Coconut Milk for Food Services Market Size (2023-2030)

Global Coconut Milk for Food Services Market is estimated to be worth USD 413.70 Million in 2022 and is projected to reach a value of USD 1576.25 Million by 2030, growing at a CAGR of 18.2% during the forecast period 2023-2030.

Coconut milk is a rich and creamy liquid derived from extracting the shredded pulp of mature coconuts. It is extensively employed in cooking across Southeast Asia, Oceania, South Asia, and East Africa and is also prominent in the Caribbean, tropical Latin American, and West African cuisines, where it was introduced amidst colonial times. The fat level of coconut milk varies, with coconut cream being the richest, coconut milk holding up to 20% fat, and coconut skim milk comprising minimal fat. These distinctions, however, may not necessarily apply to commercially accessible coconut milk in Western nations. Furthermore, coconut milk can be utilized to concoct milk substitutes, called "coconut milk beverages," which differ from standard coconut milk products intended for culinary usage.

Coconut milk delivers a multitude of health advantages. It can aid in weight loss, supply antioxidants, balance electrolytes, deter heart disease, boost the immune system, avert anemia, foster healthy hair and skin, quell inflammation, and support digestive health. Coconut milk comprises beneficial fats, vitamins C and E, vital electrolytes, and iron. Lauric acid present in coconut milk assists in combating infections, while zinc contributes to the well-being of the intestines. Furthermore, coconut milk can serve as a sugar replacer and is apt for those with lactose intolerance. 

Global Coconut Milk for Food Services Market Drivers:

The increasing demand for natural alternatives to energy drinks is fueling the growth of the Global Coconut Milk for Food Services Market.

As people become more health conscious, they are opting for natural energy drink options over those with high caffeine and sugar content. Coconut milk is gaining popularity owing to its minimal calorie content and low amounts of fats and carbs. It provides a plethora of antioxidants and medicinal properties. Furthermore, coconut milk promotes good blood pressure, kidney, and heart health and aids in diabetes management. The presence of electrolytes and essential nutrients has led to a rapid rise in the demand for coconut milk as a healthy beverage option. Therefore, this factor propels the demand for coconut milk for food services.

The increasing popularity of Asian cuisine and cross-cultural food experiences is another factor contributing to the growth of the Global Coconut Milk for Food Services Market.

An article by the Institute of Food Technologists (IFT) in the late 2010s revealed that Chinese cuisine is the most preferred and tried Asian cuisine, followed by Japanese, Thai, and Korean cuisines. Gen Z and millennials, being adventurous with flavors, seek delicious food, which led to the rising popularity of coconut milk in Western countries. The rising trend of cross-cultural food experiences in the West and the presence of more Asian restaurant chains also contribute to the growing interest in Asian cuisine and the surge in coconut milk and other Asian product sales. Therefore, this factor also propels the demand for coconut milk for food services.

Global Coconut Milk for Food Services Market Challenges:

The Global Coconut Milk for Food Services Market is encountering challenges, primarily in terms of its side effects. Coconut Milk can escalate cholesterol levels due to its copious fat content, which can have long-term deleterious effects on health. Furthermore, individuals with tree nut allergies should steer clear of coconut milk as it can elicit allergic reactions like skin rashes, itching, tongue swelling, or breathing difficulties. These allergic reactions can be severe and pose a life-threatening risk in atypical instances. Thus, these challenges inhibit the growth of the Global Coconut Milk for Food Services Market.

Global Coconut Milk for Food Services Market Opportunities:

The introduction of new plant-based products is set to challenge the prevailing view that coconut milk comprises artificial ingredients. Additionally, the inclusion of lactose-free protein in coconut milk is projected to amplify its appeal among health-conscious individuals, as it can augment muscle mass and strength. This presents opportunities for growth in the Global Coconut Milk for Food Services Market. Leading organizations like McCormick & Company, Inc., Thai Agri Foods Public Co., Ltd., and Goya Foods, Inc. are actively involved in R&D efforts to refine the properties of coconut milk. These developments are anticipated to open up promising avenues for manufacturers to offer superior variations of coconut milk and capture a larger market share.

COVID-19 Impact on the Global Coconut Milk for Food Services Market:

The Global Coconut Milk for Food Services Market has been considerably influenced by the COVID-19 outbreak. As a result of rigorous lockdowns, travel restrictions, and social distancing measures, the demand for coconut milk for food services waned. Delays in the expedited manufacturing and distribution of goods and services have also been caused by the pandemic's influence on the market's supply chain. The pandemic led to restaurant and hotel closures, which limited operations and subsequently declined coconut milk demand in the food service sector. Furthermore, COVID-19 uncertainty led to fluctuating coconut milk prices due to supply chain disruptions and changing consumer demand. These factors negatively impacted the market's growth. Despite these challenges, the market is projected to rebound alongside the global recovery from the pandemic.

Global Coconut Milk for Food Services Market Recent Developments:

• In May 2021, A fresh brand from Singapore named Only Earth introduced oat and coconut milk varieties in the Indian market. 
• In July 2020, iTi Tropicals, Inc. introduced a completely vegan coconut milk powder, which stands out as a clean-label ingredient, devoid of food starches, stabilizers, emulsifiers, and other additives. The versatile product can be utilized in diverse applications, encompassing cake and cupcake mixes, pancake mixes, waffle mixes, muffins, and more. 
• In June 2020, Epigamia unveiled India's inaugural dairy-free coconut milk yogurt, crafted entirely from coconut milk and free from any dairy ingredients. These probiotic-rich yogurts are preservative-free and come in two flavors - unsweetened and coconut jaggery.

COCONUT MILK FOR FOOD SERVICES MARKET REPORT COVERAGE:

Global Coconut Milk for Food Services Market Segmentation:

Global Coconut Milk for Food Services Market Segmentation: By Nature

• Conventional 
• Organic

The Conventional segment occupied the highest market share in the year 2022. The growth can be ascribed to the advantages that conventional coconut milk offers for food service establishments in contrast to organic coconut milk, encompassing easy and quick accessibility, heightened availability, and cost-effectiveness. Conventional coconut milk's lower price compared to its organic counterpart makes it highly attractive to price-conscious consumers.

Global Coconut Milk for Food Services Market Segmentation: By Packaging Type

• Aluminum Cans
• Plastic Bottles
• Tetra Packs

The Tetra Packs segment occupied the highest market share in the year 2022. The growth can be ascribed to the advantages that tetra packs offer for coconut milk in contrast to other packaging types, encompassing increased shelf life and reduced loss of aroma. This packaging method helps maintain the purity of coconut milk and safeguards them from impurities. Furthermore, consumers are increasingly valuing convenience and user-friendliness, which is propelling the popularity of this segment. Consequently, sellers and manufacturers are increasingly opting for this packaging option.

Global Coconut Milk for Food Services Market Segmentation: By Distribution Channel

• Convenience Stores
• Supermarkets/Hypermarkets
• E-commerce
• Others

The Supermarkets/Hypermarkets segment occupied the highest market share in the year 2022. The growth can be ascribed to the amplified reach and accessibility of supermarkets/hypermarkets, allowing for a larger consumer base. These locations are evolving into the go-to, one-stop store for daily necessities because of the abundance of goods offered at substantial savings. Given the availability of an array of goods and discounts on them, the need for supermarkets/hypermarkets has gone up, delivering consumers with a one-of-a-kind shopping experience. Consumers often prefer to purchase beverages like coconut milk in bulk, which is easier to do at supermarkets/hypermarkets. 

Global Coconut Milk for Food Services Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

The region of Asia-Pacific dominated the Global Coconut Milk for Food Services Market in the year 2022. The rising popularity of organic coconut milk, the diverse uses of coconut in preparing various recipes, and the widespread popularity of Asian cuisine worldwide are some of the pivotal factors propelling the region's growth. Furthermore, Asia-Pacific is home to several prominent market players, including Thai Agri Foods Public Co., Ltd., Renuka Foods PLC, Theppadungporn Coconut Co., Ltd., Sambu Group, and Celebes Coconut Corporation.

The region of North America is anticipated to expand at the quickest rate over the forecast period 2023-2030 owing to the growing population dealing with obesity and lactose intolerance, the combination of higher disposable income and a rising interest in embracing a healthier lifestyle, and the strong presence of significant market players, including McCormick & Company, Inc., Goya Foods, Inc., and SunOpta Inc.

Global Coconut Milk for Food Services Market Key Players:

1. McCormick & Company, Inc. (United States)
2. Thai Agri Foods Public Co., Ltd. (Thailand)
3. Goya Foods, Inc. (United States)
4. Renuka Foods PLC (Sri Lanka)
5. Danone S.A. (France)
6. Theppadungporn Coconut Co., Ltd. (Thailand)
7. SunOpta Inc. (Canada)
8. GraceKennedy Ltd. (Jamaica)
9. Sambu Group (Indonesia)
10. Celebes Coconut Corporation (Philippines)