Coconut Milk and Cream Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.36 Billion |
| Market Size (2029) | USD 6.01 Billion |
| CAGR (2024 - 2029) | 12.35 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Coconut Milk and Cream Market Analysis
The Coconut Milk and Cream Market size is estimated at USD 3.36 billion in 2024, and is expected to reach USD 6.01 billion by 2029, growing at a CAGR of 12.35% during the forecast period (2024-2029).
The growing consumer concerns associated with consuming conventional dairy-based food and beverage products and adopting vegan diets are expected to drive the growth of the coconut milk and cream market. The emergence of coconut-based food products demonstrates a shift in the customers' demands, from animal-based products to plant-based products, with coconut-based products holding a prominent share. This incremental shift toward a plant-based diet is primarily influenced by ecological concerns, health consciousness, ethical or religious beliefs, and awareness about environmental issues and animal rights. Regardless of classification criteria, reasons, or types, the number of vegans worldwide is on the rise, driving the demand for dairy-free food products and creating a subtle presence for coconut milk and cream as key vegan food ingredients.
In the mid-term, the growth in the consumption of coconut-based products among consumers is expected to drive the use of coconut-based products in food and beverage applications in the future. Sales of coconut-based ingredients, such as coconut milk and coconut cream, are also expected to continue growing, and these products are widely used as ingredients in various processed food products. Since coconut has several health benefits and its by-products are vastly used in bakery goods, coffee, confectionery, etc., its demand is witnessing a rapid upward curve. Coconuts are extensively used in South Asian cuisines, such as Indian, Burmese, Sri Lankan, and Indonesian. In addition, coconut milk and cream extract have become an important part of the functional beverages industry, an outcome of the strong preference shown by the millennial populace that is demanding variants that have health benefits with taste, thereby further augmenting the growth of the market studied.
Coconut Milk and Cream Market Trends
This section covers the major market trends shaping the Coconut Milk & Cream Market according to our research experts:
Rising Trend of Dairy-free and Veganism Globally
Regardless of the classification criteria, reasons, or types, the number of vegans in the world is on the rise, driving the demand for dairy-free food products and creating a subtle presence for coconut milk and cream as key vegan food ingredients. Moreover, in an attempt to acknowledge the demand from the rising vegan population, food companies are introducing a diverse range of coconut milk by varying its fat content and flavor and even launching easy-to-carry package formats to boost convenience. For instance, the company WhiteWave Foods, through its brand So Delicious, offers coconut milk in unusual flavors, such as Nog, Pumpkin Spice, and Mint Chocolate . Globally, the data cited by several global institutions indicates that the transition to a vegan lifestyle has happened over the past few years. Many countries have witnessed a rise in vegan consumers, especially over the past decade.
Asia-Pacific Continues to Dominate the Global Market
The revenue generation in the Asia-Pacific market is majorly driven by the countries such as India, Japan, and Indonesia. The coconut industry holds an eminent position in the Indian economy, thus luring great interest of the government to strengthen the coconut industry and its application in varied sectors. For instance, the Coconut Development Board of India sponsored various research programs throughout the country's premier research institutions to develop new technologies for the manufacture of coconut cream, spray-dried coconut milk powder, and other coconut products. In Japan, more than 90% of Japanese consumers are lactose-intolerant, yet the demand for ice cream, yogurt, and other dairy products is very high among the native consumers, which drives the demand for dairy-alternative ingredients, including coconut cream and milk, among the food manufacturing companies of the country.
Coconut Milk and Cream Industry Overview
The global coconut milk and cream market is highly fragmented, with numerous domestic players having strong distribution networks and international food certifications. Manufacturers such as Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, Greenville Agro Corporation, and Mc Cormick & Company Inc., among others, hold strong positions in the market. They offer coconut milk and coconut cream in customizable packaging sizes, depending on the requirements of the consumers. Companies are increasing their investments in production capacities and expanding their distribution channels to maintain their positions in the market. The manufacturers also offer coconut milk and cream with the consistencies desired by the end-product users.
Coconut Milk and Cream Market Leaders
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Sambu Group
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Axelum Resources Corp.
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Kapar Coconut Industries
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Greenville Agro Corporation
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Mc Cormick & Company Inc.
*Disclaimer: Major Players sorted in no particular order
Coconut Milk and Cream Market News
- August 2022: Met Foods-owned Cocos Organic brand launched its first organic coconut milk yogurt tubes, designed for children ages six months and older. The new offering comes in strawberry and banana flavors. This product is made from organic coconut milk, fortified with live bacteria, including Bifidobacterium BB-12, and flavored with natural strawberries and bananas.
- April 2022: SUNRNBIRD introduced two types of plant-based milk: grain oatmeal milk, as well as coconut milk, both of which are sugar-free and made with natural ingredients. With a zero-sugar formula, coconut milk has been infused with more freshness, aroma, and flavor than ever before.
- December 2021: Philippines-based Machcri launched its first-ever product under its brand, Machcri Coconut Cream, which is based on RSAI Coconut Cream 32% Fat.
Coconut Milk and Cream Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness- Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Category
5.1.1 Organic
5.1.2 Conventional
5.2 Application
5.2.1 Processed Food
5.2.1.1 Bakery
5.2.1.2 Confectionery
5.2.1.3 Dairy Products
5.2.1.4 Frozen Dessert
5.2.1.5 Other Processed Foods
5.2.2 Retail / Packaged Coconut Milk & Coconut Cream
5.2.3 Foodservice
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Russia
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Indonesia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Positioning of Players
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 McCormick & Company Inc.
6.3.2 Danone SA
6.3.3 Sambu Group
6.3.4 Adamjee Lukmanjee & Sons (Pvt.) Ltd.
6.3.5 Cardinal Agri Products Inc.
6.3.6 Petrow Food Group
6.3.7 Axelum Resources Corp.
6.3.8 Kapar Coconut Industries Sdn Bhd
6.3.9 Greenville Agro Corporation
6.3.10 Only Earth
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Coconut Milk and Cream Industry Segmentation
Coconut milk and cream are ingredients made from the simmering of shredded coconut and water in different ratios. The market studied has been segmented by category, application, and geography. Based on the category, the market is segmented into organic and conventional. Based on the application, the market is segmented into processed food, retail/packaged coconut cream and coconut milk, and food service. The processed food segment is further sub-segmented into the bakery, confectionery, dairy products, frozen desserts, and other processed foods. The report also outlines insights into major countries from all the major regions, including North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done in value (in USD million) terms.
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Coconut Milk and Cream Market Research FAQs
How big is the Coconut Milk and Cream Market?
The Coconut Milk and Cream Market size is expected to reach USD 3.36 billion in 2024 and grow at a CAGR of 12.35% to reach USD 6.01 billion by 2029.
What is the current Coconut Milk and Cream Market size?
In 2024, the Coconut Milk and Cream Market size is expected to reach USD 3.36 billion.
Who are the key players in Coconut Milk and Cream Market?
Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, Greenville Agro Corporation and Mc Cormick & Company Inc. are the major companies operating in the Coconut Milk and Cream Market.
Which is the fastest growing region in Coconut Milk and Cream Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Coconut Milk and Cream Market?
In 2024, the Asia Pacific accounts for the largest market share in Coconut Milk and Cream Market.
What years does this Coconut Milk and Cream Market cover, and what was the market size in 2023?
In 2023, the Coconut Milk and Cream Market size was estimated at USD 2.99 billion. The report covers the Coconut Milk and Cream Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Coconut Milk and Cream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Coconut Milk and Cream Industry Report
Statistics for the 2024 Coconut Milk and Cream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Coconut Milk and Cream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
