Market Size of Coconut Milk and Cream Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.36 Billion |
| Market Size (2029) | USD 6.01 Billion |
| CAGR (2024 - 2029) | 12.35 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
