Coconut Milk Beverages Market By Type (Regular coconut milk, Organic coconut milk) , By Application (Direct drink, Dairy & dessert, Baked products, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033

Coconut Milk Beverages Market By Type (Regular coconut milk, Organic coconut milk) , By Application (Direct drink, Dairy & dessert, Baked products, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033

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.

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.

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