Coconut Milk and Cream Market Size - By Product Type, By Form, By Application, By Distribution Channel, Growth Forecast, 2025 - 2034

Coconut milk and Cream Market Size

The global coconut milk and cream market size was valued at USD 3.5 billion in 2024, with expectations to reach USD 10.5 billion by 2034, growing at a CAGR of 11.7%.
 

Rising purchases of dairy-free and plant-based products are contributing to the strong growth of the market. Consumers are becoming more health-conscious which is why they are opting for coconut products due to their perceived health benefits for vegans, lactose intolerants, and the general population. The most dominant producers and consumers in the Asia-Pacific region, especially Indonesia and India, have abundant resources and traditional culinary uses of coconuts. They are spending in the North American and European markets which is expanding rapidly due to their economic wellbeing and increasing population of vegetarians and vegans as well as usage of coconut milk in beverages, desserts, and cooking.
 

New product development such as organic or flavored products are further boosting market growth. Furthermore, retail consumers are shifting to more sustainable and humane sourcing options due to ethical concerns over labor practices in coconut harvesting in Thailand. The shift towards plant-based diets and the demand for healthy food options enable the market to expand.
 

Coconut Milk and Cream Market Trends

The coconut cream and milk industry is expanding considerably due to a number of underlying trends and factors. One of the factors driving this growth is the increasing demand for coconut-based products as more consumers shift towards being health conscious and thanks to the rising level of reported lactose intolerance cases. As a result, there has been an increase in the demand for coconut-based products as they are perceived to be healthier and more sustainable than the alternatives. In addition, the increasing popularity of vegan and vegetarian diets has significantly expanded the market base for these products.
 

Supporting innovation such as organic, low-fat, or flavored products are also contributing to the growth of this market. Moreover, convenience factors such as ready-to-use packaging and plastic bottles appeal to consumers with busy lifestyles. The growing use of coconut milk and cream in several food products such as bakery and confectionery items as well as ready-to-eat meals is also increasing their market footprint.
 

Furthermore, there are some challenges facing the market such as competition from other plant-based options and worries regarding environmentally friendly policies for sustainable sourcing methods. Yet, in the face of these challenges, the overarching outlook for the market remains optimistic since further innovation and increased market application is bound to encourage growth.
 

Coconut Milk and Cream Market Analysis

The coconut milk and cream market by product type is segmented into coconut milk, coconut cream, cream of coconut (sweetened) and others. The coconut milk accounted for 54.3% of the market share in 2024 with a market size of USD 1.9 billion.
 

• Rising consumer needs are the prime reasons why the coconut milk and cream market is growing at an increasing rate. Both canned and boxed forms of coconut milk can be regarded as an essential ingredient in certain cuisines, particularly Southeast Asian and Caribbean foods. In addition to its application, the demand for coconut milk is growing because of the shift to dairy-free and plant-based diets which is predominant in the vegan community.
   
• Also used in making desserts and beverages, coconut cream has a higher fat content and offers a richer texture; therefore, it is gaining popularity as a substitute for dairy in cooking. There is also an increase in flavored coconut milk products such as pumpkin spice and mint chocolate which expand the appeal to other segments of the population.
   
• Additionally, the launch of light variants of coconut milk offers lower calorie options along with retaining the taste which is favorable in the current health-conscious environment. E-commerce growth has improved accessibility as consumers can now easily browse and shop for a wide variety of coconut-based products. All of these changes point toward a vigorous and evolving market of coconut milk and cream that fulfill the needs of different diets and methods of cooking.

The market is segmented into liquid, powder and others based on form. Liquid form made up 69.5% of the market in 2024 and expected to grow at a faster rate of 11.5% CAGR to reach a wider consumer base.
 

The coconut milk and cream market is experiencing notable trends across various product forms, including liquid, powder, and other specialized variants. Liquid coconut milk remains the dominant segment, accounting for majority of the market share in 2022. Its widespread use in culinary applications, especially in Southeast Asian and Caribbean cuisines, contributes to its continued popularity.
 

The powder form of coconut milk is gaining traction due to its longer shelf life and convenience, making it a preferred choice for both consumers and manufacturers. This form is increasingly utilized in dairy-free and plant-based products, aligning with the growing trend towards vegan and lactose-free diets.
 

 Additionally, the market is witnessing innovations in flavored coconut milk powders, catering to diverse consumer preferences. Other specialized forms, such as coconut cream and cream of coconut, are also expanding their presence, particularly in the beverage and dessert sectors. These trends indicate a dynamic and evolving coconut milk and cream market, driven by consumer demand for convenience, variety, and dietary considerations.
 

The coconut milk and cream market by application is segmented into food and beverage, cosmetics and personal care, retail/household and others. The food and beverage accounted for 59.5% of the market share in 2024 with a market size of USD 2.1 billion.
 

Coconut cream and milk have diverse applications across multiple industries, driven by their natural and versatile properties. In the food and beverage sector, they are widely used as dairy substitutes in smoothies, coffee, desserts, curries, and baked goods, appealing to vegan and lactose-intolerant consumers. Their rich texture enhances flavor and nutritional value.
 

In cosmetics and personal care, coconut milk and cream are valued for their moisturizing and nourishing qualities, commonly found in lotions, hair conditioners, soaps, and skin creams. The retail and household segment utilizes these products in ready-to-use mixes and cooking aids, catering to convenience-focused consumers. Additionally, coconut-based products are gaining traction in specialty and health food stores, emphasizing organic and clean-label attributes. Other emerging applications include pharmaceuticals and wellness products, where their anti-inflammatory and antioxidant properties are leveraged. Overall, the versatility of coconut milk and cream across food, beauty, and lifestyle sectors continues to drive market growth and innovation.
 

The coconut milk and cream market by form is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online retail, food service and others. The supermarkets and hypermarkets accounted for 38.8% of the market share in 2024.
 

The distribution channels of coconut milk and cream are changing to adapt to the consumer’s preferences. Supermarkets and hypermarkets continue to be dominant, as they have all brands and types of products which makes it easy for the consumers to choose and buy. Convenience stores offer on the shelf access to all coconut-based products for the consumers who dont have time.
 

Specialty stores, like health food shops, sell organic and premium products which make them appealing to consumers who value their health. Online retail has also had huge growth due to the ease of home delivery and larger selection of products. Food service such as restaurants and cafes has started using coconut cream and milk in there recipes to cater towards the plant based as well as the dairy free options that are gaining popularity. Other including: direct to consumer and international markets are emerging showing the vast popularity of coconut products and their versatility is several cuisines.
 

The coconut milk and cream market is dominated by Asia Pacific, accounting for 34.3% of total revenue in 2024.
 

• The coconut milk and cream industry exhibits distinct regional trends influenced by cultural preferences, dietary habits, and production capacities. In the Asia-Pacific region, countries like Indonesia, the Philippines, and India dominate due to abundant coconut production and traditional culinary uses. These nations not only consume significant quantities domestically but also export to meet global demand. North America is experiencing rapid growth, driven by increasing consumer interest in plant-based diets and lactose-free alternatives, with the United States leading in market share.
   
•  Europe follows closely, with countries such as the United Kingdom, Germany, and France embracing coconut-based products amidst rising veganism and health consciousness. The Middle East and Africa are emerging markets, showing steady growth as consumers seek dairy alternatives and plant-based options.
   
• South America, particularly Brazil and Colombia, is also witnessing increased consumption, supported by local production and a growing awareness of coconut milk's health benefits. These regional dynamics underscore the global expansion and diversification of the market.
   

Coconut Milk and Cream Market Share

The Thai Agri Foods Public Company Limited, Danone S.A. (Silk), McCormick & Company, Inc. (Thai Kitchen), Dabur India Ltd. and Vita Coco are significant 5 players in the coconut milk and cream industry with respect to innovation and distribution. Thai Agri Foods Public Company Limited plays a key role in supplying high-quality coconut cream and milk globally, leveraging Thailand’s strong coconut production. Danone S.A., through its Silk brand, offers plant-based coconut milk alternatives catering to health-conscious and vegan consumers.
 

McCormick & Company, Inc., via Thai Kitchen, delivers authentic Thai coconut milk for home cooking and ethnic cuisines. Dabur India Ltd. markets coconut milk under its Hommade brand, promoting it through influencer-driven campaigns in India. Vita Coco, initially focused on coconut water, has diversified into coconut milk and cream, emphasizing sustainability and strategic partnerships to strengthen its presence in global markets.
 

Coconut milk and cream Market Companies

Thai Agri Foods Public Company Limited: Thai Agri Foods focuses on expanding its global footprint by enhancing its production capabilities and diversifying its product portfolio. The company emphasizes quality assurance and sustainability, aiming to meet international standards and cater to the growing demand for coconut-based products worldwide.
 

Danone S.A. (Silk): Silk, under Danone, has diversified its plant-based offerings, including coconut milk and yogurt alternatives, to cater to health-conscious consumers. Strategic marketing campaigns, such as collaborations with influencers and Super Bowl advertisements, have bolstered brand visibility. Silk's engagement on platforms like TikTok further strengthens its connection with younger audiences.
 

McCormick & Company, Inc. (Thai Kitchen): Thai Kitchen, a McCormick brand, leverages its expertise in spices and seasonings to offer authentic Thai coconut milk products. The brand focuses on delivering high-quality, convenient solutions for consumers seeking to recreate Thai cuisine at home, thereby reinforcing its position in the ethnic food segment.
 

Dabur India Ltd.: Dabur's Hommade Coconut Milk has been promoted through influencer marketing campaigns, showcasing its versatility in Indian cooking. By collaborating with regional influencers on platforms like Instagram and YouTube, Dabur has effectively increased product awareness and consumer engagement.
 

Vita Coco: Vita Coco has expanded its product line beyond coconut water to include coconut milk and cream, forming strategic partnerships with companies like Diageo for product innovation. Initiatives like the Vita Coco Project support coconut farming communities, while collaborations with influencers and brands enhance market reach and consumer engagement.
 

Coconut Milk and Cream Industry News:

• In August 2022, Met Foods’ Cocos Organic brand introduced its inaugural line of organic coconut milk yogurt tubes, specifically created for children aged six months and up. Available in strawberry and banana flavors, these tubes are crafted using organic coconut milk, enhanced with live cultures like Bifidobacterium BB-12, and naturally flavored with real fruits.
   

The coconut milk and cream market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Billion from 2021 - 2034 for the following segments:

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Market, By Product Type

• Coconut milk
  • Full-fat coconut milk
  • Lite coconut milk
  • Organic coconut milk
• Coconut cream
  • Regular coconut cream
  • Organic coconut cream
• Cream of coconut (sweetened)
• Others

Market, By Form

• Liquid
  • Canned
  • Carton
  • Others
• Powder
  • Conventional
  • Organic
• Others

Market, By Application

• Food and Beverage
  • Culinary (soups, curries, sauces)
  • Bakery and confectionery
  • Dairy alternatives
  • Beverages
  • Frozen desserts
  • Others
• Cosmetics and personal care
  • Skincare
  • Haircare
  • Others
• Retail/household
• Others

Market, By Distribution Channel

• Supermarkets and hypermarkets
• Convenience stores
• Specialty stores
• Online retail
• Food service
• Others

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America 
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa