by The coconut milk and cream market has been gaining popularity globally owing to its nutritional profile and versatility in culinary applications. Coconut milk and cream are excellent substitutes for dairy milk and cream offering a creamier texture and delicate coconut flavor. Coconut milk is low in calories and contains medium-chain fatty acids that promote heart health along with nutrients like copper, manganese, and selenium. Coconut cream comes with an even higher fat content delivering rich texture and vibrant coconut taste in recipes. They are used in diverse cuisines to make curry, soup, smoothies, desserts, and more.
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: Key players operating in the coconut milk and cream market include
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.
Key opportunities: Coconut milk and cream market opportunities include rising awareness about vegan and plant-based diet trends, which present significant chances for producers to expand in the alternative dairy segment. The market is also witnessing opportunities from the growing adoption of coconut milk and cream in bakery, confectionery, and culinary applications.
Global expansion: Leading coconut milk and cream companies are investing in global expansion efforts to strengthen their foothold across Southeast Asia, North America, European and Latin American markets. Strategic collaborations with local partners help companies overcome trade barriers and distribution challenges in international markets.
Market drivers
Health-conscious consumers: Increasing health and wellness concerns among consumers have been a key driver for coconut milk and cream industry growth. Coconut products are perceived as a healthier alternative to dairy owing to their nutritional advantages and suitability for those with lactose intolerance. This is supporting greater adoption in daily diets and recipes.
Versatile applications in cooking: Coconut milk and cream market challenges and opportunities include the creamier texture and mild flavor of these products making them a perfect addition to diverse cuisines and recipes, ranging from curries to baked goods to smoothies. Greater experimentation with global flavors is increasing popularity and consumption.
PEST Analysis
Political: The regulations regarding the production and import of coconut milk and cream vary across countries. Changes in trade policies could impact the availability and prices of raw materials.
Economic: Rising disposable incomes and growing health consciousness are driving the demand for plant-based milk alternatives. Fluctuations in the prices of coconuts owing to weather conditions affect the manufacturing costs.
Social: Changing lifestyles and preference for healthier, natural and vegan products have increased the popularity of coconut milk and cream. Rising lactose intolerance also favors the consumption of plant-based dairy alternatives.
Technological: Advancements in extraction techniques help manufacturers maximize yields from coconuts. Automation in production processes has improved efficiencies. Companies invest in research to develop innovative product formulations.
The Asia Pacific region accounts for a majority share of the global marketvalue-wise due to the large-scale cultivation of coconuts in countries like Indonesia, Philippines and India. Southeast Asian countries export significant quantities ofcoconuts and derived products.
North America is the fastest growing regional market driven by increasing veganism and demand for organic as well as ethnic cuisine inspired products. Availability of coconut milk and cream in mainstream retail outlets and growing adoption in smoothies, desserts and cooking applications are propelling market expansion.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - 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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
