The global cooking coconut milk market size is likely record substantial gains over the next few years, driven by the shifting trends in people’s dietary patterns. The trend of veganism has been garnering considerable momentum in recent years and a large number of 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 the food nutrition space as a healthy alternative for dairy milk, mainly due to the growing adoption of veganism. It is known to provide numerous health benefits including lowering cholesterol levels and aiding in weight loss.
In terms of the applications, the cooking coconut milk industry is segmented into food & beverage, desserts, and bakery & confectionery. The food & beverage application segment includes whipped cream, soup, curries, and others. It is estimated that the industry share from others segment will grow at a CAGR of nearly 8.6% through 2026.
The bakery & confectionery segment is further classified into cakes & pastry, rolls, donuts, and others. The cooking coconut milk market size from rolls application is expected to hit more than US$28.68 million by the end of 2026. Meanwhile, coconut milk consumption in donuts 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 had announced plans to expand its range of vegan donuts. To make the donuts vegan friendly, the company has substituted whole dairy milk with coconut milk and eggs with applesauce.
The dessert segment includes products such as ice cream, puddings, and others. The consumption of coconut milk based puddings is anticipated to increase significantly in the future, with the rising demand for ready to eat and packaged foods among consumers. The consumption of food-grade coconut milk in other desserts will grow at a CAGR of approximately 7.7% over 2020-2026.
On the basis of 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, the cooking coconut milk market in North America is expected to witness notable growth throughout the forecast period of 2020-2026. The Middle East and Africa cooking coconut industry size is estimated to expand at a steady 6% CAGR, generating US$21.96 million in terms of annual revenue, through the same timeframe.