Overall, the global coconut milk market is set to witness growth at a value CAGR of 8.5% over the forecast period of 2022 to 2032.
Demand for plant-based milk products is increasing, which has also led to higher investment opportunities in the business. Plant-based milk companies are expanding their business in more territories and are also focusing on offering innovative product lines. Consumers’ rapid inclination toward dairy-free products has created beneficial investment opportunities for major players. Hence, increasing investment activities in the plant-based milk business is one of the key driving factors for the coconut milk market.
- For instance, in January 2020, Califia Farms, a plant-based milk producer, announced the completion of its largest private capital raising. The company acquired a US$ 225 million of series D funding, which is led by the Qatar Investment Authority (QIA). Investors include the Green Monday Ventures, Claridge, Temasek, and others.
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Coconut milk products are also gaining rapid traction among foodservice providers, as consumers are also seeking plant-based food in restaurants and cafes. Coconut milk is expected replace a whole lot of dairy milk in the foodservice industry. Coconut milk, rice milk, and others are becoming perfect replacements for diary milk.
Coconut milk is ideal for cooking & baking, and gives food a delicious aroma. It is majorly used in all kinds of dishes such as curries, soups, smoothies, and others. Moreover, a thin texture of coconut milk makes it a suitable option for many cuisines, and is considered a healthy beneficial milk for cooking.
- The McCormick & Company offers coconut milk products under its Thai Kitchen brand, especially for the foodservice industry.
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Key Takeaways from Market Study
- The market for coconut milk is expected to grow at a CAGR of 10.4% in South Asia through 2032.
- Market shares of South Asia and Oceania are 17.2% and 6.7%, respectively, in 2022.
- The Europe coconut milk market is currently pegged at 148,011 tons.
- Growing consumer preference for healthy and nutritious food products is driving the sales of coconut milk across the world. Based on nature, demand for organic coconut milk is expected to increase at a CAGR of 9%.
- Although by flavor, unsweetened coconut milk holds the highest market share, sales of sweetened coconut milk are set to increase at a CAGR of 8.9%.
- COVID-19 disrupted the supply chain of coconut milk, due to which, the market was affected. However, it is expected to witness significant growth going ahead with increasing consumer demand for healthy and nutritious food products.
“Manufacturer are offering coconut milk products with diverse flavors and varieties. With the utilization of advanced ingredients and state-of-the-art manufacturing techniques, companies are providing pioneering solutions in regards with coconut milk,” says a Persistence Market Research analyst.
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Competitive Landscape
Key companies manufacturing coconut milk are majorly focusing on expanding the product portfolios by adding innovative flavors. Manufacturers are also participating in various exhibitions and events around the world to increase awareness about their products.
- In February 2020, Vitasoy International Holdings Limited launched 12 special edition drink packs of nutritious protein-rich soy milk. The company launched these products on its 80th anniversary. Product varieties include Classic VITASOY, Malt VITASOY, Low Sugar VITASOY, and Low Sugar Malt VITASOY.
- In 2017, Nestlé launched a new range of almond and coconut milk products, especially for coffee, under the brand name Coffee-Mate Natural Bliss.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global coconut milk market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
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