Coconut Milk Market Size, Share, Growth Analysis, By Nature(Organic, Conventional), By Form(Liquid, Powder), By Distribution Channel(Supermarkets/Hypermarkets, Convenience Stores, Grocery Stores, Online Retail), By Region - Industry Forecast 2024-2031

Coconut Milk Market size was valued at USD 1.4 billion in 2019 and is poised to grow from USD 1.64 billion in 2023 to USD 5.8 billion by 2031, growing at a CAGR of 17.3% in the forecast period (2024-2031).

Few major companies in the coconut milk market such as Nestle S.A., Danone S.A., Nestle S.A., Dabur India Ltd., and Celebes Coconut Corporation, are holding major market share. These businesses control a substantial portion of market and they are putting a lot of effort into geographical expansion and the diversification of their product offerings to maintain their position . For instance, Nestle S.A. invested USD 72 million in Sri Lanka's biggest plant for processing coconut milk in April 2019. By making these investments, the corporation hopes to diversify its product offerings and increase its reach. The production of dairy substitutes, which don't contain dangerous chemicals like GMOs, lactose, trans fats, artificial flavours, or other synthetic compounds, involves major producers of coconut milk. They are able to achieve more standards and certifications as a result, which expands their customer base. 'Thai Agri Foods Public Company Limited', 'McCormick & Company, Inc.', 'The Hain Celestial Group, Inc.', 'Goya Foods, Inc.', 'WhiteWave Foods Company', 'The Coca-Cola Company', 'Danone S.A.', 'Pacific Foods of Oregon, LLC', 'The Thai Coconut Public Company Limited', 'Nestle S.A.', '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 (UK) Ltd', 'Nature's Charm Co., Ltd.'

Increasing Popularity of Plant-Based Foods

Rising consumer awareness about the vegan diet and the health advantages it offers is proving advantageous for the coconut milk market. In many industrialised nations, including the U.S. and the U.K., where concerns about animal welfare and the environment are growing, veganism is commonly accepted. Plant-based milk sales in the U.S. grew by 5% in 2020 compared to the prior year and made up 14% of retail milk sales, according to data from the Plant-Based Foods Association published in 2020. Additionally, the growing use of plant-based milk in a variety of processed foods, including cakes, yoghurt, smoothies, and others, would support the market's expansion.

Asia Pacific is holding the largest share of the coconut milk market. This is attributed to the extensive use of milk in Asian cuisines. Along with this, the market has been largely driven by the growing trade in goods made from coconuts between Asian nations and others. Among the top producers of coconuts are nations like Thailand, Indonesia, Sri Lanka, and others. As per reports, with a projected production of 16.82 million metric tonnes of coconuts in 2020, Indonesia is the world's largest producer. On the other hand, India produced around 14.7 million metric tons of coconut milk. As a result of the region's easy access to raw materials, it is a leading manufacturer of goods with coconut as an ingredient.