Global Culinary Coconut Milk Market - 2022-2029

Global Culinary Coconut Milk Market - 2022-2029

Market Overview

Culinary coconut milk is just shredded coconut flesh that is pureed with water and strained to create a rich, shock-white liquid that can lend body, flavor, and richness to soups, curries, wilted greens, and much more. Culinary coconut milk aids in meeting daily intake of proteins, vitamins, and other essential nutrients obtained from milk. The rising demand for lactose-free dairy alternatives provided promising opportunities for using coconut milk in cooking. Furthermore, the increasing consumer awareness regarding animal rights and the need to reduce the damage to the environment are expected to further promote the growth of the culinary coconut milk industry in the coming years.

The global culinary coconut milk market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 10.67% during the forecast period (2022-2029).

Market Dynamics: Increasing preference for plant-based foods to fuel the culinary coconut milk market growth

The global culinary coconut milk market will likely record substantial gains over the next few years, driven by the shifting trends in people’s dietary patterns. The movement of veganism has garnered considerable momentum in recent years, and many people are switching to plant-based milk alternatives such as coconut milk. In addition to the growing number of vegans globally, a high occurrence of lactose intolerance is also encouraging individuals to adopt different milk substitutes. Food-grade coconut milk has gained massive popularity in the food nutrition space as a healthy alternative to dairy milk, mainly due to the growing adoption of veganism. It provides numerous health benefits, including lowering cholesterol levels and aiding in weight loss.For instance, on 16 June 20202, Epigamia has launched plant-based coconut milk yogurt that is entirely dairy-free and made with coconut milk in India. These zero preservatives and dairy-free yogurts are rich in probiotics and available in unsweetened and coconut jaggery flavors.

However, the lack of availability of coconuts, used as raw materials for the preparation of the product in a few countries of the world, is expected to restrain the culinary coconut milk market demand to some extent in the next few years. Also, stringent government regulations, such as the GSO standard for labeling packaged food, should restrict the market's growth in GCC countries.

Market Segmentation: Cream powder segment held highest market revenue share in the year 2021

Cream powder was the leading type due to its wide utilization in home cooking and industrial processed food companies. In households, cream powder is used in dishes that require coconut milk while food processors and manufacturers use it majorly in bakery and confectionery items and the HORECA sector. Further, certain consumers consider cream powder better for cooking purposes. Its growing demand amongst industrial customers to develop functional food and beverages will augment the segment growth.

The coconut milk and coconut milk powder segments are observing substantial traction, owing to their ease of incorporation in food preparations, unlike coconut cream powder, which has to be mixed with water to make milk. In addition, manufacturers are introducing organic variants of the milk, which may contribute to the segment's growth.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period

The trade operations of culinary coconut milk products between major Asian countries have increased significantly, leading the Asia Pacific region to dominate the global market. Based on the demand for culinary coconut milk, cultivation of coconut plants will be increasing, Asia Pacific region cultivation and production of coconut increasing majorly at the global level. For instance, based on the FAO Statistical Database data, global coconut production in 2019 was about 62 million tons with a planted area of 11.8 million hectares. By continent, coconut production has a large area in Asia, reaching 53 million tons, followed by the Americans at 4.9 million tons, and Oceania at 2.1 million tons. If viewed from the point of view of the country, several countries have become the center of coconut plantations. Because the coconut plant has several benefits, especially in terms of health, many countries are competing to cultivate this plant.

Indonesia is the most influencing Asia Pacific region's culinary coconut milk market regarding production and consumption. According to FAO statistics, Indonesia is the world's largest coconut-producing country, reaching 17.1 million tons. In this country, the cultivated area reached more than 3.5 million hectares in 2019, with more than 90% of the area belonging to smallholder farms. Several areas are the main coconut plantation areas, laying out many areas of Indonesia. On the other hand, Europe is expected to develop rapidly, owing to the growing use of this milk in various pastry products such as cookies, cakes, and pies.

Competitive Landscape:

The global culinary coconut milk market is highly fragmented owing to the presence of many players. The top ten players include Goya Foods Inc., McCormick & Company Inc, Pureharves, Theppadungporn Coconut, WhiteWave Foods, Celebes Coconut Corp, Thai Agri-Food Public Co. Ltd, Thai Coconut Public Company and Cocomi Bio Organic. The key industry participants are implementing various strategies, including product development & launches, research & development activities, capacity expansions and acquisitions and mergers to increase business share and tap the growth opportunities in the market. For instance, 25 February 2022, No Apology, a flagship brand of Niam International Private Limited, has strengthened its product portfolio with the launch of its Coconut Milk hair care range. The new range includes coconut milk shampoo and conditioner hair masks. The brand claims that its new range is made using natural ingredients.

COVID-19 Impact: Positive impact on the global culinary coconut milk market

COVID-19 has different effects in different countries, depending on cultural norms, mitigation measures, and health infrastructure. The COVID-19 pandemic has changed global market dynamics in manufacturing, supply chains, and financial markets. Food products were classified as essential products during the COVID-19 pandemic, which impacted the demand side for coconut-based products, but there have been experiencing supply chain disruptions owing to the imposition of nationwide lockdowns. However, due to their long shelf life, panic buying has positively affected the demand for canned bottles and pouches products. People have started to buy huge amounts of the shelf. Stable products are coupled with their nutritional value, whereas, in the past few months, demand for packaged or canned products has decreased due to the unlocking and adoption of the new normal among consumers.

The pandemic positively impacted the manufacturers of coconut-based products companies and increased their production. For instance, on 15 October 2020, Goya Foods Inc. announced their investment in a US-based supplier of Hispanic foods to expand their business due to the demand by consumers for coconut-based products.

The global culinary coconut milk market report would provide access to approximately 74 market data tables, 77 figures and 170 pages