Global Coconut Milk Market Size To Worth USD 3.74 Billion By 2033 | CAGR of 8.40%

The global coconut milk market will reach a value of USD 3.74 billion by 2033

According to a research report published by Spherical Insights & Consulting, the global coconut milk market is expected to grow from USD 1.67 billion in 2023 to USD 3.74 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.40% during the forecast period.

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Browse key industry insights across 221 pages with 110 market data tables and figures & charts from the report on  " Global Coconut Milk Market Size, Share and COVID-19 Impact Analysis by Form (Liquid and Powder), by Type (Organic and Conventional), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023 – 2033."  

Coconut milk is a milky liquid made manually or mechanically from crushed coconut kernels, with or without added water. Demand for coconut milk is expected to skyrocket due to the increasing urban population, leading to higher consumption of processed foods. Its growing consumer acceptance and versatility in a variety of applications are primarily responsible for the rising demand in the global coconut milk market. Coconut milk also lowers cholesterol and blood pressure, which has led to increased demand in the global coconut milk market. Another reason for the rise in coconut milk consumption is the desire for pleasant, healthy, and low-calorie beverages. Other nutrients present in coconut milk include magnesium, potassium, and phosphorus, all of which are beneficial for heart rhythm, immune health, and neuron and muscle performance. The availability of all these ingredients in coconut milk is driving consumer demand, which is expected to drive market revenue growth. However, the coconut milk market is expected to be limited throughout the forecast period due to a shortage of components required for product manufacturing.

Liquidity will dominate the market throughout the forecast.   

The global coconut milk market is segmented by form into liquid and powdered products. The liquid form will dominate the market during the forecast. The liquid form of coconut milk, one of two marketed varieties, is particularly popular and accounts for the majority of the market share. The category is driven by the greater availability of liquid in supermarkets and its extensive use in consumer goods such as coffee and tea. Liquid milk is widely used in Asian cuisine to enhance flavor and texture. Furthermore, the replacement of milk with liquid coconut milk in the production of vegan yogurt and smoothies has boosted sales volume.

Consumer demand for organic coconut milk has increased over the forecast period .     

Based on nature, the global coconut milk market is segmented into organic and conventional. Among them, consumer demand for organic coconut milk has increased throughout the forecast period. The increased demand for organic coconut milk is primarily due to people's increased awareness of the health benefits of consuming organic food. Organic food, unlike regular coconut milk, does not contain any chemical additives. Organic coconut milk has experienced significant demand in this sector due to increased consumer preferences and health awareness. It improves blood circulation and lowers high blood pressure, thereby reducing the risk of stroke and other cardiovascular problems. It contains antiviral and antibacterial properties that can help improve the immune system and fight viral illnesses such as the flu.

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The Asia-Pacific region is expected to have the largest share of the global coconut milk market .

The Asia-Pacific region accounts for the largest share of the global coconut milk market. This reflects the widespread use of milk in Asian cuisine. Furthermore, the business has been significantly boosted by the growing trade of coconut products between Asian countries and other countries. Furthermore, increasing urbanization and the growing acceptance of Western lifestyles are driving customer demand for vegan products, which is likely to promote local market growth. Furthermore, the rapidly growing market in the Asia-Pacific region could be attributed to factors such as the increasing adoption of new technologies for innovative products, collaborations between global and local dairy companies, increased R&D spending by governments in the dairy industry, and the presence of numerous major competitors.

Europe is expected to experience the fastest compound annual growth in the global coconut milk market during the forecast period. Rising consumer demand for plant-based products is driving coconut milk consumption in Europe. Consumers are increasingly aware of the health benefits of plant-based milk and are substituting it for milk in their daily meals.

Major players in the coconut milk market include Ayam Sarl, Celebes Coconut Corporation, Renuka Holdings PLC, GraceKennedy Limited, Turtle Mountain, LLC, Dr. Antonio Martins Coco GmbH, ThaiCoconut Co., Ltd., CocoGoods Co., The Coconut Company, Nature's Charm Co., Ltd, Danone SA, Pacific Foods of Oregon, LLC, The Thai Coconut Public Company Limited, and others.

Recent developments

• In October 2020, Goya Foods announced that it would expand its manufacturing and distribution facility in Brookshire, Texas. The project includes new, innovative food processing equipment that will increase the company's production capacity to meet growing consumer demand.

Most important target group

• Market participants
• Investors
• End user
• Government agencies 
• Consulting and research companies
• Venture capitalist
• Value-Added Reseller (VARs)

Market segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global coconut milk market based on the below-mentioned segments: 

Global coconut milk market, by form

• Fluid
• Powder

Global coconut milk market, by nature

• Organic
• Conventional

Global coconut milk market by region

• North America
  • US
  • You have
  • Mexico
• Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • If
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa
  • United Arab Emirates
  • Saudi Arabia
  • Train
  • South Africa
  • Rest of the Middle East and Africa

About Spherical Insights & Consulting

Spherical Insights  & Consulting  is a market research and consulting firm that provides actionable market research studies, quantitative forecasts, and trend analysis that deliver forward-looking insights specifically tailored to decision makers and support ROI.

The company serves various industries such as the financial sector, the industrial sector, government organizations, universities, non-profit organizations, and corporations. The company's mission is to partner with companies to achieve business goals and sustain strategic improvements. 

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