Global Coconut Milk and Cream Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Packaging Type, Flavor, End-user, Distribution Channel, and Major Regions

Market Overview

Coconut milk has a liquid consistency made from shredded coconut and water and pureed until smooth, whereas coconut cream is comparatively much thicker with a rich composition. Coconut cream is made from four parts of shredded coconut and one part of water simmered until it thickens. Coconut milk and cream are plant-based and are widely popular among vegetarians, vegans, lactose intolerant, and others. It comes in two categories namely organic and conventional.

According to Ken Research Analysis, the Global Coconut Milk and Cream Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028) and is expected to reach nearly US$ 7 billion by 2028, owing to the rise in vegan population along with the increasing incidence of lactose intolerance and surging demand for plant-based products including coconut milk and others.

Growing demand for plant-based, dairy-free, and vegan products is one factor driving the market growth. Moreover, the rising lactose-intolerant consumers is anticipated to propel the growth of the Global Coconut Milk and Cream Market during the forecast period.

The rising awareness regarding the health benefits of coconut such as supporting cardiovascular health, offering anti-inflammatory, anti-microbial, and anti-fungal properties, may reduce stomach ulcers, and others along with the increase in consumption of coconut-based products among consumers are likely to boost the demand for coconut milk and cream products.

The global coconut milk and cream market faces challenges due to the availability of a variety of substitutes in the market, and differences in prices among the substitutes.

Availability of coconut cream and milk alternatives such as soy milk, almond milk, whipping cream, greek yogurt, and others in the market may hamper the growth of the Global Coconut Milk and Cream Market. Although the applications of different plant-based products such as soy milk and almond milk vary per taste and composition, these are most likely to replace or substitute coconut milk in terms of price and availability.

The COVID-19 pandemic positively impacted the Coconut Milk and Cream Market owing to the increased demand for functional products that offer health benefits. Moreover, the increased inclination of consumers towards non-dairy ingredients like coconut milk and cream, in vegan food applications has further fueled the demand for the product in the market. In addition, the increased consumption of coconut milk and cream coupled with increased sales of the products through online channels have benefitted the growth of the Global Coconut Milk and Cream Market.

Scope of the Report

The Coconut Milk and Cream Market is segmented by type, packaging type, flavor, end-user, and distribution channel. In addition, the report also covers market size and forecasts for the four region's Coconut Milk and Cream Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Type

Coconut Milk

Organic

Conventional

Coconut Cream

Organic

Conventional

By Packaging Type

Plastic Bottles

Tetra Packs

Cans

By Flavor

Sweetened

Unsweetened

By End-Users

Households

Food and Catering Service

Processed Food

Others

By Distribution Channel

Direct

Wholesalers

Supermarkets/Hypermarkets

Specialty Stores

Online Retail

Other Retail Sectors

By Geography

North America

USA, Canada, Mexico)

Europe (Germany, UK, France, Spain, Italy)

Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)

LAMEA (Latin America, Middle East, Africa)

Key Players

Mc Cormick & Company, Inc.

Nestle

Pacific Foods Of Oregon, LLC

Califia Farms, LLC

Goya Foods, Inc.

Danone

Sambu Group

Axelum Resources Corp.

Kapar Coconut Industries

Greenville Agro Corporation

Key Trends by Market Segment:

By Type: Coconut milk segment held the largest share of the Global Coconut Milk and Cream Market by type in 2021, owing to the growing demand for plant-based milk products including coconut milk among consumers of all age groups.

The rising disposable income and change in the eating pattern along with the growing preference for plant-based products over animal based-products are expected to fuel the demand for the segment in the Global Coconut Milk and Cream Market.

By Packaging Type: The tetra pack segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, owing to its easy handling, transportation, and convenience to open, store, and recycle.

The increasing preference for lightweight packaging material as well as packaging which saves shelf space among manufacturers is anticipated to augment the growth of the segment in the Global Coconut Milk and Cream Market.

By Flavor: Unsweetened segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to the increase in health-conscious consumers opting for low-calorie food products such as unsweetened coconut milk and cream.

The surging popularity of unsweetened coconut milk and cream due to its low-sugar, fat, and carbohydrate content among consumers is anticipated to boost the demand for the segment in the market.

By End-User: The households segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to the growing use of coconut milk and creams in households coupled with the increase in disposable income.

Rising trend for veganism and dairy-free globally has increased the demand for plant-based products like coconut milk and cream among consumers along with the increasing use of coconut milk and creams as an ingredient while preparing food is likely to boost the demand for the segment in the Global Coconut Milk and Cream Market.

By Distribution Channel: Supermarkets/hypermarket segment accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, due to a large consumer base, wide availability of brands, and capacity to hold multiple users simultaneously.

The availability of a wide range of Coconut Milk and Cream of different brands in supermarkets or hypermarkets coupled with increasing demand for plant-based protein among lactose intolerant, health-conscious consumers, and others are anticipated to propel the growth of the segment in the market.

By Geography: Asia-Pacific region accounted for the largest share of the Global Coconut Milk and Cream Market in 2021, owing to the rising prevalence of lactose intolerance in the region.

The rising demand for dairy alternative products such as coconut milk and cream among lactose intolerant, vegan, and other consumers along with large-scale intensive farming of coconut in Asian countries is expected to augment the growth of the region in the Coconut Milk and Cream Market.

Competitive Landscape

The Coconut Milk and Cream Market is highly competitive with ~200 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in Coconut Milk and Cream.

Country-niche players comprise ~55% of the total number of competitors, while the regional players comprise the second highest of the total number of competitors. Some of the major players in the market include Mc Cormick & Company, Inc., Nestle, PACIFIC FOODS OF OREGON, LLC, Califia Farms, LLC, Goya Foods, Inc., Danone, Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, and Greenville Agro Corporation among others.

The leading global Coconut Milk and Cream companies such as Danone SA, Nestle, and PACIFIC FOODS OF OREGON are highly focused on launching new products in the market to hold their position in the market.

Recent Developments Related to Major Players

In September 2022, Goya Foods, Inc., the largest Hispanic-owned food company in the USA, launched an online store to ship their products including coconut milk and cream directly to the consumers. The company aims to expand its digital footprint in the market and offer easy access to its products to consumers.

In August 2021, So Delicious, a plant-based brand of Danone, launched a program named "Good People Loop" to support the economic and social empowerment of coconut farming partners across its supply chain. Under this program, the company aims to empower coconut farmer partners to adopt sustainable practices like compositing, mulching organic matter, and intercropping to improve crop yield. The program aims to increase coconut farmer income by 100% and crop yields by 50% over the next five years. The majority of the company's coconut partner is based in the Philippines.

In May 2021, Axelum Resources Corp. entered into the e-commerce sector and collaborated with local online platforms like Shopee and Lazada. These product feature company's products including coconut milk powder, coconut cream and milk, and coconut cooking oil. The company aimed to reach a large consumer base.

Conclusion

The Global Coconut Milk and Cream Market is forecasted to continue a positive growth, primarily driven by the growing trend for veganism and plant-based diet along with the increasing prevalence of lactose intolerance in consumers. The surging demand for functional and healthier food products coupled with the increasing adoption of plant-based products like coconut milk and cream to lead a certain or healthier lifestyle is anticipated to augment the growth of the market. Though the market is highly competitive with ~200 participants, global players control the dominant market share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

Snapshot of the Global Coconut Milk and Cream Market

Industry Value Chain and Ecosystem Analysis of the Coconut Milk and Cream Market

Market size and Segmentation of the Global Coconut Milk and Cream Market

Historic Growth of the Overall Global Coconut Milk and Cream Market and Segments

Competition Scenario of the Coconut Milk and Cream Market and Key Developments of Competitors

Porter's 5 Forces Analysis of the Global Coconut Milk and Cream Industry

Overview, Product Offerings, and Strategic Developments of Key Competitors

COVID-19 Impact on the Overall Global Coconut Milk and Cream Market

Future Market Forecast and Growth Rates of the Global Coconut Milk and Cream Market and by Segments

Market Size of Application/End-User Segments with historical CAGR and Future Forecasts

Analysis of the Coconut Milk and Cream Market in Major Regions

Major Production / Consumption Hubs in the Major Regions

Major Production/Supply and Consumption/Demand Hubs in Each Region

Major Country-wise Historic and Future Market Growth Rates of the Total Coconut Milk and Cream Market and Segments

Overview of Notable Emerging Competitor Companies within Each Major Region

Major Companies Mentioned in the Report

Mc Cormick & Company, Inc.

Nestle

PACIFIC FOODS OF OREGON, LLC

Califia Farms, LLC

Goya Foods, Inc.

Danone

Sambu Group

Axelum Resources Corp.

Kapar Coconut Industries

Greenville Agro Corporation

Notable Emerging Companies Mentioned in the Report

Only Earth

Ayam Sarl

Epigamia

Cocos Organic

M&S Food Industries

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Plant-Based Product Manufacturers

Coconut Milk Manufacturers

Coconut Cream Manufacturers

Processed Food Manufacturers

Research & Consulting Firms

Investment Banking & Financial Institutes

Research & Development Institutes for F&B Sector

Coconut Milk and Cream Raw Material Providers

Coconut Milk and Cream Suppliers

Investors in Vegan Food Start-ups

Environmental Regulatory Bodies

Coconut Milk Distributors

Coconut Cream Distributors

Functional Beverages Manufacturers

Beverages Companies

Coconut Milk and Cream Packaging Services

Packaging Equipment Manufacturers

Government & Food Safety Regulations

Investors in Plant-Based Companies Incumbents

Investors for Agri-tech & Agricultural Products

Investors in Food & Beverages Start-ups

Period Captured in the Report

Historical Period: 2017-2021

Forecast Period: 2022E-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Coconut Milk and Cream Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028.

What is the Future Growth Rate of the Global Coconut Milk and Cream Market?

The Global Coconut Milk and Cream Market is expected to witness a CAGR of ~12% for the next six years.

What are the Key Factors Driving the Global Coconut Milk and Cream Market?

The surging demand for plant-based, dairy-free, vegan products along with the rising prevalence of lactose intolerant increases the demand for coconut milk and cream products in the market. Moreover, change in lifestyle and eating habits coupled with increasing awareness regarding the health benefits of coconuts and the increasing trend of veganism and plant-based products are anticipated to augment the growth of the Global Coconut Milk and Cream Market.

Which is the Largest Type Segment within the Global Coconut Milk and Cream Market?

Coconut Milk held the largest share of the Global Coconut Milk and Cream Market in 2021.

Who are the Key Players in Global Coconut Milk and Cream Market?

Mc Cormick & Company, Inc., Nestle, PACIFIC FOODS OF OREGON, LLC, Califia Farms, LLC, Goya Foods, Inc., Danone SA, Sambu Group, Axelum Resources Corp., Kapar Coconut Industries, and Greenville Agro Corporation, among others.