Coconut Milk Market Research Report - Forecast to 2027

Coconut Milk Market Research Report: Information By Category (Conventional & Organic), By Form (Powder, & Liquid), By Packaging Type (Bottles, Cans, Pouches, & Others), By Distribution Channel (Store-based & Non-store-based) – Global Forecast till 2027

ID: MRFR/F-B & N/2223-CR | February 2021 | Region: Global | 122 pages

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Market Overview


Market Research Future (MRFR) reveals that the Coconut Milk Market can gain a valuation of USD 2,350.8 Million by 2023. MRFR also expects the market size to burgeon at a rate of 14.61% over the evaluation period (2016 to 2023).


COVID-19 Analysis


The COVID-19 outbreak has had a detrimental impact on the coconut milk industry, with the temporary shutdown of manufacturing facilities and weakened demand. With the primary focus on curbing the spread of SARS-CoV-2 among the healthcare workers, players in the coconut milk products market are fixated on fostering their supply chains and accelerating their operations to curb further revenue losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the global market can recover faster in the coming years.


Market Dynamics


Drivers


Surge in Lactose Intolerance to be a Major Growth Booster


Surge in lactose intolerance among worldwide consumers is acting as a major growth booster in the coconut milk market. Rising awareness about the health benefits of coconut milk also remain a major reason for the market’s strong performance across the globe. It is expected that the soaring popularity of Asian cuisine all over the world will present attractive opportunities in the coconut milk industry in the coming years.


Opportunities


MEA and Latin America to Offer Significant Opportunities to Players


Middle East and Africa along with Latin America offer lucrative opportunities to the vendors, in view of the accelerated demand for coconut milk products in these regions. With the escalating organized retail, the coconut milk market share is most likely to boost significantly over the forecast period. Also, the expanding vegan population across these regions should push the demand for coconut milk.


Challenges


Fluctuating Coconut Prices to be a Challenge


The unstable price of coconuts across numerous countries is projected to be a major hurdle for the market growth in the years to come.


Segment Overview


Conventional Category to Generate Highest Revenues


Category-wise, the main segments include organic and conventional. Conventional category of coconut milk comes from coconuts that are produced using traditional farming methods, aided by agrochemicals like pesticides and fertilizers. As a result, coconut milk derived this way has some amount of chemicals. On the other hand, the demand for organic category of coconut milk has been growing considerably among consumers, given the rising preference for clean-label products. Hence, the organic coconut milk category should procure a better growth rate of 15.11% in the ensuing years.


Liquid Form of Coconut Milk to Gain High Demand


Different forms of coconut milk available in the market include liquid and powder. Liquid coconut milk is the most preferred form and therefore, the segment is on the way to touch USD 4056.07 Mn by 2027-end. The segment has achieved dominance over the market as the liquid form is easily available and its consumption rate as a beverage is quite significant. Powdered form of coconut milk can experience the highest CAGR of 14.78% in view of extended shelf-life and the escalating applications in a number of cuisines a well as beverages.


Can Packaging Type to Secure the Lead


Some of the top packaging types are pouches, cans, bottles, and others. The can packaging type has secured the leading spot due to the significant strength and stability that these provide to the consumer. In the coming years, the cans segment can attain a healthy growth pace to achieve a valuation of USD 914.2 million by 2023-end. Bottles remains the second biggest market while other crucial packing types are cartons and pouches.


Non-Store-Based Channels to Gain Fastest Growth Rate


Key distribution channels are either store based or non-store based. Store-based distribution channels are ahead in the global market, with coconut milk primarily sold at convenience stores, and supermarkets & hypermarkets. Supermarkets & hypermarkets stand as the key revenue generating segment while convenience stores also make significant contribution when it comes to distributing coconut milk, particularly in emerging countries.


The non-store-based distribution channels are growing at the highest pace since most of the companies are now opting for e-commerce channels to gain higher access to the consumers. Moreover, the online mode is viewed as a better option among firms striving to bolster brand awareness.


Regional Analysis


APAC Takes the Lead as Lactose Intolerance Rises among Consumers


Asia Pacific captured the top spot in the global market in 2016 and should be able to procure the highest growth rate of 14.50% over the review period, since coconut milk is a major part of the Asian cuisine. Moreover, the soaring popularity of veganism and the untapped markets in the region will offer attractive opportunities to the global players in the following years.


North America Captures Second Biggest Share


North America has taken the second lead in the global market, and is on track to cross USD 629.1 million by 2027. The United States remains the highest revenue generating market in the region, in view of the emerging vegan diet trend in the country and the growing importance of natural products among health-conscious consumers. Also, the significant number of lactose intolerant cases in the region add to the market strength.


Europe to Make Striking Progress


Europe is a profitable market for coconut milk and managed to capture a significant share of 21.72% in 2018. Rest of Europe is the biggest market in the region, on account of the surging preference for plant-based beverages as well as products that have natural ingredients.


Competitive Landscape


Firms Focus on Product Innovation to Boost Customer Base


Major firms frequently employ competitive strategies such as collaboration, merger and partnerships to further push their positions in the global market. However, the main focus is on product innovations as well as new launches to not only boost brand awareness but also foster their customer base within the fiercely competitive industry. Setting up new production facilities or expansion of the existing units remains one of the key focus areas of the market contenders to get ahead of the competition.


List of Key Companies Covered in this Report



  • McCormick & Company Inc. (US)

  • Goya Foods Inc. (New Jersey)

  • Dabur India Ltd (India)

  • Ducoco (Brazil)

  • Vita Coco (US)

  • Celebes Coconut Corp. (Philippines)

  • Thai Agri Foods Public Co. Ltd (Thailand)

  • Danone SA (France)

  • Theppadungporn Coconut Co. Ltd (Thailand)

  • ThaiCoconut Public Company (Thailand)


Recent Developments



  • January 2021 – Quikfoods has launched its latest QuikTea Vegan Chai Tea Latte. The company has worked with its manufacturing partners to get rid of the oils present in the coconut milk powder that provides a certain aroma associated with coconuts. The final product boasts of creamy coconut milk powder that has no residual coconut aftertaste.

  • January 2021 – Nescafé has introduced vegan flat white pods in the United Kingdom (UK). These latte pods will now be deployed in Nescafé’s Dolce Gusto coffee machines and will be available in new flavors of Coconut, along with Almond and Oat. Also, when the user is done with the pods, they can return them to Nescafé for the purpose of recycling.


Report Overview


The report overview presents an extensive coconut milk market analysis, while listing the major vendors with their respective coconut milk market share. The report has primarily assessed the top challenges, barriers and drivers affecting the coconut milk products market size. The study also gives the significant developments following the COVID-19 pandemic and the effects of the novel coronavirus and the lockdown on the yeast industry. Apart from comprehensive market segmentation, the report also throws light on the latest business scenario covering the expected as well as the historical value, in terms of volume and value, technological developments, and the top factors inducing market growth. Additionally, the reputed manufacturers along with the key strategies adopted by them to stay competitive in the yeast industry are also profiled in the MRFR report.


Scope of the Report


The scope of the report covers a number of critical segments that include sprouts farmers market coconut milk, coconut milk leelee Asian market, whole food market coconut milk and tops market coconut milk powder. These segments have been studied extensively, while splitting them into sub-segments to provide a highly comprehensive view of the overall coconut milk industry.


Segmentation Table


Global Market, By Category



  • Conventional

  • Organic


Global Market, By Form



  • Liquid

  • Powder


Global Market, By Packaging Type



  • Bottles

  • Cans

  • Pouches

  • Others


Global Market, By Distribution Channel



  • Store-based

    • Supermarkets & Hypermarkets

    • Convenience Stores

    • Others



  • Non-store-based



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Frequently Asked Questions (FAQ) :

Global coconut milk market is projected to grow at approximately 14.61% CAGR during the assessment period (2018-2023).

Global coconut milk market is estimated to reach a valuation of approx. USD 2,350.8 MN by the end of 2023.

Based on the form, the liquid coconut milk segment holds majority shares in the global coconut milk market.

Asia Pacific holds the largest share in the global coconut milk market, followed by North America and Europe, respectively.

McCormick & Company, Inc. (US), ThaiCoconut Public Company (Thailand), Goya Foods, Inc. (New Jersey), Theppadungporn Coconut Co., Ltd (Thailand), Danone SA (France), Dabur India Ltd (India), Thai Agri Foods Public Co., Ltd (Thailand), Ducoco (Brazil), Celebes Coconut Corp. (Philippines), and Vita Coco (US), are some of the top players operating in the global coconut milk market.