Packaged Coconut Milk Market

Market Definition

The market encompasses commercially produced coconut milk offered in cans, cartons, or pouches for retail and foodservice use. It includes full-fat, light, and flavored variants used in culinary, beverage, and personal care applications. 

The scope includes regional and global distribution across supermarkets, convenience stores, and online platforms, excluding fresh, unpackaged coconut milk and non-coconut plant-based alternatives. The report highlights key market drivers, major trends, regulatory frameworks, and the competitive landscape shaping the industry’s growth.

Packaged Coconut Milk Market Overview

The global packaged coconut milk market size was valued at USD 2.24 billion in 2024 and is projected to grow from USD 2.64 billion in 2025 to USD 8.55 billion by 2032, exhibiting a CAGR of 18.29% during the forecast period. 

Rising investments and health-conscious consumer preferences are boosting demand for packaged coconut milk. Capital inflows enhance innovation and distribution, while its protein content appeals to vegan and lactose-intolerant consumers, reinforcing its role in plant-based dairy alternatives.

Major companies operating in the packaged coconut milk industry are Ahya Coco Organic Food Manufacturing Corporation, Danone North America, Edward & Sons Trading Co., Goya Foods, Inc., Heng Guan Food Industrial Pte Ltd, McCormick & Company, Inc., Nestlé S.A., Thai Agri Foods Public Company Limited, KAIRA ORGANIC WORLD., Royce Food Corporation., Holyland Marketing Private Limited., Erawan Food., The Coco Factory, Kovai Agro Foods., A M Coconut & Spice & Juice Products., and others.

Rising consumer inclination toward plant-based alternatives significantly accelerates the demand for packaged coconut milk. Increasing awareness regarding lactose intolerance, combined with growing vegan populations, propels product adoption. 

Expanding retail networks and improved shelf stability further enhance market penetration. Manufacturers leverage health-oriented branding and clean-label certifications, aligning with evolving dietary preferences and strengthening their competitive positioning within the global dairy alternatives landscape.

Key Highlights:

1. The packaged coconut milk industry size was recorded at USD 2.24 billion in 2024.
2. The market is projected to grow at a CAGR of 18.29% from 2025 to 2032.
3. Asia Pacific held a market share of 45.53% in 2024, with a valuation of USD 1.02 billion.
4. The regular coconut milk technology segment garnered USD 1.62 billion in revenue in 2024.
5. The conventional segment is expected to reach USD 5.12 billion by 2032.
6. The tetra packs segment is estimated to grow at a robust CAGR of 19.17% through the forecast period.
7. North America is anticipated to grow at a CAGR of 18.62% over the forecast period.

Market Driver

Rising Investments in Plant-Based Foods

Rising investments in plant-based vegan food sectors are propelling the growth of the packaged coconut milk market. Capital inflows support advanced processing technologies, distribution networks, and product innovation, strengthening market competitiveness. 

Institutional funding enables both startups and established companies to diversify portfolios and accelerate commercialization. These developments align with shifting dietary preferences, reinforcing coconut milk’s role in the expanding plant-based dairy alternatives sector.

• In June 2024, Plant Based News.org reported that the plant-based vegan meat brand ,UK based company secured USD 25 million in funding from the sustainable investment platform Planet First Partners.

Market Challenge

Fluctuating Raw Material Prices and Supply Chain Disruptions

The expansion of the global packaged coconut milk market is impeded by fluctuating raw material prices and supply chain disruptions, primarily due to climate variability affecting coconut harvests. These instabilities increase production costs and impact profit margins. 

In response, manufacturers are adopting strategic sourcing partnerships and investing in vertical integration to stabilize supply and reduce dependency on third-party suppliers. Additionally, companies are leveraging advanced processing technologies to optimize yield and improve shelf-life, enhancing overall operational efficiency. These initiatives aim to mitigate risk, maintain consistent quality, and strengthen competitive positioning in a volatile market landscape.

Market Trend

Rising Consumer Preference for Coconut Milk as a Functional Protein Source

A notable trend in the packaged coconut milk market is the growing consumer preference for coconut milk as a plant-based protein source. This shift reflects increasing awareness of health and wellness, particularly among vegan and lactose-intolerant consumers. Manufacturers are leveraging this trend by highlighting protein content in product labeling and formulations, reinforcing coconut milk’s position as a functional beverage.

• In May 2024, Roquette launched NUTRALYS Fava S900M, a fava bean protein isolate with 90% protein content. Targeted for applications such as meat substitutes, dairy-free alternatives, and baked goods, the product was introduced at the Future Food-Tech Alternative Proteins Summit in Chicago, where Attendees sampled a coconut milk concept featuring this protein.

Packaged Coconut Milk Market Report Snapshot

Market Segmentation

• By Product Type (Regular Coconut Milk, Lite Coconut Milk, and Powdered Coconut Milk): The regular coconut milk segment earned USD 1.62 billion in 2024 due to its versatility, cost-effectiveness, and strong consumer preference for traditional taste and cooking applications.
• By Nature (Organic and Conventional): The conventional segment held a share of 60.85% in 2024, fueled by its lower price point and widespread availability, attracting a larger consumer base seeking familiar and affordable products.
• By Packaging Type (Cans, Bottles, Cartons, Tetra Packs, and Pouches): The cans segment is projected to reach USD 3.17 billion by 2032, owing to its superior shelf life, durability, and convenience in storage and transportation, making it preferred choice for both consumers and retailers.

Packaged Coconut Milk Market Regional Analysis

Based on region, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The Asia Pacific packaged coconut milk market share stood at around 45.53% in 2024, valued at USD 1.02 billion. This dominance is attributed to substantial government financial support aimed at boosting agricultural sectors and food processing industries.

These initiatives enhance production capabilities and improve supply chain infrastructure, facilitating greater market penetration. Additionally, rising consumer demand for plant-based and natural products accelerates growth. Favorable policies and investments create a conducive environment for regional market expansion.

• In April 2025, the India Brand Equity Foundation reported that in FY22, the Government of India allocated USD 10 million to expand coconut cultivation by 4,078 hectares and establish 91-hectare demonstration plots. The funding facilitated the development of six new nurseries, a nucleus seed garden, and six processing units producing value-added products such as Virgin Coconut Oil, activated carbon, ball copra, and coconut milk powder.

The North America packaged coconut milk industry is estimated to grow at a robust CAGR of 18.62% over the forecast period. The growth is propelled by increasing consumer demand for plant-based and lactose-free alternatives.

Rising health consciousness and a surge in vegan and dairy-free lifestyles have significantly boosted regional market penetration. Additionally, expanding distribution networks and product innovation by key manufacturers fuel this growth. The region’s strong retail infrastructure and growing awareness of coconut milk’s nutritional benefits contribute to its widespread adoption.

Regulatory Frameworks

• In the U.S., the Food and Drug Administration (FDA) regulates packaged coconut milk under the Food, Drug, and Cosmetic Act (FD&C Act) to ensure safety and proper labeling. While there is no formal FDA standard of identity for coconut milk, the Food Safety Modernization Act (FSMA) mandates contamination prevention and adherence to Good Manufacturing Practices (cGMP) and HACCP guidelines.
• In India, packaged coconut milk is governed by the Food Safety and Standards Authority of India (FSSAI) under the Food Safety and Standards Act, 2006, ensuring product safety, quality, accurate labeling, and permissible limits on additives and contaminants.

Competitive Landscape

The packaged coconut milk industry exhibits robust competition, supported by frequent product innovations and strategic launches from leading companies. Key players focus on expanding their product portfolios with enhanced formulations, organic variants, and value-added features to capture diverse consumer preferences. Market entrants emphasize sustainability and premium quality, intensifying competition.

Continuous introduction of new packaging formats and fortified options further amplifies competitive dynamics, fostering market growth and compelling established brands to adopt aggressive marketing and distribution strategies.

• In February 2025, Whole Moon launched a new coconut milk product that claimed to be the first to incorporate whole coconut meat without added creams or oils. The beverage is produced through a distinctive process that combines whole-roasted almonds, oats, pistachios, soybeans, and coconut meat.

List of Key Companies in Packaged Coconut Milk Market:

• Ahya Coco Organic Food Manufacturing Corporation
• Danone North America
• Edward & Sons Trading Co.
• Goya Foods, Inc.
• Heng Guan Food Industrial Pte Ltd
• McCormick & Company, Inc.
• Nestlé S.A. 
• Thai Agri Foods Public Company Limited
• KAIRA ORGANIC WORLD.
• Royce Food Corporation. 
• Holyland Marketing Private Limited.
• Erawan Food. 
• The Coco Factory
• Kovai Agro Foods.
• A M Coconut & Spice & Juice Products.

Recent Developments (M&A /Product Launches)

• In May 2025, Danone entered a definitive agreement to acquire a majority stake in Kate Farms, a provider of plant-based organic nutrition products for medical and everyday use. This acquisition strengthens Danone’s specialized nutrition portfolio and reflects both companies’ commitment to improving health outcomes and care standards across U.S. communities. This acquisition is expected to expand Kate Farms’ market reach and broaden access to high-quality nutrition for diverse consumer and patient needs.
• In April 2024, The Vita Coco Company launched Vita Coco Treats, a new coconut milk beverage aimed at enriching the consumer experience and strengthening brand engagement through a refreshing and flavorful offering.