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 Driver

• Increasing Popularity of Plant-Based Foods

According to the Vegan Society, the market for plant-based milk in Europe is expanding rapidly in the United Kingdom. Approximately 15% of the entire European market was made up by this industry in 2019, which had a total market value of USD 320.6 million. Coconut milk market is majorly driven by the customers’ increasing preferences for plant-based products as being safer and healthier than items generated from animals.

Moreover, the increase in the global sales of coconut milk has been largely attributed to consumers' shifting dietary preferences toward plant-based meals. Leading manufacturers might further stimulate the coconut milk makret by coming up with inventive ways to include milk in different baking and confectionery products. The rise in sales of plant-based milk can be attributed to the fact that lactose intolerance is becoming more common among customers. Additionally, rising interest in natural and clean-label items is anticipated to increase demand for the product in the future years.

• Growing Global Popularity of Coconut Milk in Asian Cuisine

The most popular and tried Asian cuisine, according to a 2019 study in the Institute of Food Technologists (IFT), is Chinese food, which is followed by Japanese, Thai, and Korean. Consumers today are open to trying new flavors and anticipate that the food they eat will be flavorful. Consumers are constantly looking for novel and unusual flavours, especially Gen Z and millennials. One of the essential elements in Asian cuisine, coconut milk is quickly gaining popularity among western consumers. The appeal of Asian food is also influenced by the cross-cultural eating patterns in western nations. 

Coconut Milk Market Restraint

• Presence of Numerous Alternatives to Limit Coconut Milk Market Growth

There are various plant-based alternatives that are widely sold in markets around the world, including rice milk, almond milk, soy milk, and many others. These goods could serve as substitutes for coconut milk because they have been on the market for a longer period of time and have earned the trust and acceptance of consumers. Compared to coconut milk, these plant-based beverages have higher levels of proteins, calcium, carbs, and low fats. Therefore, diet-conscious consumers favour soy or almond milk instead of coconut milk, which has somewhat harmed sales of coconut milk.

• Price Fluctuation in Raw Materials