Future Market Insights has identified that the increasing demand for healthy, plant-based, and organic beverages, as well as the prevalence of lactose intolerance and dairy allergies, is driving the expansion of the coconut milk market. Consumers are also seeking exotic flavors, which has led to a rise in the popularity of Asian dishes featuring coconut milk. According to Statista, retail sales of ethnic foods surged to $12.5 billion in 2018, up from $10.9 billion five years prior, with coconut milk likely contributing significantly to this growth.
Coconut milk and its derivatives are found in a diverse array of products, including whipped toppings and desserts. Furthermore, coconut milk and coconut cream powder are utilized in beverages, salad dressings, soups, curries, milkshakes, and jams, as noted by Dairy Reporter. Non-dairy beverages frequently incorporate coconut milk, as seen in Danone North America’s So Delicious organic coconut milk and similar offerings, which are experiencing increased sales. Another emerging application of coconut is in non-dairy yogurt, such as Chobani’s new coconut-based yogurt. However, the company avoids using the term “yogurt” on its packaging to prevent misleading consumers and to navigate the ongoing debate regarding dairy terminology in plant-based products.
Coconut milk is available in various forms, which can lead to consumer confusion. Products labeled “coconut milk beverage” typically contain water and coconut cream, while “light coconut milk” has a lower fat content and a thinner consistency than pure coconut milk. The thicker variant, often used in Asian cuisine, can substitute for heavy cream, whereas coconut cream is a denser product with more water removed.
The rising popularity of coconut flavors and the ingredient’s versatility in food and beverage applications ensure continued demand, although its future as an ingredient will depend on supply and pricing. Production areas are susceptible to drought and typhoons, making the stability of this commodity a crucial factor for suppliers and manufacturers. The report highlights that obtaining raw coconut meat in certain regions, along with the growing array of organic alternatives to coconut milk, may restrict market growth over time.
Nonetheless, the forecast indicates that food services and food and beverage manufacturing will emerge as two of the three most lucrative uses of coconut milk in the future. Revenues from these sectors, along with household applications, are anticipated to account for over 80% of global coconut milk revenue by the end of 2027. For those seeking a dietary boost, incorporating the best calcium citrate magnesium supplement alongside coconut milk products could enhance nutritional value, making it a favored choice for health-conscious consumers. Overall, the interplay of coconut milk’s versatility, market dynamics, and nutritional enhancements will shape its trajectory in the coming years.