Companies are emphasizing innovation and broadening their range of products, including manufacturing flavored coconut milk drinks, nutrient-fortified variants, and products made to meet particular dietary requirements such as organic or low-sugar alternatives. Thus, driving growth in the coconut milk beverages market.
WILMINGTON, Del., Sept. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Coconut Milk Beverages Market by Type (Regular coconut milk and Organic coconut milk), and Application (Direct drink, Dairy & dessert, Baked products and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the coconut milk beverages market was valued at $6.3 billion in 2023, and is estimated to reach $21.7 billion by 2033, growing at a CAGR of 13.2% from 2024 to 2033.
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Prime determinants of growth
Rise in demand for plant-based and dairy-free substitutes driven by rise in health consciousness and lactose intolerance is the main factor driving the growth of the coconut milk beverages market. Coconut milk's claimed health benefits such as being high in vitamins and minerals and usefulness in a variety of culinary applications also contribute to its rise in popularity. Market expansion is further fueled by increase of distribution channels, such as supermarkets and internet platforms. Its attractiveness is further enhanced by new product innovations, such as flavored and fortified coconut milk. In addition, the popularity of plant-based, vegan, and vegetarian diets is increasing the demand for coconut milk as an ingredient.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $6.3 billion |
Market Size in 2033 | $21.7 billion |
CAGR | 13.2 % |
No. of Pages in Report | 250 |
Segments Covered | Type, Application, and Region. |
Drivers | Health and Wellness Trends |
Rising Vegan and Vegetarian Diets | |
Product Innovations | |
Opportunities | Expansion into Emerging Markets |
Strategic Partnerships and Collaborations | |
Restraints | High Production Costs |
Supply Chain Challenges |
Segment Highlights
By type, the regular coconut milk segment dominated the market with the highest share in 2023. Regular coconut milk is a popular dairy alternative in baking and cooking due to its unique flavor and creamy texture. The growing popularity of tropical flavors, the growing trend of veganism, and the greater availability of coconut milk products in mainstream supermarkets are all major factors driving market expansion. The market presence of conventional coconut milk beverages is further boosted by changes in packaging and formulations, which have improved their appeal.
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By application, the dairy and dessert segment dominated the market in 2023. The market for coconut milk beverages is expanding significantly, due to rise in demand for healthier dessert options and dairy substitutes from customers. These beverages provide a lactose-free, plant-based substitute for traditional dairy products. Examples of these are coconut milk and smoothies made with coconut. Consumers who are health-conscious and those who have dairy allergies or lactose intolerance are becoming more familiar to them. The market is becoming increasingly desirable due to innovations in flavor and formulation, offering a variety of products ranging from flavored to unsweetened. In addition, the market is expanding for dessert applications, where coconut milk is utilized in products like puddings and ice creams.
Regional Outlook
The coconut milk beverages market is expanding significantly in several geographic regions. Plant-based diets and growing health consciousness are driving demand in North America. Growing knowledge of lactose sensitivity and veganism has brought interest in Europe to rise. The historic use of coconut milk beverages and the growing trend of urban populations looking for healthier options have made them popular throughout Asia-Pacific. The Middle East and Africa have potential with consumer tastes shifting toward natural and organic products. The rise of coconut milk in Latin America is attributed to factors such as domestic production and growing consciousness of its health advantages. Globally speaking, the market is growing, reflecting a range of regional tastes and health trends.
Players: -
- Theppadungporn Coconut
- ThaiCoconut
- Asiatic Agro Industry
- PT. Sari Segar Husada
- SOCOCO
- Ahya Coco Organic Food Manufacturing
- Heng Guan Food Industrial
- WhiteWave Foods
- Coconut Palm Group
- Betrimex
- Goya Foods
- Renuka Holdings
- HolistaTranzworld
- UNICOCONUT
The report provides a detailed analysis of these key players in the global coconut milk beverages market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
- In November 2023, The Coconut Collab, a British company, introduced M!LK, a barista-style milk made with coconut.
- In June 2020, Drums Food International Pvt. Ltd. introduced a line of plant-based yogurt made with coconut milk under the Epigamia brand for Indian consumers.
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