Coconut Milk and Cream Market Size (2024 - 2029)

Coconut Milk and Cream Market Analysis

The Coconut Milk and Cream Market size is estimated at USD 3.36 billion in 2024, and is expected to reach USD 6.01 billion by 2029, growing at a CAGR of 12.35% during the forecast period (2024-2029).

The growing consumer concerns associated with consuming conventional dairy-based food and beverage products and adopting vegan diets are expected to drive the growth of the coconut milk and cream market. The emergence of coconut-based food products demonstrates a shift in the customers' demands, from animal-based products to plant-based products, with coconut-based products holding a prominent share. This incremental shift toward a plant-based diet is primarily influenced by ecological concerns, health consciousness, ethical or religious beliefs, and awareness about environmental issues and animal rights. Regardless of classification criteria, reasons, or types, the number of vegans worldwide is on the rise, driving the demand for dairy-free food products and creating a subtle presence for coconut milk and cream as key vegan food ingredients.

In the mid-term, the growth in the consumption of coconut-based products among consumers is expected to drive the use of coconut-based products in food and beverage applications in the future. Sales of coconut-based ingredients, such as coconut milk and coconut cream, are also expected to continue growing, and these products are widely used as ingredients in various processed food products. Since coconut has several health benefits and its by-products are vastly used in bakery goods, coffee, confectionery, etc., its demand is witnessing a rapid upward curve. Coconuts are extensively used in South Asian cuisines, such as Indian, Burmese, Sri Lankan, and Indonesian. In addition, coconut milk and cream extract have become an important part of the functional beverages industry, an outcome of the strong preference shown by the millennial populace that is demanding variants that have health benefits with taste, thereby further augmenting the growth of the market studied.

Coconut Milk and Cream Industry Segmentation

Coconut milk and cream are ingredients made from the simmering of shredded coconut and water in different ratios. The market studied has been segmented by category, application, and geography. Based on the category, the market is segmented into organic and conventional. Based on the application, the market is segmented into processed food, retail/packaged coconut cream and coconut milk, and food service. The processed food segment is further sub-segmented into the bakery, confectionery, dairy products, frozen desserts, and other processed foods. The report also outlines insights into major countries from all the major regions, including North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done in value (in USD million) terms.