Allied Market Research

Companies are emphasizing innovation and broadening their range of products, including manufacturing flavored coconut milk drinks, nutrient-fortified variants, and products made to meet particular dietary requirements such as organic or low-sugar alternatives. Thus, driving growth in the coconut milk beverages market.

WILMINGTON, Del., Sept. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Coconut Milk Beverages Market by Type (Regular coconut milk and Organic coconut milk), and Application (Direct drink, Dairy & dessert, Baked products and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the coconut milk beverages market was valued at $6.3 billion in 2023, and is estimated to reach $21.7 billion by 2033, growing at a CAGR of 13.2% from 2024 to 2033.

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Prime determinants of growth

Rise in demand for plant-based and dairy-free substitutes driven by rise in health consciousness and lactose intolerance is the main factor driving the growth of the coconut milk beverages market. Coconut milk's claimed health benefits such as being high in vitamins and minerals and usefulness in a variety of culinary applications also contribute to its rise in popularity. Market expansion is further fueled by increase of distribution channels, such as supermarkets and internet platforms. Its attractiveness is further enhanced by new product innovations, such as flavored and fortified coconut milk. In addition, the popularity of plant-based, vegan, and vegetarian diets is increasing the demand for coconut milk as an ingredient.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$6.3 billion
Market Size in 2033	$21.7 billion
CAGR