The coconut milk beverages market was valued at $6.3 billion in 2023, and is projected to reach $21.7 billion by 2033, growing at a CAGR of 13.2% from 2024 to 2033.
Coconut milk beverages are plant-based drinks made by blending the white flesh of mature coconuts with water, creating a creamy liquid with a naturally sweet and nutty flavor. Unlike thicker canned coconut milk used in cooking, coconut milk beverages are typically thinner and designed for direct consumption. They are commonly fortified with nutrients like calcium, vitamin D, and B12, making them a popular alternative to dairy milk for individuals with lactose intolerance, vegans, or those seeking a plant-based lifestyle.
The growth of the global coconut milk beverages market is driven by increase in shift toward veganism, lactose intolerance awareness, and plant-based diets is fueling demand for coconut milk beverages as a dairy substitute. A study published by The Good Food Institute in 2022 found that 35% of U.S. households regularly purchase plant-based milk alternatives, with coconut milk beverages comprising 9% of the plant-based milk category. This demonstrates the increasing preference for plant-based options among consumers. In addition, rise in popularity of coconut milk beverages due to their natural composition, low-calorie content, and essential nutrients augments the market growth.
Furthermore, surge in demand for organic and non-GMO certified products has boosted the market for coconut milk beverages, as consumers are more conscious about the ingredients they consume. Moreover, with an increasing number of people diagnosed with lactose intolerance, coconut milk beverages offer a viable and tasty alternative to traditional dairy products, thus fostering the market growth. In addition, rise in awareness of environmental sustainability and ethical sourcing is driving consumers toward plant-based beverages like coconut milk, which acts as the key factor augmenting the market growth.
Research published in Nature Food in 2020 suggests that plant-based milk alternatives, such as coconut milk, have a significantly lower carbon footprint compared to dairy milk, reducing greenhouse gas emissions by nearly 50%, influencing consumer choices toward more sustainable options. However, high cost associated with production process for coconut milk beverages, particularly of organic and non-GMO versions, hampers the market growth. Moreover, availability of potential substitutes such as plant-based beverages, including almond, soy, oat, and rice milk, presents stiff competition, which limits the market growth.
On the contrary, manufacturers are introducing new flavors, enhanced formulations, and fortified versions of coconut milk beverages to attract a broader consumer base, especially health-conscious and lifestyle-driven consumers. Such innovations are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.
The global coconut milk beverages market is segmented into type, application, and region. On the basis of type, the market is divided into regular coconut milk and organic coconut milk. Depending on application, it is fragmented into direct drink, dairy & dessert, baked products, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of application, the dairy & dessert segment exhibited the highest growth in 2023.
Region wise, North America emerged as the most lucrative market for coconut milk beverages.
Coconut milk beverages are plant-based drinks made by blending the white flesh of mature coconuts with water, creating a creamy liquid with a naturally sweet and nutty flavor. Unlike thicker canned coconut milk used in cooking, coconut milk beverages are typically thinner and designed for direct consumption. They are commonly fortified with nutrients like calcium, vitamin D, and B12, making them a popular alternative to dairy milk for individuals with lactose intolerance, vegans, or those seeking a plant-based lifestyle.
The growth of the global coconut milk beverages market is driven by increase in shift toward veganism, lactose intolerance awareness, and plant-based diets is fueling demand for coconut milk beverages as a dairy substitute. A study published by The Good Food Institute in 2022 found that 35% of U.S. households regularly purchase plant-based milk alternatives, with coconut milk beverages comprising 9% of the plant-based milk category. This demonstrates the increasing preference for plant-based options among consumers. In addition, rise in popularity of coconut milk beverages due to their natural composition, low-calorie content, and essential nutrients augments the market growth.
Furthermore, surge in demand for organic and non-GMO certified products has boosted the market for coconut milk beverages, as consumers are more conscious about the ingredients they consume. Moreover, with an increasing number of people diagnosed with lactose intolerance, coconut milk beverages offer a viable and tasty alternative to traditional dairy products, thus fostering the market growth. In addition, rise in awareness of environmental sustainability and ethical sourcing is driving consumers toward plant-based beverages like coconut milk, which acts as the key factor augmenting the market growth.
Research published in Nature Food in 2020 suggests that plant-based milk alternatives, such as coconut milk, have a significantly lower carbon footprint compared to dairy milk, reducing greenhouse gas emissions by nearly 50%, influencing consumer choices toward more sustainable options. However, high cost associated with production process for coconut milk beverages, particularly of organic and non-GMO versions, hampers the market growth. Moreover, availability of potential substitutes such as plant-based beverages, including almond, soy, oat, and rice milk, presents stiff competition, which limits the market growth.
On the contrary, manufacturers are introducing new flavors, enhanced formulations, and fortified versions of coconut milk beverages to attract a broader consumer base, especially health-conscious and lifestyle-driven consumers. Such innovations are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.
The global coconut milk beverages market is segmented into type, application, and region. On the basis of type, the market is divided into regular coconut milk and organic coconut milk. Depending on application, it is fragmented into direct drink, dairy & dessert, baked products, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By type, the regular coconut milk segment dominated the market with the highest share in 2023.On the basis of application, the dairy & dessert segment exhibited the highest growth in 2023.
Region wise, North America emerged as the most lucrative market for coconut milk beverages.
Competition Analysis
Competitive analysis and profiles of the major players in the global coconut milk beverages market include Theppadungporn Coconut, ThaiCoconut, Asiatic Agro Industry, PT. Sari Segar Husada, Sococo, Ahya Coco Organic Food Manufacturing, Heng Guan Food Industrial, WhiteWave Foods Company, LLC, Coconut Palm Group, Betrimex JSC, Goya Foods, Inc., Renuka Holdings, HolistaTranzworld, and UNICOCONUT. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Type
- Regular coconut milk
- Organic coconut milk
By Application
- Direct drink
- Dairy dessert
- Baked products
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Theppadungporn Coconut
- ThaiCoconut
- asiatic agro industry
- PT. Sari Segar Husada
- Sococo
- Ahya Coco Organic Food Manufacturing
- Heng Guan Food Industrial
- WhiteWave Foods Company, LLC
- Coconut Palm Group
- Betrimex JSC
- Goya Foods, Inc.
- Renuka Holdings
- HolistaTranzworld
- UNICOCONUT
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: COCONUT MILK BEVERAGES MARKET, BY TYPE
CHAPTER 5: COCONUT MILK BEVERAGES MARKET, BY APPLICATION
CHAPTER 6: COCONUT MILK BEVERAGES MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Theppadungporn Coconut
- ThaiCoconut
- asiatic agro industry
- PT. Sari Segar Husada
- Sococo
- Ahya Coco Organic Food Manufacturing
- Heng Guan Food Industrial
- WhiteWave Foods Company, LLC
- Coconut Palm Group
- Betrimex JSC
- Goya Foods, Inc.
- Renuka Holdings
- HolistaTranzworld
- UNICOCONUT
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | August 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 6.3 billion |
| Forecasted Market Value ( USD | $ 21.7 billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
