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).

Products made from plants are often safer and healthier than those made from animals. As a result, the industry is primarily driven by the rising tide of veganism around the globe. Its improved customer acceptance and the product's adaptability to a variety of uses are mostly responsible for it. Wherein, coconut milk has gained all the fame. It also lowers blood pressure and cholesterol levels, which has contributed to customers' increased preference around global coconut milk market. The need for pleasant, healthful beverages with low calorie counts is another element influencing the rise in coconut milk usage.

To stay up with the trend, manufacturers are developing creative ways to add this product to different processed foods. For instance, to make milk more appealing for youngsters in Sri Lanka, Nestle S.A. launched Nespray Coco-Up ready-to-drink beverage in February 2018.

Many processed food items, including cookies, cakes, pies, soups, milkshakes, and ice cream, contain coconut milk as an ingredient. Copra, coconut chips, coconut squash, and coconut vinegar are examples of products that are primarily used in the food and beverage industry globally. The demand for coconut milk is anticipated to increase significantly in the next years due to an increase in processed food consumption brought on by an increase in the urban population. Furthermore, production of coconut trees is not anticipated to increase much in the foreseeable future due to difficulties scaling up production. Therefore, in order to make the most of their existing output and profit from this rise in demand, companies must rely on creative solutions. These elements are expected to impede growth of the coconut milk market. 

US Coconut Milk Market  is poised to grow at a sustainable CAGR for the next forecast year.