Food and Beverages

Packaged Coconut Milk Market is Expected to Reach USD 1,469.55 billion by 2030

Mar 2024

Food and Beverages

As per the report published by Kings Research, the global Packaged Coconut Milk Market was valued at USD 793.57 billion in 2022 and is projected to reach USD 1,469.55 billion by 2030, growing at a CAGR of 8.16% from 2023 to 2030.

The packaged coconut milk market is experiencing notable growth driven by the increasing demand for plant-based alternatives and mounting health-consciousness among consumers. In addition, consumers are drawn to coconut milk for its perceived health benefits, including being lactose-free and gluten-free, which increases its demand. In response to this growing demand, there has been a significant advancement in the realm of coconut milk. This progress is evident in the availability of flavored and functional coconut milk options that are specifically designed to cater to a wide range of culinary uses. Moreover, the growing trend toward sustainability and ethical sourcing practices is influencing consumer purchasing decisions, thereby driving the growth of the market.

Key Insights

  • Based on product type, the conventional segment held the largest market share of 62.89% in 2022
  • Based on packaging type, the tetra packs segment accounted for 39.12% of the segment’s share in 2022
  • Based on distribution channel, the athlete segment dominated the market with a value of USD 34.38 billion in 2022
  • Based on distribution channel, the hypermarket & supermarket segment dominated the market with a value of USD 357.98 billion in 2022
  • On the basis of region, Asia-Pacific accounted for the largest market share of 38.23% in 2022

Cocos Organic Launched Organic Coconut Milk ‘Yog Tubes’ and Light Organic Yogurt

January 2023: Cocos Organic launched a range of new products, including the UK's first-ever Organic Coconut Milk Yog Tubes. The brand is renowned for producing the purest coconut milk yogurt in the UK, with each yogurt tube containing an abundance of vegan-friendly live cultures and consisting of 98% pure, organic coconut milk.

Rising Demand for Plant-based Alternatives to Boost Packaged Coconut Milk Market Growth

The growing trend of adopting plant-based diets and lifestyles has fueled the demand for plant-based milk alternatives, including coconut milk. Consumers are increasingly seeking dairy-free options for health, ethical, and environmental reasons. In addition, coconut milk, derived from the flesh of mature coconuts, has become a popular choice among those looking for a creamy and nutritious dairy alternative. Coconut milk is not only free from lactose and cholesterol but it also contains healthy fats and essential nutrients such as potassium and magnesium. Furthermore, the cultivation of coconuts for milk production generally has a lower impact on the environment compared to traditional dairy farming, making it a more sustainable choice for eco-conscious individuals, which extends the consumer base. Moreover, with the rise in popularity of coconut milk, there are now numerous brands and varieties available, including light coconut milk, catering to those looking for a lower-calorie & lactose-free option. Overall, all these aforementioned factors increase the demand for coconut milk and boost the growth of the market.

Increasing Dairy Allergies and Intolerances to Drive the Growth of Packaged Coconut Milk Market

The rise in dairy allergies and lactose intolerance among consumers has driven the demand for non-dairy alternatives. Packaged coconut milk serves as a suitable option for individuals with these dietary restrictions. Additionally, coconut milk is not only lactose-free, but it also provides a rich and creamy texture, making it an excellent substitute for traditional dairy milk in both cooking and baking. Furthermore, packaged coconut milk is often fortified with essential nutrients such as calcium and vitamin D, ensuring that those with dairy allergies or lactose intolerance still receive the necessary nutrients for a balanced diet. With its versatility and health benefits, the demand for packaged coconut milk has been increasing steadily in recent years. Overall, the rising popularity of packaged coconut milk reflects a growing awareness and appreciation for its numerous advantages among health-conscious individuals and those with dietary restrictions.

Europe to Emerge as the Second-largest Market with an Estimated Value of USD 211.49 Billion by 2030

Europe is anticipated to be the second largest region in the packaged coconut milk market through the assessment period. This growth is driven by a combination of cultural, regulatory, and market-related factors. In addition, the region boasts a health-conscious population with a strong focus on fitness. This is supported by a well-developed fitness industry and innovative product development, which increases the demand for packaged coconut milk in the region and drives market growth in the coming years.

Market Players to Focus on Launching New Products to Gain a Competitive Edge

The global packaged coconut milk market is consolidated with significant players, such as Ahya Coco Organic Food Manufacturing Corp., Danone SA, Edward & Sons Trading Co., Goya Foods, Inc., Heng Guan Food Industrial Pte Ltd., McCormick & Company, Inc., Merit Food Products Co., Ltd, Nestle SA, PureHarvest, and Thai Agri Foods Public Company Limited, among others. These companies are concentrated on expanding their business through collaboration and partnership strategies.

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