by The coconut milk and cream market consists of coconut milk and coconut cream produced from freshly harvested coconuts. Coconut milk and cream are low in saturated fats and rich in beneficial nutrients, making them a healthy alternative to dairy milk and cream. They are widely used in Asian and Indian culinary for curry bases, desserts and beverages. Coconut milk and cream provide a creamy texture and tropical flavor to various foods and beverages without containing cholesterol or lactose.
The Global coconut milk and cream market is estimated to be valued at US$ 3.36 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the coconut milk and cream market are McCormick Company Inc.,
Danone SA, Sambu Group, Adamjee Lukmanjee Sons (Pvt.) Ltd, Cardinal Agri Products
Inc., Petrow Food Group, Axelum Resources Corp., Kapar Coconut Industries Sdn Bhd, Primex Group of Companies. Growing health consciousness among consumers is driving the demand for plant-based dairy alternatives like coconut milk and cream. Moreover, the rising vegan population prefers coconut milk and cream over dairy milk due to the absence of animal products. Major companies are expanding their production facilities globally to match the rising international demand for coconut milk and cream products.
Market key trends
Coconut milk and cream market demand is driven by the rising vegan and healthconscious consumer base, with increasing adoption of these products as dairy alternatives. According to studies, over 14% of Americans followed a vegan or vegetarian diet in 2021.
Coconut milk and cream are popular vegan substitutes for dairy milk and cream due to their similar texture and versatility. Moreover, obesity and cholesterol issues are pushing consumers to opt for low-fat and low-calorie coconut milk and cream over dairy equivalents. Product innovation is another key trend in the market. Companies are developing novel product forms like coconut creamers, yogurts, and icecreams made from coconut milk and cream to expand their appeal among consumers.
Porter’s Analysis
Threat of new entrants: Low capital requirements act as entry barrier in new regions.
Bargaining power of buyers: Large number of buyers leads to increase in buyer bargaining power.
Bargaining power of suppliers: Coconut being a crop cultivated by large number of farmers increases supplier bargaining power.
Threat of new substitutes: Substitute products from plant-based and diary categories pose threat to coconut milk.
Competitive rivalry: Large multinational players dominate the market with strong brands and private label players add competition.
Coconut milk and cream market regions analysis shows that, in terms of value, South East Asia is the largest geographical region. Countries like Indonesia, the Philippines, and India are major coconut-producing nations where the majority of demand is met locally. North America region is witnessing the fastest growth for coconut milk and cream market currently. Rising vegan lifestyle along with growing adoption of plant-based dairy alternatives are driving demand in the region. Increasing shelf space for coconut milk in supermarkets along with new product launches by regional and private label players are also fueling market growth.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
