The Coconut Milk Market is expected to grow from US$1,518.319 million in 2025 to US$2,005.703 million in 2030, at a CAGR of 5.73%.
Coconut milk is a milk-like white and opaque liquid made from the grated pulp of ripe coconuts. Coconut milk's opacity and rich flavor are due to its saturated fat in the form of high oil content.
Consumers are increasingly gravitating toward plant-based products, as they are healthier and safer than animal-based products. People worldwide are following vegan diets owing to the rising awareness among people and shifting lifestyles. As a result, companies use plant-based milk in various pastry and confectionery products. The Scottish Government stated in February 2021 that plant-based milk replacements would soon be available in a government-funded early learning milk initiative and nursery. Veganism has become more popular as people have become more concerned about animals and the environment. The worldwide demand for coconut milk is attributable to the growth of natural food products and consumer preference for a vegan diet.
Lactose intolerance has become a major concern in the food and beverage sector, increasing lactose-free milk consumption globally. Lactase is absent in plant-based milk, which does not cause allergic reactions. The Plant-Based Foods Association stated that plant-based milk sales increased by 5% in 2020 in the United States compared to 2019. Companies are also taking advantage of this opportunity to introduce new products to the market.
Due to the difficulty of scaling up coconut tree production, manufacturing is expected to be sluggish in the projected period. Coconut farming is mostly dependent on climatic circumstances. Global climatic conditions are changing rapidly due to pollution and the greenhouse gas effect. As a result, the coconut milk market's growth may be hampered in the near future by frequent adverse weather conditions, especially in Asian countries. Hence, producers must rely on creative solutions to make the most of the present supply and profit from the spike in demand.
The conventional sector dominates the coconut milk market. However, the demand for the organic sector is increasing due to the growing popularity of pesticide-free and chemical-free clean-label products globally.
Owing to wide incorporation in drinks due to easier availability, the liquid segment is expected to hold the largest market share. However, the powder segment is gaining traction due to ease of storing and extended shelf-life.
Supermarkets and hypermarkets account for a sizable portion of the market and are expected to rise over the projected period owing to the global expansion of the organized retail sector. Convenience stores have acquired a substantial share in the market.
The trade operations of plant-based products between major Asian countries have increased significantly, leading the Asia Pacific region to dominate the market. Indonesia, Thailand, Sri Lanka, and the Philippines are the top exporters of coconut-based products. Europe, on the other hand, is expected to develop rapidly, owing to the growing use of this milk in a variety of pastry products such as cookies, cakes, and pies.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Coconut Milk Market Size in 2025 | US$18.153 billion |
| Coconut Milk Market Size in 2030 | US$50.433 billion |
| Growth Rate | CAGR of 22.67% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in the Coconut Milk Market | |
| Customization Scope | Free report customization with purchase |
Market Segments