covers all the latest happenings in the industry , which is likely to influence the market.
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Prominent Players in Coconut Milk Market
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Danone SA (France)
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Dabur India Ltd. (India)
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Nestle SA (Switzerland)
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The Coconut Company Ltd. (United Kingdom)
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Cocomi Bio Organic (Sri Lanka)
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Thai Coconut Public Company Ltd. (Thailand)
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Coconuts of the Caribbean Ltd. (Trinidad)
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Celebes Coconut Corporation (Philippines)
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Pt. Sari Segar Husada (Indonesia)
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Merit Food Products Co., Ltd. (Thailand)
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