The global coconut milk market size is projected to grow from USD 1,009.07 million in 2021 to USD 2,172.49 million in 2028. The surging usage of plant-based milk in various food items, such as smoothies, yogurt, cakes, and other similar items would affect growth positively. In April 2021, for instance, Dunkin’ Donuts LLCannounced its plans to launchcoconut milk in its menu in the U.S. by the end of April. It will come in three flavors: blueberry pomegranate, golden peach, and pink strawberry. Fortune Business Insights™published this information in a report, titled, “Coconut Milk Market, 2021-2028.” The report further states that the market stood at USD 919.57 million in 2020. It is set to exhibit a CAGR of 11.58% in the forecast period between 2021-2028.
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NescaféIntroduces Vegan Flat White Pods in the U.K.
In January 2021, Nescaféunveiledits latest vegan flat white pods in the U.K. The new latte pods are registered by the Vegan Society and can be incorporated in Nescafé’s Dolce Gusto coffee machines. These would enable consumers to develop robust coffee combined with lactose-free milk for a delicious, vegan, and smooth Flat White. The company aims to cater to the high demand for plant-based and dairy-free products.
Closure of Processing Plants & Shortage of Laborers to Obstruct Growth amid COVID-19
The demand for coconut milk has declined amid the COVID-19 pandemic because of the shutdown of processing plants and shortage of workforce across the globe. As per Sri Lanka Export Development Board, between January-June 2020, coconut exports and deliveriesloweredby 10.33%. But, as various countries are gradually lifting their trade bans, the market would showcase good growth in the near future.
Drivers & Restraints-
Rising Cross-culture Trend in Western Countries to Accelerate Growth
In today’s world, consumers are constantly willing to experiment with new flavors and hence, the demand for flavorsome food items is surging rapidly. Millennials and Gen Z are the major groups who always look out for exotic and unique flavors in their food and beverages. According to a study published in 2019 by the Institute of Food Technologists (IFT), Chinese cuisine is considered to be the most-liked Asian cuisine. It is followed by Japanese, Thai, and Korean. Besides, in western countries, cross-culture food trendsare also expected to drive the coconut milk market growth. The product is immensely used in multipleAsian recipes. Coupled with this, the surging number of Asian restaurant chains across the globe would propel growth.However, frequently fluctuating prices of coconuts may hamper the demand for this type of milk.
Supermarkets/HypermarketsSegment to Grow Rapidly Stoked by Availability of Various Branded Products
Based on the distribution channel, the is categorized into supermarkets/hypermarkets, convenience stores, grocery stores, and online retail. Amongst these, the supermarkets/hypermarketssegment is anticipated to generate the highest share in the upcoming years. This growth is attributable to the increasing availability of products belonging to numerous brands and price ranges. Hence, it is easy for consumers to choose the right product from aisles as per their requirements. By nature, the organic segment held 26.80% in terms of the coconut milk market share in 2020.
Fortune Business Insights™ presents a list of reputed coconut milk providers operating in the global market. They are as follows:
- Danone S.A. (Paris France)
- Nestle S.A. (Vevey, Switzerland)
- Dabur India Ltd. (Ghaziabad, India)
- Cocomi Bio Organic (Sri Lanka)
- The Coconut Company (UK) Ltd. (United Kingdom)
- Coconuts of the Caribbean Ltd. (Tune Puna, Trinidad and Tobago)
- Thai Coconut Public Company Ltd. (Thailand)
- Pt. Sari Segar Husada (Indonesia)
- Celebes Coconut Corporation (Cebu, Philippines)
- Merit Food Products Co., Ltd. (NongKhangKhok, Thailand)
Presence of Nestle S.A. and Celebes Coconut Corporation to Help Asia Pacific Lead
Geographically, Asia Pacific is set to remain at the forefront throughout the forthcoming years on account of the presence of numerous renowned companies, such as Thai Coconut Public Company Ltd., Nestle S.A., and Celebes Coconut Corporation in this region. Also, the increasing trend of veganism would boost growth. The region accounted for USD 398.08 million in 2020 in terms of revenue. On the other hand, the rising cases of lactose intolerance in North America would help the market to grow. Additionally, the surging launch of ready-to-drink (RTD) beverages equipped with coconut milk would aid regional growth.
Key CompaniesAim to Diversify Portfolios & Expand Footprint through New Product Launches
The market is highly fragmented with the presence of various big, small, and medium enterprises. Most of them are aiming to broaden their geographical presence and diversify their portfolios by launching innovative foods and beverages infused with this type of milk. Below is one of the significant industry developments:
- March 2020:So Delicious Dairy Free introduced a delicious blend of delectable toppings and coconut yoghurt alternative namedPairings Coconutmilk Yogurt Alternatives. It is Non-GMO Project verified, vegan and gluten- soy-, nut, and dairy-free. These can be consumed as plant-based snacks.
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