Coconut milk is a liquid obtained by manual or mechanical extraction of coconut meat, with or without water. The composition of coconut milk depends on water used during extraction. Water also affects the fat content and moisture of coconut milk. Coconut milk is slightly acidic in nature with a pH of 6. Coconut milk contains two types of protein, albumins and globulins in the range of 6 to 8%. Spray drying method is used by manufacturers to dry coconut milk into powdered form as it increases its shelf life and also becomes easy for transportation. On an average, one coconut yields 60 to 100 grams of coconut powder depending on its size.

Market Dynamics

  • Diverse applications of coconut milk and high availability of coconut are the key factors driving growth of the global coconut milk market. Coconut milk is a rich source of protein such as prolamin, glutein, albumin, and globulin. Coconut milk is associated with various health benefits such as weight loss, boosts immune system, improves digestion, prevents acne, promotes hair growth, and treats sunburn as well as reduces the risk of diabetes and Alzheimer’s disease. Coconut milk is added to various dishes and cuisines and has diverse usage in food and beverage industry such as ice cream, yogurt, sauces, and beverages.
  • High availability of coconut will create growth opportunities for manufacturers and will fuel growth of global coconut milk market. According to statistics of Food and Agricultural Organization (FAO), global production of coconut was 58.4 million tons in 2016 and grew at the rate of 1.0% from 2011.
  • However, consumers should take measures before consuming coconut milk as it contains high calories, abundant saturated fat, and often causes allergies. Moreover, popular substitutes to coconut milk such as spiced milk, soy milk, and yoghurt might be a hindrance in growth of the market. Consumption of coconut milk may increase blood fat levels, which can increase the risk of heart disease. Presence of saturated fat will increase cholesterol level, which results in weight gain and constipation. Other factors such high cost of coconut milk as compared to dairy milk and increasing health risks associated with consumption of coconut milk are expected to hamper growth of the market.

Market Outlook

  • Among form, liquid coconut milk segment accounted for the highest market share in the coconut milk market in 2017. This is due to its wide applications in food and beverages industry, it is preferred to be used in a liquid form. Household consumers prefer liquid coconut milk due to its wide culinary usage such as to prepare curries, sauces and desserts.
  • Among applications, food & beverages segment was dominant in the market in 2017. There are various applications of coconut milk such as ice creams, paddings, smoothies, cream, and as a substitute for dairy milk. This segment is projected to hold the dominant position in the market over the forecast period.
  • Asia Pacific held the largest market share in the global coconut milk market in 2017, and is projected to be the dominant region over the forecast period, owing to abundant production of coconut and widespread uses of coconut milk in various cuisines is popular in Asian countries. For instance, according to Food and Agricultural Organization (FAO), Asia accounted for 82.6% of the global coconut production in 2016.

Key players in Global Coconut Milk Market

  • Key players operating in the global coconut milk market include Goya Foods, Pureharvest, McCormick, WhiteWave Foods, and Theppadungporn Coconut Co. Ltd. Some other coconut milk manufacturers are Edward & Sons, Chi, Ducoco, Zurtle Mountain, Thai Agri Foods, iTi Tropicals, and Pacific Foods.
  • Key market players are launching new types of coconut milk-based products in order to meet rising demand from consumers. For instance, in February 2018, Nestle launched a new beverage based on coconut milk, Nespray Coco-Up.

Key Developments

  • In 2015, Coconut Development Board (CDB) is a statutory body established under the Ministry of Agriculture, Government of India launched flavored coconut milk in pistachio, rose and chocolate flavors. This new product is a rich source of iron and copper.
  • In 2016, the Ceylon Biscuits Limited (CBL) launched new product which promoted by brand name ‘Sera’. Sera is a premium liquid coconut milk which is conveniently available in 180 ml UHT packs. The company was focusing on expanding its coconut milk business in the market.
  • In 2017, Vita coco launched dairy alternative a low-calorie and low-fat coconut milk in the market. The new product was aimed to fulfill the demand of health conscious customers. Coconut milk light is made from a blend of coconut water and coconut cream and has 20 calories per 100ml.
  • In 2018, the Danone launched coconut milk-based oikos yogurt in the market and company has plan to launched plant-based yogurt product for kids in 2019 to expand its product portfolio in the beverage market.
  • In March 2019, Koko Dairy Free appointed Southpaw as its lead creative communication agency. The company has appointed a retained creative agency as it prepares for major marketing investment focused on rising consumer interest in coconut milk than the dairy-free alternatives.

Global Coconut Milk Market Taxonomy

On the basis of form, the global coconut milk market is segmented into:

  • Liquid
  • Powder

On the basis of application, the global coconut milk market is segmented into:

  • Food and Beverages
  • Cosmetics & Personal Care
  • Others

On the basis of nature, the global coconut milk market is segmented into:

  • Conventional
  • Organic

On the basis of region, the global coconut milk market is segmented into:

  • North America
    • U.S.
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • U.K.
    • Germany
    • Italy
    • Spain
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users