The Global Market Insights, Inc report states: “Worldwide Cooking Coconut Milk market was valued at USD 30 billion in 2022 and will surpass a revenue collection of USD 125 billion by 2032 with an annual growth rate of 15% over 2023 to 2032.”
The global cooking coconut milk market will likely record substantial gains over the next few years, driven by the shifting trends in people’s dietary patterns. 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 food nutrition 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.
The cooking coconut milk industry is segmented into food and beverage, desserts, and bakery & confectionery. The food and beverage application segment includes whipped cream, soup, curries, and others. The industry share from other segments is estimated to grow at a CAGR of nearly 8.6% through 2026.
The bakery and confectionery segment is further classified into cakes, pastries, rolls, doughnuts, and others. The cooking coconut milk market size from roll application is expected to reach over US$28.68 million by the end of 2026.
Meanwhile, coconut milk consumption in doughnut application is expected to rise at an 8.6% CAGR in the forthcoming years. Numerous bakery and confectionery companies have introduced new coconut milk-based products in the past few years to capitalize on the growing trend of veganism.
In August 2020, for instance, Baltimore-based Cloudy Donuts announced plans to expand its range of vegan doughnuts. To make the doughnuts vegan-friendly, the company has substituted whole dairy milk with coconut milk and eggs with applesauce.
The dessert segment includes ice cream, puddings, and others. The consumption of coconut milk-based puddings is anticipated to increase significantly, with consumers’ rising demand for ready-to-eat and packaged foods. The consumption of food-grade coconut milk in other desserts will grow at a CAGR of approximately 7.7% over 2020-2026.
Based on packaging, the cooking coconut milk industry is bifurcated into bottles, pouches, cans, and others. The market share from other packaging types will witness a CAGR of around 8.5% in the coming years. Meanwhile, the pouches segment share is projected to reach an annual valuation of more than US$54.85 million by the end of 2026.
From a geographical standpoint, North America’s cooking coconut milk market is expected to witness notable growth throughout the forecast period of 2020-2026. The Middle East and African cooking coconut industry are estimated to expand at a steady 6% CAGR, generating US$21.96 million in annual revenue through the same timeframe.
Some of the key players profiled in the Cooking Coconut Milk market report include McCormick & Company, Ducoco, SunOpta, Theppadungporn Coconut Co., Ltd, Sambu Group, Danone SA, Vita Coco, and Thai Coconut Public Company.