Cooking Coconut Milk Market Research Report By Grade (Cream, Medium, Thick, Extra thick), By Packaging (Canned, Tetra Pak, Plastic Bottles, Cartons), By Extraction Process (Wet Mill, Dry Mill), By End Use (Food & Beverages, Cosmetics & Personal Care, Pharmaceuticals), By Distribution Channel (Online, Offline (Retail/Wholesale/Foodservice)) and By Regional (North America, Europe, South America, Asia-Pacific, Middle East and Africa) - Forecast to 2032

Global Cooking Coconut Milk Market Overview

Cooking Coconut Milk Market Size was estimated at 14.58 (USD Billion) in 2023. The Cooking Coconut Milk Market Industry is expected to grow from 15.47(USD Billion) in 2024 to 24.78 (USD Billion) by 2032. The Cooking Coconut Milk Market CAGR (growth rate) is expected to be around 6.07% during the forecast period (2024 - 2032).

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Cooking Coconut Milk Market Trends Highlighted

The Cooking Coconut Milk Market witnessed rapid growth driven by increasing consumer demand for plant-based milk alternatives. Health-conscious individuals embrace coconut milk for its nutritional benefits, including its rich fiber content and high levels of vitamins and minerals. Moreover, the growing popularity of vegan and dairy-free diets further fuels market expansion.

Opportunities for market players lie in the exploration of new product innovations, such as flavored coconut milk varieties and products tailored to specific consumer needs. Additionally, targeting emerging markets with growing dietary awareness presents significant growth potential. Recent trends indicate a shift towards sustainable and eco-friendly packaging solutions, which aligns with the environmental concerns of consumers.

The Cooking Coconut Milk Market is witnessing a rise in premiumization, with consumers seeking high-quality and authentic products. This has led to increased demand for organic and fair-trade coconut milk. Furthermore, the growing availability of cooking coconut milk in convenient formats, such as aseptic packaging and ready-to-use blends, has enhanced its appeal among time-conscious consumers.

Cooking Coconut Milk Market Drivers

Changing dietary patterns and health consciousness

Consumers are more health-conscious and are opting for the healthy version of traditional dairy. Coconut milk is a good source of healthy fats. It also contains fiber and some vitamins. It is low in cholesterol and calories. It serves as a better alternative from the point of view of health for those consumers who want to stay fit. Growth in demand for plant diets is driving demand for coconut milk. Many plant-based diet consumers are looking for alternatives to dairy and use coconut milk as a healthier option.Coconut milk is a good source of calcium and other nutrients, which are otherwise not a part of a plant-based diet. Cooking Coconut Milk Market Industry is expected to register a substantial CAGR over the forecast period owing to the increasing shift towards healthy food.

Rising disposable income and urbanization

With the rise in disposable income, consumers tend to spend more money on foods & beverages. Emerging markets are experiencing increasing growth in the middle class. Furthermore, the increasing middle class is leading to the rising demand for convenience foods. People are using cooking coconut milk for various dishes. The rising urbanization is another reason for the high demand for coconut milk. People are moving from rural areas to urban areas, where new cuisines can be found.The demand for ethnic foods, such as Chinese, Indian, Thai, and others, is increasing. The Cooking Coconut Milk Market Industry is presumed to gain huge demand over the forecast period. The major driver for the increasing demand for Cooking Coconut Milk Market Industry is rising disposable income and urbanization.

Expansion of the food and beverage industry

The food and beverage industry is expanding rapidly, and this is creating new opportunities for coconut milk. Coconut milk is being used in a variety of new products, such as dairy alternatives, ice cream, and baked goods. This is helping to drive demand for coconut milk and is expected to continue to do so over the forecast period. The Cooking Coconut Milk Market Industry is expected to witness significant growth over the forecast period owing to the expansion of the food and beverage industry.

Cooking Coconut Milk Market Segment Insights

Cooking Coconut Milk Market Grade Insights  

The Grade segment of the Cooking Coconut Milk Market is classified into cream, medium, thick, and extra thick. The cream grade dominates the segment owing to its versatility and applications in desserts, beverages, and creamy foods. The medium grade is often used in making curries, soups, and sauces, having a balanced thickness and rich flavor. The thick grade can have a higher fat content, making it thicker for applications in desserts, puddings, and custards. The extra thick grade has the highest fat content, making it the ideal grade for ice creams, smoothies, and whipped toppings.In 2023, the Cooking Coconut Milk Market was valued at USD 5.6 billion and is expected to grow to USD 8.2 billion by 2032 at a CAGR of 4.8%. The medium grade, valued at USD 4.2 billion and USD 6.1 billion, had a CAGR of 4.5%. The thick grade, valued at USD 2.9 billion and USD 4.2 billion, had a CAGR of 4.2%. The extra thick grade, valued at USD 1.8 billion and USD 2.7 billion, had a CAGR of 4.0%. The factors affecting the growth of the segment include the demand for plant-based alternatives, health consciousness, and the growing availability of Southeast Asian cuisine.The cream and medium grades are expected to lead the segment while adding the demand for the extra thick grade. However, the ability of the extra thick grade to present richer tastes and creamier textures will drive demand from manufacturers looking for these attributes in their products. To aid this demand, manufacturers are also expected to innovate new products on the extra thick grade to cater to this demand. One of these innovations is the introduction of products such as organic coconut milk made from fairly traded coconuts and sports extended shelf life.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Cooking Coconut Milk Market Packaging Insights  

The Packaging segment of the Cooking Coconut Milk Market plays a crucial role in preserving the quality and extending the shelf life of the product. The market is witnessing a growing demand for convenient and sustainable packaging solutions. Canned packaging remains the dominant segment, accounting for over 40% of the market in 2023. Its durability and ability to maintain the product's freshness make it a preferred choice for long-distance transportation and storage. Tetra Pak packaging is gaining popularity due to its lightweight, environmentally friendliness, and ability to retain the product's flavor and nutritional value.The plastic bottles segment is projected to grow significantly over the forecast period, driven by the rising demand for on-the-go consumption and single-serve packaging. Cartons are also gaining traction as a sustainable and cost-effective packaging option, particularly in emerging markets. As the Cooking Coconut Milk Market continues to expand, manufacturers are focusing on innovative packaging solutions that cater to the evolving needs of consumers while ensuring product quality and safety.

Cooking Coconut Milk Market Extraction Process Insights  

The extraction Process is a crucial factor in the production of cooking coconut milk, impacting the quality, flavor, and yield of the final product. The two primary extraction methods employed in the industry are Wet Mill and Dry Mill. Wet Mill is a traditional method widely used in coconut-producing regions. It involves grating the coconut flesh and mixing it with water to form a slurry. This slurry is then pressed to separate the coconut milk from the solids. Wet Mill extraction yields richer and creamier coconut milk with higher fat content, making it ideal for culinary applications where a full-bodied flavor is desired.In contrast, Dry Mill extraction is a more modern and mechanized method. It involves drying the coconut flesh before grinding it into a powder. The powder is then mixed with water to form coconut milk. Dry Mill extraction results in a lower fat content and a milder flavor profile, making it suitable for applications requiring a lighter and less intense coconut taste. In 2023, the Wet Mill segment held a dominant share in the Cooking Coconut Milk Market, accounting for approximately 62% of the market revenue. This dominance is attributed to the widespread adoption of traditional methods and the preference for full-flavored coconut milk in various cuisines.However, the Dry Mill segment is expected to witness significant growth in the coming years due to its efficiency, cost-effectiveness, and increasing demand for low-fat coconut milk alternatives.

Cooking Coconut Milk Market End-Use Insights  

The end-user segment plays a crucial role in shaping the Cooking Coconut Milk Market landscape. One of the dominant end uses is the food and beverages industry, which is projected to account for a significant share of the market revenue in 2024 and beyond. The rising demand for plant-based milk alternatives, vegan cuisine, and ethnic flavors is driving growth in this segment. Another key end-use is the cosmetics and personal care industry, where coconut milk is valued for its moisturizing and nourishing properties. The increasing popularity of natural and organic skincare products is contributing to the growth of this segment.Furthermore, the pharmaceutical industry utilizes coconut milk in the production of various formulations, including dietary supplements and nutraceuticals. The increasing awareness of the health benefits of coconut milk, such as its anti-inflammatory and antioxidant properties, is fueling demand in this segment.

Cooking Coconut Milk Market Distribution Channel Insights  

The Cooking Coconut Milk Market is segmented by distribution channel into online and offline (retail/wholesale/foodservice). The offline distribution channel accounted for a larger share of the market in 2023, and this trend is expected to continue in the coming years. However, the online distribution channel is growing at a faster pace, and its share of the market is expected to increase significantly in the coming years. This growth is being driven by the increasing popularity of e-commerce and the growing number of consumers who are purchasing food and beverage products online.In 2023, the Cooking Coconut Milk Market revenue through the online distribution channel is estimated to be around USD 3.2 billion, and this is projected to grow to USD 5.6 billion by 2032, exhibiting a CAGR of 6.7%. The offline distribution channel, on the other hand, is expected to grow from USD 11.3 billion in 2023 to USD 19.2 billion by 2032, exhibiting a CAGR of 6.3%. The key factors driving the growth of the online distribution channel for Cooking Coconut Milk Market include the increasing convenience and accessibility of online shopping, the growing number of consumers who are comfortable purchasing food and beverage products online, and the expanding reach of e-commerce platforms in emerging markets.

Cooking Coconut Milk Market Regional Insights  

The Cooking Coconut Milk Market is segmented into North America, Europe, APAC, South America, and MEA. APAC is expected to dominate the Cooking Coconut Milk Market with a market value of USD 10.23 billion by 2024, owing to the increasing demand for coconut milk in countries like India, China, and Thailand. North America is expected to be the second-largest market, with a market value of USD 3.56 billion by 2024 due to the growing popularity of plant-based milk alternatives. Europe is expected to be the third-largest market, with a market value of USD 2.78 billion by 2024, owing to the increasing demand for organic and natural food products. South America and MEA are expected to be the smallest markets, with market values of USD 1.25 billion and USD 0.76 billion, respectively, by 2024.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Cooking Coconut Milk Market Key Players And Competitive Insights

The key players operating in the Cooking Coconut Milk Market industry are continuously engaged in efforts to widen their portfolio of products through the introduction of new flavors and packaging options. Moreover, the leading players in the cooking coconut milk market are investing heavily in research and development activities to increase the quality of the products along with the shelf life. The development of the Cooking Coconut Milk Market is attributed to the increasing demand for convenience food products and the increasing demand for Asian food products. It is expected that the Competitive Landscape of Cooking Coconut Milk Market will be highly competitive in the coming years as the leading players of the cooking coconut milk market are focusing on expanding their geographical reach and launching new product offerings to expand their market share.

The leading company of the Cooking Coconut Milk Market is Thai Coconut Public Company Limited. Thai Coconut Public Company Limited provides a wide range of coconut milk products which include canned coconut milk, coconut milk in Tetra Pak, and powdered coconut milk. Thai Coconut Public Company Limited has a strong presence in the Asia-Pacific region and is continuously increasing its reach to other parts of the globe. The company is committed to providing high-quality products coconut milk in cooking at highly competitive prices. Aroy-D Co., Ltd. is a major competitor in the Cooking Coconut Milk Market. The company provides a wide range of products including organic coconut milk, light, and cream of coconut. Aroy-D Co., Ltd. has a strong presence in Thailand and is expanding its reach to other countries in Southeast Asia. The company is committed to providing highly qualitative products of coconut milk that meet the requirements of the customers.

Key Companies in the Cooking Coconut Milk Market Include

• Kitchens of India


• Suthasinee


• Chaokoh


• AroyD


• Ayam Brand


• Real Thai Kitchen


• Rani Brand


• Nature's Charm


• Thai Kitchen


• Coco Lopez

Cooking Coconut Milk Market Industry Developments

The cooking coconut milk market is projected to reach USD 24.78 billion by 2032, exhibiting a CAGR of 6.07% during the forecast period (2024-2032). Rising demand for plant-based alternatives to dairy products and increasing awareness of the health benefits associated with coconut milk are key factors driving the market growth. Major players in the market include Aroy-D, Chaokoh, and Kara, among others. Recent developments include the launch of new product variants, such as flavored and organic coconut milk, to cater to evolving consumer preferences.

Cooking Coconut Milk Market Segmentation Insights

• Cooking Coconut Milk Market Grade Outlook
  
  
  
  • Cream  
  
  
  • Medium  
  
  
  • Thick  
  
  
  • Extra thick  
  
  
  
  


• Cooking Coconut Milk Market Packaging Outlook
  
  
  
  • Canned  
  
  
  • Tetra Pak  
  
  
  • Plastic Bottles  
  
  
  • Cartons  
  
  
  
  


• Cooking Coconut Milk Market Extraction Process Outlook
  
  
  
  • Wet Mill  
  
  
  • Dry Mill  
  
  
  
  


• Cooking Coconut Milk Market End Use Outlook
  
  
  
  • Food  Beverages  
  
  
  • Cosmetics  Personal Care  
  
  
  • Pharmaceuticals  
  
  
  
  


• Cooking Coconut Milk Market Distribution Channel Outlook
  
  
  
  • Online  
  
  
  • Offline (Retail/Wholesale/Foodservice)  
  
  
  
  


• Cooking Coconut Milk Market Regional Outlook
  
  
  
  • North America  
  
  
  • Europe  
  
  
  • South America  
  
  
  • Asia Pacific  
  
  
  • Middle East and Africa