by Coconut milk is a beverage made by extracting milk from the grated flesh of mature coconuts. Its composition is similar to dairy milk but contains less protein, more minerals like iron, and is often considered a suitable alternative for dairy-intolerant individuals. Coconut milk and cream products are increasingly being used in food recipes as substitutes for dairy milk and cream due to growing lactose intolerance and vegan consumer base. The coconut milk segment is anticipated to witness substantial growth owing to rising demand for plantbased milk alternatives.
The Global Coconut Milk And Cream Market is estimated to be valued at US$ 3.36 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the coconut milk and cream market are McCormick Company Inc.,
Danone SA, Sambu Group, Adamjee Lukmanjee Sons (Pvt.) Ltd, Cardinal Agri Products Inc., Petrow Food Group, Axelum Resources Corp., Kapar Coconut Industries Sdn Bhd, Primex Group of Companies.
Coconut milk and cream market opportunities include rising demand from vegan and lactose-intolerant consumers, new product launches catering to untapped sectors like culinary, and promotional activities by key players to increase consumer awareness about health benefits.
Technological advancements like aseptic packaging and shelf-stable formulations are helping coconut milk products penetrate untapped markets and extend shelf-life without refrigeration.
Market drivers
Growing health-consciousness among consumers is one of the key drivers for the coconut milk and cream market. Coconut milk products are considered healthier alternatives to dairy milk due to the presence of nutrients like iron, potassium, and MCTs that aid weight management and heart health. The market is also witnessing tailwinds from increasing vegan consumer base and lactose intolerance issues that propel the demand for dairy substitutes.
Current challenges in coconut milk and cream market
Coconut milk and cream market challenges and opportunities include the current difficulties in finding organic sources of raw materials, as intensive farming methods have degraded soil quality in many coconut-growing regions. Volatility in raw material prices also poses a major risk since coconut is a commodity crop vulnerable to weather conditions. Moreover, consumer preferences are continuously evolving with growing health consciousness. Brands need to launch new innovative products to cater to the demand for plant-based, organic and allergen-free options. stringent food safety regulations also require high production and processing costs for players in this market.
SWOT Analysis
Strength: Growing popularity of coconut milk and cream as healthier plant-based alternatives to dairy products. Strong distribution network of major players across global markets. Weakness: Dependency on seasonality of raw material availability. High capital requirement for establishing processing facilities.
Opportunity: Increasing vegan and flexitarian population worldwide augurs well for product penetration. New product launches catering to nutritional or functional benefits will expand market reach.
Threats: Intense competition from alternative plant-based milk and dairy categories. Stringent regulatory norms pertaining to food quality and safety compliance.
Geographical regions of market concentration
North America currently dominates the coconut milk and cream market in terms of value sales, owing to widespread popularity of Southeast Asian cuisines and growing health trends. The growing vegan and flexitarian demographics in the U.S. and Canada have led to higher product adoption rates.
Fastest growing geographical region
The Asia Pacific region excluding Japan is expected to grow at the fastest rate for coconut milk and cream over the forecast period. Abundant availability of raw coconut materials coupled with rising living standards and exposure to Western food habits are driving significant market growth in countries like India, Indonesia, Philippines and Thailand in this region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
