Canned Coconut Milk Market Size (2024 – 2030)

The Canned Coconut Milk Market was valued at USD 1,009.3 million in 2023 and is projected to reach a market size of USD 1,517.61 million by the end of 2030. Over the forecast period of 2024-2030, the market is estimated to grow at a CAGR of 6%. 

Dairy consumption in some categories has reduced over the last two decades, as consumers respond to issues about hormone usage, allergens, and the perceived unhealthy profile of some dairy offerings, which was once regarded as a significance component of a balanced diet in several cultures. This has changed the global landscape for dairy producers, as they struggle to keep up with changing consumption attitudes and regional differences in consumer attitudes, while capitalising on potential opportunities in dairy product consumption. Coconut milk, for instance, has a perceived health halo among consumers, capturing the attention of dairy product providers.

Demand for plant-based milk such as coconut milk has risen rapidly in recent years. People are becoming more conscious of their diet and the environmental impact of animal husbandry and are looking for alternatives to traditional milk. Furthermore, coconut milk is often low in saturated fat and cholesterol, making it an attractive alternative for those looking to reduce their intake of high fat contains animal products. Owing to all such plusses, demand for coconut milk is rising, which is expected to push the growth of the global packaged coconut milk market during the forecast period.

Key Market Insights:

• Coconut milk is often low in saturated fat and cholesterol, making it an attractive choice for those looking to reduce their intake of high fat contains animal products. 

• The high market development in Asia-Pacific can be attributed to factors such as increased adoption of emerging technologies for product innovation, collaborations between international and domestic milk companies, escalated R&D investments by governments in the milk sector, and the presence of a large number of prime players in the market.

Canned Coconut Milk Market Drivers:

Growing prevalence of chronic lifestyle diseases and intolerance to dairy milk increasing the demand for coconut milk.

One of the key elements driving market growth is the rising prevalence of chronic lifestyle diseases and intolerance to animal protein. Additionally, the widespread adoption of vegan eating practices around the world is propelling market development. With rising consumer awareness of animal health and the increase in lactose intolerants around the world, there is a shift in global choice for coconut milk products. Resultantly, the market has a more optimistic outlook.

Trending in social media marketing is contributing to the success of canned coconut milk market.

Furthermore, the development of novel products is influencing the growth. These products are high in significant necessary nutrients and taste almost identical to their animal-derived counterparts. Other elements, such as extensive promotional activities by celebrities and athletes to support the consumption of vegetarian products in order to have a healthy lifestyle and the ease of product availability via proliferating online retail channels, are predicted to drive the market even further.

Expanding uses in Food and Beverage Industry fuelling market growth.

The expanding uses of Coconut milk in the Food and Beverage Industry are driving the market's growth. Coconut milk serves as a versatile ingredient that can be initiated into a wide range of recipes, including desserts, curries, sauces, smoothies, and baked goods. Its rich and creamy texture, along with its versatile tropical flavour, adds depth and richness to dishes, making it a popular choice among chefs, home cooks, and food manufacturers. In addition, the rising popularity of ethnic cuisines, such as Southeast Asian and Caribbean cuisines, where coconut milk is a staple ingredient, further attributes to the market's expansion. The diverse and expanding applications of coconut milk in the Food and Beverage Industry make it a key influencing factor in the market's growth.

Canned Coconut Milk Market Restraints and Challenges:

High price and restricted awareness of coconut milk is the key challenge that affects the growth of the global packaged coconut milk market.

The excessive price of canned vegan milk like coconut milk as compared with traditional dairy products is one of the primary motives at the back of their confined penetration and adoption in areas including MEA, South America, and Eastern Europe. Furthermore, middle-income people in developed economies also avoiding from buying packaged vegan food because of its high price. The rate per pound of canned coconut milk varies widely on brands and is roughly 1.5 to 2 times the price of the same quantity of traditional dairy milk. However, the global market for packaged coconut milk is developing and consumer awareness of packaged vegan milk is very limited, particularly in South America, Southeast Asia, MEA, and Eastern Europe. Hence, the canned vegan milk industry in these regions is highly underdeveloped, with low penetration. This is a key concern for the market players which is estimated to impede the growth of the Global Canned Coconut Milk Market during the forecast period.

Limited Supply and instability in Coconut Production to Impede Market Growth

A bottle neck in the packaged coconut milk market is the limited supply and volatility in coconut production. The production of coconuts is influenced by several factors, including climate conditions, pests, and diseases. Fluctuations in coconut yields can result in unstable supply chains and impact the accessibility and pricing of coconut milk. Furthermore, coconut farming is importantly concentrated in specific regions, which can be vulnerable to natural disasters or other disturbances. These factors can throw challenges in ensuring a consistent and reliable supply of coconuts for processing into packaged coconut milk. The limited supply and volatility in coconut production act as restraining forces, impacting the market's growth and stability.

Canned Coconut Milk Market Opportunities:

Lactose intolerance is one of the latest opportunities for a global market. The vast dominance of the world's population will remain lactose intolerant. This segment of the global population will always need a lactose-free alternative, which the coconut milk industry can provide. Another possibility is the sustainable living movement, which requires for climate- and animal-safe milk. As people make more environmentally conscious selections to reduce their domestic carbon footprint, the global Market is paying close attention to an excellent opportunity for coconut milk developing market.

CANNED COCONUT MILK MARKET REPORT COVERAGE:

Canned Coconut Milk Market Segmentation: By Distribution Channel

• Supermarkets

• Hypermarkets

Due to the increased demand for canned coconut milk, supermarkets and hypermarkets provide a wide variety of packaged coconut milk. Improved shelf storage of packaged coconut milk in supermarkets and hypermarkets will spread product awareness, attract more consumers, and lead to more purchases. Furthermore, some retailers offer packaged, private-label coconut milk at competitive prices. Therefore, consumers are more likely to buy such products. Hence, the availability of budget-friendly products in supermarkets is expected to drive the growth of the segment during the estimated period.

Canned Coconut Milk Market Segmentation: By Product

• Conventional

• Organic

The market share growth by the Conventional segment will be major during the forecast period. Conventional coconut milk is made with conventional cultivation that applies pesticides to avoid pest attacks. Coconut milk is made by removing the coconut meat and marinating the coconut meat for a period of time to break down the coconut and make coconut cream, which rises on top of the coconut. Coconut cream is the thickest and fatty part of coconut consumed in desserts. The coconut cream is removed from the top and marketed as coconut cream such as other dairy products. The rest of the coconut milk is strained several times until it is thin enough to capture and sold. Coconut milk can also be traded fresh on the dairy shelf. As conventional coconut milk needs conventional raw materials including conventional coconut, the end product of coconut milk is inexpensive, which will be the major influencer of the conventional segment during the forecast period.

Canned Coconut Milk Market Segmentation: By Region

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

North America is expected to contribute 31% to the growth of the global market during the forecast period. Consumer demand for canned coconut milk as a substitute to animal milk is driving the growth of the market. The increase in lactose intolerance and cow's milk allergy is also escalating demand for dairy alternatives and plant milk beverages such as canned coconut milk. Growing awareness of the environmental effects of the dairy industry, including greenhouse gas emissions and water use, is driving a shift toward more sustainable, plant-based alternatives. Plant-based milk production usually has a lower carbon footprint and uses less water than conventional dairy farming. The growing adoption of a vegan diet is growing the demand for plant-based dairy alternatives such as canned coconut milk.  

COVID-19 Impact Analysis on the Canned Coconut Milk Market:

The market has observed, increased demand during the pandemic due to various factors. As consumers sought to maintain a healthy lifestyle and strengthen their immune system, the demand for plant-based products, including coconut milk, grew exponentially. In addition, with more people cooking and trying out new recipes at home, the usage of coconut milk as a dairy alternative in various cuisines and recipes also surged. These elements contributed to the positive growth and expansion of the Global Canned Coconut Milk Market during the COVID-19 pandemic.

Latest Trends:

In recent years, a notable trend in the canned coconut milk market has been the emergence of functional and health-focused product offerings. As customers become increasingly conscious of their well-being, they are seeking food and beverage options that not only fulfil their taste preferences but also offer additional health benefits. This trend has resulted in the launch of coconut milk infused with functional ingredients such as turmeric, ginger and probiotics. These value-added products objectives to offer immune support, digestive health benefits, and anti-inflammatory properties, aligning with the escalating demand for natural and functional food choices. By capitalizing on this new wave, manufacturers are widening their product portfolios and catering to health-conscious consumers seeking convenient and nutritious choices.

Key Players:

1. Ahya Coco Organic Food Manufacturing Corp.

2. Campbell Soup Co.

3. Coconut Palm Group Ltd.

4. Danone SA

5. Edward and Sons Trading Co.

6. Goya Foods Inc.

7. Heng Guan Food Industrial Pte Ltd.

8. McCormick and Co. Inc.

9. Merit Food Products Co. Ltd.