Coconut milk has a liquid consistency made from shredded coconut and water and pureed until smooth, whereas coconut cream is comparatively much thicker with a rich composition. Coconut cream is made from four parts of shredded coconut and one part of water simmered until it thickens. Coconut milk and cream are plant-based and are widely popular among vegetarians, vegans, lactose intolerant, and others. It comes in two categories namely organic and conventional.
According to Ken Research Analysis, the Global Coconut Milk and Cream Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028) and is expected to reach nearly US$ 7 billion by 2028, owing to the rise in vegan population along with the increasing incidence of lactose intolerance and surging demand for plant-based products including coconut milk and others.
Growing demand for plant-based, dairy-free, and vegan products is one factor driving the market growth. Moreover, the rising lactose-intolerant consumers is anticipated to propel the growth of the Global Coconut Milk and Cream Market during the forecast period.
- The rising awareness regarding the health benefits of coconut such as supporting cardiovascular health, offering anti-inflammatory, anti-microbial, and anti-fungal properties, may reduce stomach ulcers, and others along with the increase in consumption of coconut-based products among consumers are likely to boost the demand for coconut milk and cream products.
The global coconut milk and cream market faces challenges due to the availability of a variety of substitutes in the market, and differences in prices among the substitutes.
- Availability of coconut cream and milk alternatives such as soy milk, almond milk, whipping cream, greek yogurt, and others in the market may hamper the growth of the Global Coconut Milk and Cream Market. Although the applications of different plant-based products such as soy milk and almond milk vary per taste and composition, these are most likely to replace or substitute coconut milk in terms of price and availability.
The COVID-19 pandemic positively impacted the Coconut Milk and Cream Market owing to the increased demand for functional products that offer health benefits. Moreover, the increased inclination of consumers towards non-dairy ingredients like coconut milk and cream, in vegan food applications has further fueled the demand for the product in the market. In addition, the increased consumption of coconut milk and cream coupled with increased sales of the products through online channels have benefitted the growth of the Global Coconut Milk and Cream Market.
Key Trends by Market Segment
By Type: Coconut milk segment held the largest share of the Global Coconut Milk and Cream Market by type in 2021, owing to the growing demand for plant-based milk products including coconut milk among consumers of all age groups.
- The rising disposable income and change in the eating pattern along with the growing preference for plant-based products over animal based-products are expected to fuel the demand for the segment in the Global Coconut Milk and Cream Market.
By Packaging Type: The tetra pack segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, owing to its easy handling, transportation, and convenience to open, store, and recycle.
- The increasing preference for lightweight packaging material as well as packaging which saves shelf space among manufacturers is anticipated to augment the growth of the segment in the Global Coconut Milk and Cream Market.
By Flavor: Unsweetened segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to the increase in health-conscious consumers opting for low-calorie food products such as unsweetened coconut milk and cream.
- The surging popularity of unsweetened coconut milk and cream due to its low-sugar, fat, and carbohydrate content among consumers is anticipated to boost the demand for the segment in the market.
By End-User: The households segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to the growing use of coconut milk and creams in households coupled with the increase in disposable income.
- Rising trend for veganism and dairy-free globally has increased the demand for plant-based products like coconut milk and cream among consumers along with the increasing use of coconut milk and creams as an ingredient while preparing food is likely to boost the demand for the segment in the Global Coconut Milk and Cream Market.
By Distribution Channel: Supermarkets/hypermarket segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to a large consumer base, wide availability of brands, and capacity to hold multiple users simultaneously.
- The availability of a wide range of Coconut Milk and Cream of different brands in supermarkets or hypermarkets coupled with increasing demand for plant-based protein among lactose intolerant, health-conscious consumers, and others are anticipated to propel the growth of the segment in the market.
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By Geography: Asia-Pacific region accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, owing to the rising prevalence of lactose intolerance in the region.
- The rising demand for dairy alternative products such as coconut milk and cream among lactose intolerant, vegan, and other consumers along with large-scale intensive farming of coconut in Asian countries is expected to augment the growth of the region in the Coconut Milk and Cream Market.
Competitive Landscape
The Coconut Milk and Cream Market is highly competitive with ~200 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in Coconut Milk and Cream.
Country-niche players comprise ~55% of the total number of competitors, while the regional players comprise the second highest of the total number of competitors. Some of the major players in the market include Mc Cormick & Company, Inc., Nestlé, PACIFIC FOODS OF OREGON, LLC, Califia Farms, LLC, Goya Foods, Inc., Danone, Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, and Greenville Agro Corporation among others.
The leading global Coconut Milk and Cream companies such as Danone SA, Nestlé, and PACIFIC FOODS OF OREGON are highly focused on launching new products in the market to hold their position in the market.
Key Topics Covered in the Report
- Snapshot of the Global Coconut Milk and Cream Market
- Industry Value Chain and Ecosystem Analysis of the Coconut Milk and Cream Market
- Market size and Segmentation of the Global Coconut Milk and Cream Market
- Historic Growth of the Overall Global Coconut Milk and Cream Market and Segments
- Competition Scenario of the Coconut Milk and Cream Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Coconut Milk and Cream Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Coconut Milk and Cream Market
- Future Market Forecast and Growth Rates of the Global Coconut Milk and Cream Market and by Segments
- Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
- Analysis of the Coconut Milk and Cream Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Production/Supply and Consumption/Demand Hubs in Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Coconut Milk and Cream Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
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Major Companies Mentioned in the Report
- Mc Cormick & Company, Inc.
- Nestlé
- PACIFIC FOODS OF OREGON, LLC
- Califia Farms, LLC
- Goya Foods, Inc.
- Danone
- Sambu Group
- Axelum Resources Corp.
- Kapar Coconut Industries
- Greenville Agro Corporation
Notable Emerging Companies Mentioned in the Report
- Only Earth
- Ayam Sarl
- Epigamia
- Cocos Organic
- M&S Food Industries
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Plant-Based Product Manufacturers
- Coconut Milk Manufacturers
- Coconut Cream Manufacturers
- Processed Food Manufacturers
- Research & Consulting Firms
- Investment Banking & Financial Institutes
- Research & Development Institutes for F&B Sector
- Coconut Milk and Cream Raw Material Providers
- Coconut Milk and Cream Suppliers
- Investors in Vegan Food Start-ups
- Environmental Regulatory Bodies
- Coconut Milk Distributors
- Coconut Cream Distributors
- Functional Beverages Manufacturers
- Beverages Companies
- Coconut Milk and Cream Packaging Services
- Packaging Equipment Manufacturers
- Government & Food Safety Regulations
- Investors in Plant-Based Companies Incumbents
- Investors for Agri-tech & Agricultural Products
- Investors in Food & Beverages Start-ups
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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