Global Coconut Milk Market Insights

Global Coconut Milk Market was valued at USD 1 Billion in 2021, and it is expected to reach a value of USD 1.78 Billion by 2028, at a CAGR of 8.58 % over the forecast period (2022-2028).

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.

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. 

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, doughnuts, 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.

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. 

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 to Cross USD 1.78 Billion by 2028 Thanks to Rising Veganism and Growing Lactose Intolerant Population

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.