Rich in cream and texture, coconut milk is a high-calorie food, and considered an eco-friendly and healthy product that provides plenty of minerals and vitamins. There is rising demand for coconut milk from the beverage industry as an ideal substitute for cow milk and other animal milk. Owing to its nutritional elements such as potassium, vitamins, iron, zinc, and minerals, open new opportunities are expected to arise for manufacturers over the coming years. Moreover, ready-to-drink beverages are widely popular across the world, as consumers are getting the necessary combination of taste and nutrition in them. Since the adoption of the vegan diet is rising around the globe, manufacturers are increasingly offering dairy-free, ready-to-drink beverage products to consumers. As such, the global coconut milk market is set to experience a value growth of close to 9% CAGR over the next ten years.
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Key Takeaways from Market Study
- The market in South Asia and East Asia is anticipated to expand at CAGRs of around 11% and 10%, respectively, through 2031.
- The organic segment of coconut milk is expected to exhibit a significant value CAGR of around 10%, owing to increasing demand for minimally processed, clean label, and chemical- and pesticide-free food and beverage products.
- By product, sales of low-fat coconut milk are expected to surge at a value CAGR of more than 9 globally, over the forecast period.
- COVID-19 has had a moderate negative impact on the progress of the coconut milk market. However, with increasing demand for nutritious and plant-based food products, losses are expected to be recovered in the near term.
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Competitive Landscape
Coconut milk manufacturers are focusing on developing application-specific products by investing in research & development. Manufacturers are constantly making efforts in increasing production capabilities and sales across various regions of the world.
- In 2017, Nestlé launched a new range of almond and coconut milk products, especially for coffee, under the brand name Coffee-Mate Natural Bliss. This new range of creamy and delicious flavored coconut milk and almond milk was introduced by the company owing to changing preferences of consumers.
- In 2016, McCormick & Company constructed a new facility in Shanghai, China, to cater to increasing demand from the Chinese market. In addition, the company established a new manufacturing facility in Dubai and acquired a construction site in Thailand to offer efficient services in Southeast Asia.
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