Packaged Coconut Milk Market Size, Share, Growth & Industry Analysis, By Product Type (Organic, Conventional), By Packaging Type (Tetra Packs, Bottles, Cans, Others), By Distribution Channel (Supermarkets and hypermarkets, Convenience stores, Online retail, Others) and Regional Analysis, 2023-2030

Packaged Coconut Milk Market Size

The global Packaged Coconut Milk Market size was valued at USD 793.5 million in 2022 and is projected to reach USD 1,469.5 million by 2030, growing at a CAGR of 8.10% during the forecast period. Asia Pacific dominated the global market with a share of 38.22% in 2022.

In the scope of work, the report includes products offered by companies such as Ahya Coco Organic Food Manufacturing Corp., Danone SA, Edward & Sons Trading Co., Goya Foods, Inc., Heng Guan Food Industrial Pte Ltd., McCormick & Company, Inc., Merit Food Products Co., Ltd, Nestle SA and Others.

The packaged coconut milk market has grown rapidly in recent years, owing to the growing popularity of plant-based milk replacements. Coconut milk, well-known for its creamy texture and distinct flavor, is made from the white flesh of mature coconuts. It is popular in a variety of cuisines, particularly in Southeast Asia and the Caribbean.

Additionally, the rising popularity of packaged coconut milk, which offers convenience and a longer shelf life, has led to a significant increase in consumer demand. As a result, the market has experienced a noticeable boost in revenue.

Furthermore, the increasing popularity of coconut milk can be attributed to its health benefits. It is a rich source of vitamins, minerals, and antioxidants, making it a favorable choice for those who avoid consuming dairy products. Additionally, the rising trend of vegetarianism and lactose intolerance has contributed to the growing demand for coconut milk. As more individuals embrace plant-based lifestyles, the demand for coconut milk is projected to grow rapidly in the forthcoming years.

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Analyst’s Review

The packaged coconut milk market indicates positive growth in the near future. The increasing consumer demand for plant-based alternatives and the growing popularity of coconut milk as a dairy substitute are driving market expansion. Additionally, the rising awareness of the health benefits associated with coconut milk consumption, such as its high nutritional value and potential to improve digestion is aiding market growth.

Furthermore, the versatility of packaged coconut milk in various culinary applications, including smoothies, curries, and desserts, has fueled its demand among consumers. As more individuals embrace vegetarian and vegan diets, the demand for plant-based milk alternatives such as coconut milk is expected to continue rising.

With advancements in packaging technology and the introduction of innovative flavors and variants, the market is poised to witness substantial growth in the foreseeable future.

Market Definition

Packaged coconut milk is a type of dairy-free milk alternative made from the flesh of coconuts. It is commonly sold in cans or cartons and is known for its rich, creamy texture and distinct tropical flavor. It is often used in cooking and baking as a substitute for regular milk or cream, especially in recipes that require a hint of coconut flavor.

Additionally, packaged coconut milk is a popular choice among individuals following a vegan or lactose-free diet. Its versatility allows for its use in a variety of dishes such as curries, smoothies, and desserts. The high-fat content of coconut milk gives it a luxurious mouthfeel, making it an excellent choice for creating creamy sauces and soups.

Furthermore, the natural sweetness of coconut milk enhances the flavor of beverages such as coffee or tea, providing a delightful experience. Overall, packaged coconut milk offers a delicious and nutritious alternative to traditional dairy products.

Packaged Coconut Milk Market Dynamics

The rising vegetarian and vegan populations around the world have played a significant role in driving the growth of the packaged coconut milk market. The rising popularity of plant-based diets has led to a significant increase in the demand for dairy alternatives. Coconut milk has emerged as a favored option among consumers.

This trend can be attributed to various factors, including the health benefits associated with coconut milk, its versatility in cooking, and its sustainability compared to traditional dairy products.

Furthermore, the health benefits of coconut milk have been widely recognized. It boasts high levels of essential vitamins and minerals, including potassium and magnesium, and is known for its antioxidant properties. Additionally, coconut milk is lactose-free and cholesterol-free, making it a suitable alternative for individuals with dietary restrictions or health concerns. Thus, the rising vegetarian and vegan populations have driven the growth of the market.

However, the high prices of coconut milk are significantly impacting industry development. This is due to consumers becoming increasingly price-sensitive and showing reluctance to pay exorbitant prices for a product they consider to be a basic necessity. As a result, they are either opting for alternative plant-based milk options or choosing to make their own coconut milk at home, thereby hindering the market growth for packaged coconut milk.

Segmentation Analysis

The global market is segmented based on product type, packaging type, distribution channel, and geography.

By Product Type

Based on product type, the market is bifurcated into organic and conventional. Conventional coconut milk dominates the packaged coconut milk market with a share of 62.89% in 2022. It is readily available in most grocery stores, and thus, is easily accessible to consumers.

Additionally, conventional coconut milk is often more affordable compared to alternative options, making it a popular choice for budget-conscious shoppers. Furthermore, it has a longer shelf life, allowing for greater convenience and reducing the amount of food waste. These factors have contributed to the widespread popularity and dominance of conventional coconut milk in the market.

By Distribution Channel

Based on distribution channel, the market is bifurcated into supermarkets/hypermarkets, drugstores/pharmacies, convenience stores, and online channels. The supermarkets/hypermarkets segment held the largest packaged coconut milk market share of 45.11% in 2022. This robust growth is mainly propelled by the increased popularity and awareness of packaged coconut milk products across the globe.

In addition, the aggressive marketing, various discounts, and offers provided by supermarkets/hypermarkets attract a larger consumer base, thereby boosting the growth of the segment.

Packaged Coconut Milk Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Asia Pacific Packaged Coconut Milk Market share stood around 38.22% in 2022 in the global market, with a valuation of USD 303.3 million. As packaged coconut milk is primarily produced in countries with a significant coconut industry, like Indonesia, the Philippines, and Thailand.

These nations have a rich history of coconut cultivation and are known for their expertise in the field. These countries benefit from abundant coconut resources, allowing them to produce high-quality coconut milk at a competitive price. Additionally, the Asia-Pacific region boasts a strong culinary culture that heavily incorporates coconut milk into various traditional dishes, thereby bolstering the demand for packaged coconut milk.

As a result, these countries have emerged as leading exporters of packaged coconut milk, catering to both domestic and international markets. Furthermore, consumers are increasingly recognizing its health benefits and versatility in cooking.

With the growing demand for plant-based alternatives and the rise of vegan and vegetarian diets, coconut milk has become a popular choice for those seeking dairy-free and lactose-intolerant individuals. Consequently, the market for packaged coconut milk in the Asia-Pacific region is expected to grow in the forthcoming years.

Competitive Landscape

The packaged coconut milk market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing heavily in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Packaged Coconut Milk Market

• Ahya Coco Organic Food Manufacturing Corp.
• Danone SA
• Edward & Sons Trading Co.
• Goya Foods, Inc.
• Heng Guan Food Industrial Pte Ltd.
• McCormick & Company, Inc.
• Merit Food Products Co., Ltd
• Nestle SA
• PureHarvest
• Thai Agri Foods Public Company Limited

Key Industry Developments

• January 2023 (Product Launch): Cocos Organic, an independent and family-run dairy-free brand, launched‘ Yog Tubes’, organic coconut milk.
• 2022 (Product Launch): SUNRNBIRD launched two plant-based milks, both of which include coconut milk, are sugar-free, and manufactured with natural ingredients.

The global Packaged Coconut Milk Market is segmented as:

By Product Type

• Organic
• Conventional

By Packaging Type

• Tetra Packs
• Bottles
• Cans
• Others

By Distribution Channel

• Supermarkets and hypermarkets
• Convenience stores
• Online retail
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America