Asia Pacific Coconut Milk Market Size was valued at USD 0.6 Billion in 2022. The Coconut Milk market industry is projected to grow from USD 0.7 Billion in 2023 to USD 1.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032). Asian foods are becoming more popular worldwide, and people choose plant-based diets., are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for plant-based milk in Europe is fast growing in the UK, according to the Vegan Society. The sector's market size in 2019 was USD 320.6 million, or 15% of the whole European market. Customers' shifting perceptions of plant-based products as being healthier and safer than those made from animals would propel the market. The rise in its sales on a regional scale is largely attributable to customers' dietary choices moving in favour of meals made from plants. Leading producers might further boost the sector by coming up with creative ways to incorporate milk into various baked goods and confections. The fact that lactose intolerance is on the rise among consumers may be to blame for the increase in sales of plant-based milk. In addition, it is projected that growing consumer interest in natural and clean-label products would boost the product's demand in the next years.
Chinese food is the most popular and tried Asian cuisine, followed by Japanese, Thai, and Korean, according to a 2019 study in the Institute of Food Technologists (IFT). Consumers today are willing to experiment with new flavours and hope their meals will be delectable. Customers, particularly members of Generation Z and Millennials, are always yearning for new and unusual flavours. Coconut milk, one of the key ingredients in Asian cuisine, is increasingly finding favour with western diners. The cross-cultural eating habits in western countries have an impact on the popularity of Asian cuisine as well. Additionally, the steady growth of Asian restaurant chains in these regions has contributed to an increase in product sales.
Customer care for their physical health is proactive. Nowadays, people who are active and concerned about their health prefer natural energy drink substitutes to those that are too caffeinated and sweetened. Low in calories, fats, and carbs is coconut milk. It has numerous antioxidants and healing qualities. Blood pressure, cardiovascular, and kidney function are all supported by coconut milk. Additionally, it aids in managing diabetes. Since coconut milk contains nutritive qualities including electrolytes and nutrients, demand for it as a healthy beverage is growing quickly. The retail industry refers to the businesses and people that sell goods and finished products to consumers. Because of the country's low unemployment rate and stable electricity prices, the US retail market expanded in 2019. Stores that sell coconut milk and related products include supermarkets, discounters, convenience stores, and grocery stores. The sectors of the market that are growing fastest are discounters, convenience stores, and online retailers. These outlets serve as a tool for international marketing, supporting the growth of a premium brand and raising consumer knowledge of a range of coconut milk products. As a result, the growth of the retail sector is crucial to the development of the coconut milk market. Thus, driving the Coconut Milk market revenue.
The Asia Pacific Coconut Milk market segmentation, based on category, includes conventional and organic. Conventional segment dominated the market in 2022. The standard shape continues to rule this market despite a slowdown in sales. Its simpler availability and less expensive price compared to its organic relative have increased demand. However, the well-established trend of clean-label products among aware consumers is driving up demand for organic goods. Because they are safe and free of harmful chemical pesticides and fertilisers, organic products are healthier.
The Asia Pacific Coconut Milk market segmentation, based on form, includes liquid and powder. liquid segment dominated the Asia Pacific coconut milk market in 2022. Liquid has a larger market share since it is more favoured. The increased availability of liquid form in retail establishments and its widespread incorporation in beverages like coffee and tea are driving the sector. Due to its thick, creamy texture, liquid milk is commonly utilised in Asian cuisine to enhance flavour and texture. Sales of vegan yoghurt and smoothies have increased as a result of the substitution of liquid coconut milk for dairy milk in manufacturing.
The Asia Pacific Coconut Milk market segmentation, based on packaging type, includes bottles, cans, and pouches. Bottles segment dominated the Asia Pacific coconut milk market in 2022. Bottles are among the most reusable and sustainable choices. The inclination of consumers for convenience when buying goods in bottles is also one of the major trends in the coconut milk sector. Because there are numerous ways to reuse and store plastic bottles, they are an excellent choice for the environment.
The Asia Pacific Coconut Milk market segmentation, based on distribution channel, includes store-based and non-store-based. Store based segment dominated the market in 2022. Stores are always changing, and they have started focusing on client preferences to give the products people want. Due to the plethora of products offered in a variety of brands and price points, customers have numerous options. Customers' attention is increased by the presence of separate product aisles devoted to various types of plant-based milk.
Figure 1: Asia Pacific Coconut Milk Market, by Distribution Channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into Asia Pacific. The Asia Pacific Coconut Milk market dominated this market in 2022 (45.80%). This is explained by how frequently milk is used in Asian dishes. Additionally, the industry has been significantly influenced by the expansion of commerce in products made from coconuts between Asian countries and others. Thailand, Indonesia, Sri Lanka, and other countries are among those with the highest coconut production rates. The region is a top producer of items containing coconut as a component due to its simple access to raw materials. The market has grown as a result of the presence of some well-known businesses in the region, including Thai Coconut Public Company Ltd., Nestle S.A., and Celebes Coconut Corporation. Additionally, as urbanisation and the adoption of western lifestyles expand, consumers are becoming increasingly vegan, which is expected to fuel the local market in the near future.
Before organic coconut milk became popular, there was only one sort of coconut milk; today, this category dominates the market for coconut milk. One of the things driving the expansion of this sector is regular coconut milk, which is significantly less expensive than organic coconut milk. The variety of uses for coconut in various cuisines in this area is one of the factors driving up demand for the product. The food connoisseurs have developed a taste for a variety of cuisines, with Asian cuisine rising to the top. For significant regional players, the use of coconut or coconut milk in Asian cuisine offers huge opportunities. Moreover, China’s Coconut Milk market held the largest market share, and the Indian Coconut Milk market was the fastest growing market in the Asia Pacific region.
Further, the major countries studied in the market report are China, Japan, India, Australia, South Korea, and New Zealand.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Coconut Milk market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Coconut Milk Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Asia Pacific Coconut Milk Industry to benefit clients and increase the market sector. In recent years, the Coconut Milk Industry has offered some of the most significant advantages to medicine. Major players in the Coconut Milk market, including McCormick & Company, Goya Foods, Inc., Dabur India Ltd, Thai Agri Foods Public Co., Ltd, Danone S.A., Theppadungporn Coconut Co., Ltd, ThaiCoconut Public Company Limited, Edward & Sons Trading Co, Vita Coco, and Celebes Coconut Corporation, are attempting to increase market demand by investing in research and development operations.
Danone SA (Danone) is a manufacturer and producer of dairy and nutritional products. The company offers products for infant nutrition, therapeutic nutrition, and fresh dairy. Its menu includes yoghurt, fermented dairy products, dairy specialties, plant-based nutritional items and beverages, and prepared meals for young children and elderly persons with medical conditions. Danone also offers flavoured and sparkling water in bottles. The company provides its products under the brand names Danone, Activia, Evian, Volvic, Aqua, Gallia, Actimel, Nutricia, and Bledina. Danone distributes its products through retail chains, traditional market outlets, and specialised distribution techniques to institutions like hospitals, clinics, and pharmacies. In addition to the Asia-Pacific region, the corporation also operates in the Americas, the Middle East, Africa, and Europe. Danone's headquarters are in Paris, Ile-de-France, France. Danone S.A. launched Pairings Coconut Milk Yoghurt Alternatives in the U.S. in April 2020 under the So Delicious Dairy Free brand to provide consumers healthful and delicious plant-based snacks.
Drums Food International Private Limited, doing business as Epigamia, manufactures dairy products. The business offers a wide variety of yoghurt. Epigamia caters to customers from India. In June 2020, Drums Food International Pvt. Ltd. debuted a range of vegan yoghurt made from coconut milk for Indian consumers under the name Epigamia.
Coconut Milk Industry Developments
May 2022: According to McCormick & Company, Incorporated, a world leader in flavour, Maria Uber and Wesley Beckett have been selected the 87th and 88th recipients of the Charles Perry McCormick Scholarship, valued USD 40,000 over four years.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.6 Billion |
| Market Size 2023 | USD 0.7 Billion |
| Market Size 2032 | USD 1.7 Billion |
| Compound Annual Growth Rate (CAGR) | 12.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Category, Form, Packaging Type, Distribution Channel, and Region |
| Geographies Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, and New Zealand |
| Key Companies Profiled | McCormick & Company, Goya Foods, Inc., Dabur India Ltd, Thai Agri Foods Public Co., Ltd, Danone S.A., Theppadungporn Coconut Co., Ltd, ThaiCoconut Public Company Limited, Edward & Sons Trading Co, Vita Coco, and Celebes Coconut Corporation |
| Key Market Opportunities | Growing inclination of consumers towards vegan food |
| Key Market Dynamics | Increasing preference for plant based foods and increasing popularity of Asian cuisines |
Frequently Asked Questions (FAQ) :
The Asia Pacific Coconut Milk market size was valued at USD 0.6 Billion in 2022.
The market is projected to grow at a CAGR of 12.50% during the forecast period, 2023-2032.
China had the largest share in the market.
The key players in the market are McCormick & Company, Goya Foods, Inc., Dabur India Ltd, Thai Agri Foods Public Co., Ltd, Danone S.A., Theppadungporn Coconut Co., Ltd, ThaiCoconut Public Company Limited, Edward & Sons Trading Co, Vita Coco, and Celebes Coconut Corporation
The Conventional Category dominated the market in 2022.
The Liquid Form had the largest share in the market.
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