Coconut Milk Market Set to Exceed $3.77 Billion Sales by 2032, According to Persistence Market Research
The Coconut Milk market is experiencing robust growth driven by increasing consumer demand for plant-based alternatives, health-conscious choices, and versatile applications in culinary and beauty products
New York, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The coconut milk market is expected to grow by 8.5% from 2022 to 2032, with the global market currently valued at $1.66 billion and projected to reach $3.77 billion by 2032.Coconut milk, made from mature coconut flesh, is a creamy, white liquid rich in oil, including saturated fats that can lower cholesterol, regulate blood pressure, and prevent heart attacks. This dairy-free substitute is a good source of fiber, calcium, zinc, iron, and magnesium, offering benefits for cardiovascular health, weight loss, immune system strength, and allergen-free qualities, as well as bone strengthening.
The global market growth is fuelled by changing consumer preferences and increasing health awareness. Food and beverage producers invest in research and development to enhance the quality, flavour, and nutrition of their products using coconut milk. The health benefits associated with coconut milk contribute to its rising demand, particularly in the US, Germany, the UK, and France. Producers are also focusing on innovations to meet the diverse needs of a substantial customer base, as coconut milk gains popularity as a healthy alternative to carbonated beverages, leading to a rapid increase in demand.
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*Market Scope:*
*Report Coverage* *Details*
Market Revenue 2023 US$ 1.66 Bn
Estimated Revenue 2030 US$ 3.77 Bn
Growth Rate - CAGR 8.5%
Forecast Period 2023-2030
No. of Pages 368 Pages
Market Segmentation By Nature, Product Type, Flavour, End Use, Distribution Channel, Region ion
Regions Covered North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
Key Companies Profiled · Nestle
· SunOpta, Inc.
· Pacific Foods of Oregon, LLC.
· Pureharvest
· Danone SA
· Vitasoy International Holdings Limited
· McCormick & Company
· Goya Foods
· Califia Farms
· Sanitarium*Coconut Milk Market Analysis: 2017-2021 vs. 2022-2032 Forecast*
From 2017 to 2021, coconut milk sales showed a steady growth of 7.2%. The demand for coconut milk is on the rise because of its various health benefits, making it a crucial ingredient in natural and healthy products that enhance consumer well-being.
Coconut milk products come in a variety of flavors and types. Manufacturers are adopting strategies such as providing flavorful, organic, and non-GMO coconut milk to cater to diverse preferences.
Countries with a growing population of people who are lactose intolerant present substantial opportunities for coconut milk manufacturers. Major players in the market are expected to expand their production capabilities by incorporating the latest technologies. Additionally, the increasing demand for organic and clean label food products is boosting the sales of organic coconut milk.
In summary, the global coconut milk market is poised for significant growth, with a projected CAGR of 8.5% over the next decade.
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*Market Dynamics:*
*Factors Driving Growth:*
Increasing Demand for Healthy Drinks: Health-conscious consumers are choosing natural energy drinks over those high in caffeine and sugar. Coconut milk, with its low calories, and levels of lipids and carbohydrates, is gaining popularity. Packed with antioxidants and medicinal properties, it supports various aspects of health, including blood pressure, renal function, cardiovascular health, and diabetes management. The nutritional content, including electrolytes and nutrients, contributes to the growing demand for coconut milk as a healthy beverage.
Retail Market Expansion: The retail industry, involving the sale of goods to consumers, has witnessed growth, driven by low unemployment rates and stable electricity prices in the US. Various retail outlets, such as supermarkets, convenience stores, discounters, and online platforms, offer coconut milk and related products. Discounters, convenience stores, and e-commerce are the fastest-growing segments, contributing to international marketing efforts, enhancing brand recognition, and expanding consumer awareness. The thriving retail sector plays a crucial role in the overall development of the coconut milk market.
*Market Challenges:*
Decrease in Coconut Production: Despite the soaring demand for coconut milk, there has been no corresponding increase in coconut production. Asia, responsible for over three-fourths of global coconut production, has experienced a modest decline. Factors such as the limited peak yield period of coconut trees (between 10 and 30 years), specific climate requirements, and small land holdings of coconut farmers hinder producers from scaling up production. Given these challenges, creative solutions are necessary for companies to optimize current output and capitalize on the increasing demand.
*Market Opportunities:*
Innovation and Growing Demand for Coconut Milk: The introduction of new plant-based products challenges the perception that coconut milk contains artificial ingredients. Lactose-free and organic coconut milk, with benefits such as increased muscle mass and strength, appeals to health-conscious consumers. Companies like Vita Coco and WhiteWave Food are actively involved in research and development to enhance coconut milk properties. For instance, Vita Coco has launched a product enriched with calcium and minerals. This trend presents lucrative opportunities for manufacturers to offer an improved variety of coconut milk, ultimately leading to a higher market share.
*Market Segmentation:*
The top-selling type of coconut milk is the one with full fat. Coconut milk comes in different forms like full fat, low fat, cream, and powder. But the one that's used the most globally is the full fat version.
Full fat coconut milk is praised for being good for health. It helps improve cholesterol levels by lowering the bad cholesterol (LDL) and increasing the good cholesterol (HDL), according to various studies.
In 2022, it's estimated that 46.1% of the market volume share will be for full fat coconut milk, reaching about 802,069 tons globally by the end of the forecast period.
Coconut milk is also categorized by flavour, with sweetened and unsweetened options. Among them, unsweetened coconut milk is the most popular, holding a significant market share of 77.9% in 2022. The current market value is expected to be close to US$ 1.3 billion.
*Regional Insights:*
Asia-Pacific has the biggest share in the market and is expected to grow at a rate of 17.2% during the forecast period. Before people started liking organic coconut milk, there was only one type available, and it has become very popular worldwide. Regular coconut milk, which is more affordable than the organic kind, is one of the main reasons for the market's growth. The use of coconut in making different recipes is a trend that is increasing the demand for the product in this region. Asian cuisine, which uses a lot of coconut and coconut milk, has become very popular globally, creating significant opportunities for key players in this area.
Europe is the second-largest region and is predicted to reach USD 1,567 million by 2031, growing at a rate of 17.5%. The global growth in the food and beverage industry is a great opportunity for the coconut milk market in this region. The main reasons for growth are the increasing awareness among consumers about the benefits of coconut milk and their preference for it. Offering different product varieties to suit consumers' tastes is a significant trend in this market. Additionally, the rising popularity of healthy drinks, the desire to reduce sugar and energy intake, and the introduction of new flavours are the key drivers behind the growing interest in coconut milk in Europe.
North America is the region growing the fastest. It is a major consumer of coconut milk due to the increasing number of people facing obesity and lactose intolerance. Many consumers in this region are choosing coconut milk because of its various health benefits, contributing to the market's growth. The high income and the trend of adopting a healthy lifestyle are leading to the highest revenue in this market.
*Competitive Intelligence and Business Strategy*
Major suppliers of coconut milk are making plant-based alternatives to dairy products to get rid of harmful things like GMOs, lactose, trans fats, fake flavors, and other artificial ingredients. This helps them meet various standards and get certifications, making more people interested in their products.
SunOpta, Inc. focuses on providing non-GMO and organic plant-based milk. They work directly with coconut suppliers in Southeast Asia and get the best coconut cream for making coconut milk. The coconut milk they produce is kosher, non-GMO, and certified organic, making their final products high-quality.
Pacific Foods of Oregon, Inc. makes vegan and gluten-free plant-based milk. Since more people around the world are becoming vegan, the company wants to make milk products that are good for them. They mostly offer nut-based milk, which is seen as a healthier option compared to regular milk.
Califia Farms plans to attract consumers by offering tasty plant-based milk products. The increasing trend of people choosing plant-based foods has led the company to expand its plant-based product range. As a result, they have added different flavors to their product line.
*Key Questions Answered in the Report:*
1. What are the contributing factors to the market's growth trends?
2. What is the current market size, and how is it expected to change in the upcoming years?
3. What are the key elements exerting influence on the market?
4. How is the Coconut Milk market segmented, considering types, applications, fuels, or other relevant factors?
5. Who are the major participants in the Coconut Milk market?
6. What strategies are these players employing to establish a competitive edge?
7. What factors are propelling the expansion of the Coconut Milk market?
8. Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
9. What recent technological advancements are impacting the Coconut Milk industry?
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