Coconut milk products are obtained from the flesh of matured coconuts, and find a plethora of applications in the food processing industry, food service industry (HoReCa), cosmetics & personal care products, and retail use. Coconut milk products include full fat coconut milk, lite coconut milk (low fat), refrigerated coconut milk, cream of coconut, and coconut milk powder. Coconut milk varies in consistency, added ingredients, and packaging. Coconut milk that is canned, thick, and pure (full fat coconut milk) is used in culinary applications to intensify the flavor and thickness of the dish, whereas, coconut milk that is packed in cartons, thin, and added with flavors, preservatives, and other ingredients is used as an alternative to conventional milk, and also used for direct consumption or as a beverage. Other coconut milk products such as coconut milk cream and coconut milk powder are used in various cuisines and other industries. In terms of value, the global coconut milk products market is expected to reach a market value of US$ 1,508.7 Mn by the end of 2026, with an expected CAGR of 6.9% over the forecast period. The global coconut milk products market is expected to reach a volume production of 752,551 MT in 2026. The drivers for the growth of the coconut milk products market include increasing veganism, growing popularity of Asian cuisines, growing demand for plant-based substitutes, versatile nature of coconut milk products, and increasing dietary restriction among consumers, besides other factors.
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Increasing Vegan Population Opening the Way for More Coconut Milk Products
There is an increasing number of individuals who are shifting towards vegan diets, owing to various factors such as issues related to cultural or religious restrictions or limitations, social taboos, or merely because vegetarian diets have been substantiated to be more favorable and healthy as compared to non-vegetarian diets and products over time. In addition, concerns regarding the humanitarian treatment of animals have also been playing a prominent role in the shift towards veganism and vegan diets. Coconut milk products are plant-based alternatives to conventional milk and milk products, and thus, are suitable for those opting for vegan products.
Increasing Popularity of Asian Cuisine Driving the Increased Demand for Coconut Milk Products
Asian cuisines are gaining wide popularity among consumers. Consumers around the world are developing a taste for dishes that contain coconut or coconut milk products. This is a key factor that is expected to drive the growth of the coconut milk products market during the forecast period. Coconut milk products are used extensively in Asian cuisines. The demand for Asian food in regions such as Europe, Canada, and the U.S. has increased substantially, owing to increasing migrating and tourist population.
Increasing Popularity of Various Plant-based Substitutes Accelerating the Demand for Coconut Milk Products
Increasing health and wellness consciousness has led to consumers opting for products that are healthier and more natural. Thus, the market for plant-based substitutes are gaining wide acceptance and popularity all around the world. This factor is further promoting the growth of plant-based coconut milk products.
Multi-purpose Usage of Coconut Milk Products Increasing their Success Factor
Coconut milk products have been witnessing increasing demand for use as substitutes for dairy milk, especially in a number of sweet and savory dishes. Coconut milk products have been traditionally used for cooking purposes, in both, vegetarian and non-vegetarian dishes. Coconut milk also finds application in frozen desserts, pastries, ice creams, sweets etc. It is also used as a thickener in various other dishes, especially in high-end hotel chains that offer Asian cuisines. Coconut milk products are also used in personal care and cosmetic products such as lotions, moisturizers, conditioners, masks, and other products due to its rich oil content and skin soothing properties.