Table of Contents
Overview
New York, NY – September 17, 2025 – The Global Canned Coconut Milk Market is projected to reach USD 825.6 million by 2034, up from USD 375.4 million in 2024, with a compound annual growth rate (CAGR) of 8.2% during the forecast period (2025–2034). In 2024, the Asia Pacific region led the market, holding a 39.1% share and generating USD 146.8 million in revenue.
Canned coconut milk is an oil-protein-water emulsion derived from fresh, grated coconut kernel through manual or mechanical extraction, with or without water. Extraction with water at 80°C and a pH of 8 produces milk with the highest total solids content. Most canned coconut milk brands offer full-fat varieties, widely used in food processing, beverages, and as a staple in Asian cuisines.
The primary factor driving market growth is the increasing awareness of lactose intolerance among consumers. Additionally, the global shift toward veganism has boosted demand for canned coconut milk as a healthy, plant-based alternative to dairy milk. The market faces challenges due to limited organization and insufficient investment in the industry. Most coconut products, including canned coconut milk, are produced in Southeast Asia, primarily by local players, which can hinder scalability and market expansion.
Key Takeaways
- The Global Canned Coconut Milk Market was valued at USD 375.4 million in 2024, at a CAGR of 8.2% and is estimated to reach USD 825.6 million by 2034.
- Based on product type, full-fat milk dominated the market with a 73.2% share of the total global market in 2024.
- Based on the source, in 2024, conventionally sourced canned coconut milk led the market with a substantial market share of 87.4%.
- Among the applications, the household sector dominated the market with a 37.5% market share.
- In 2024, the canned coconut milk market was dominated by indirect sales with a market share of 65.8%.
- In 2024, the Asia Pacific was at the forefront of the global canned coconut milk market with a market share of 39.1%.
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Report Scope
| Report Features | Description |
|---|---|
| Market Value (2024) | USD 375.4 Million |
| Forecast Revenue (2034) | USD 825.6 Million |
| CAGR (2025-2034) | 8.2% |
| Segments Covered | By Product Type (Full Fat Milk, Light Milk), By Source (Organic, Conventional), By Application (Food Processing, Beverage Industry, Household Use, Food Service Operators, Others), By Distribution Channel (Direct Sales, Indirect Sales) |
| Competitive Landscape | McCormick & Company, Inc., Takari International Inc., Thai Agri Foods Public Company Limited, Theppadungporn Coconut Co., Ltd., Nature’s Charm, Goya Foods, Inc., Grace Foods, Edward & Sons Trading Co., Siam Coconut Public Company Limited, Natural Value, Inc., Other Key Players. |
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Key Market Segments
Product Type Analysis
The canned coconut milk market is segmented into full-fat and light milk. In 2024, full-fat coconut milk dominated with a 73.2% share of the global market, driven by its rich flavor and creamy texture, making it ideal for cooking curries, soups, and desserts.
Full-fat coconut milk contains 16.9 grams of fat per 100 grams, comparable to single cream, and includes beneficial fatty acids like lauric acid, which has antimicrobial properties. A daily intake of 10–20 grams of lauric acid can be obtained from 6–12 ounces of high-quality coconut milk. Light coconut milk, with 7.7 grams of fat per 100 grams, is preferred for drinking but remains high in saturated fat.
Source Analysis
The market is divided into organic and conventional sources. In 2024, conventionally sourced coconut milk led with an 87.4% market share due to higher production yields and lower costs compared to organic methods. Organic farming faces challenges such as higher labor costs, lower yields, a three-year transition period without premium pricing, and complex certification processes, which deter small-scale farmers.
Application Analysis
The market is categorized by application into food processing, the beverage industry, household use, food service operators, and others. In 2024, the household sector led with a 37.5% share, driven by coconut milk’s versatility and distinct flavor in global cuisines. However, food and beverage production face challenges with consistency and quality control. Food service operators also heavily utilize coconut milk for its creamy texture and unique flavor in both savory and sweet dishes.
Distribution Channel Analysis
Canned coconut milk is distributed through direct and indirect sales. In 2024, indirect sales, primarily through supermarkets and convenience stores, accounted for 65.8% of the market share, fueled by its popularity in household cooking. The rise in Asian and fusion cuisine, with over 40% of UK households preparing such meals weekly, and the growing adoption of plant-based diets for coffee, smoothies, and desserts, have boosted retail sales.
Regional Analysis
The Asia Pacific region led the global canned coconut milk market in 2024, holding a 39.1% share valued at approximately USD 146.8 million. The region’s tropical climate supports abundant coconut production, with Indonesia, the Philippines, and India producing over 44 million metric tons combined, accounting for 73.4% of global coconut output. These countries are also the largest exporters and consumers of coconut products, with coconut milk being a staple in Thai, Indian, Indonesian, and Malaysian cuisines, such as curries and Nasi Lemak.
Top Use Cases
- Enhancing Curries and Savory Dishes: Canned coconut milk brings a creamy, tropical twist to everyday cooking, especially in curries from Thai or Indian kitchens. It blends smoothly with spices, veggies, and proteins like chicken or tofu, creating rich sauces that coat every bite perfectly. This simple swap turns basic meals into flavorful favorites, making it a go-to for busy weeknight dinners without much effort.
- Creamy Soups and Stews: In hearty soups or stews, canned coconut milk adds a velvety texture that replaces dairy cream effortlessly. Stir it into pumpkin or potato blends for a subtle sweetness and warmth, or use it in seafood chowders for a light, exotic flair. It’s ideal for cozy meals, helping to thicken and balance bold flavors while keeping things dairy-free and comforting.
- Smoothies and Breakfast Boosts: Kickstart your day by blending canned coconut milk into smoothies for a lush, non-dairy base that mixes well with fruits, greens, and nuts. It also works great in overnight oats or chia puddings, soaking up flavors overnight to deliver a satisfying, tropical morning treat. This easy addition makes breakfast feel indulgent yet healthy for on-the-go lifestyles.
- Baking Dairy-Free Treats: Bakers love canned coconut milk for its ability to stand in for milk or cream in muffins, cakes, and cookies, yielding moist results with a hint of nuttiness. Whip the thick top layer into frostings or fold it into batters for vegan brownies that rise beautifully. It’s a seamless way to create crowd-pleasing desserts that cater to all diets without skimping on taste.
- Refreshing Beverages and Marinades: For drinks, canned coconut milk shines in iced lattes or tropical punches, offering a silky froth when shaken or blended. As a marinade, it tenderizes meats like chicken or shrimp with garlic and herbs, locking in juices for grilled perfection. This versatility makes it a staple for both quenching thirst and prepping proteins with minimal prep time.
Recent Developments
1. McCormick & Company, Inc.
McCormick has expanded its flavor portfolio by leveraging its 2021 acquisition of FONA International, enhancing its ability to serve the growing demand for coconut-based products. While not a branded coconut milk producer, they are a key B2B supplier of natural coconut flavors and extracts to food manufacturers, focusing on clean label and sustainable sourcing initiatives to meet consumer and client expectations for premium ingredients.
2. Takari International Inc.
Takari International, known for its Aroy-D brand, continues to focus on its core strength of producing 100% pure, additive-free coconut milk without stabilizers like guar gum. Recent developments emphasize their commitment to this traditional, single-ingredient philosophy, catering to purist chefs and consumers. They maintain a stronghold in the foodservice and Asian retail market by prioritizing authentic taste and simple ingredients over diversification.
3. Thai Agri Foods Public Company Limited
TAF has heavily invested in sustainability and traceability. A key recent development is their Coconuts Traceability program, allowing consumers to track the origin of their coconut milk via a QR code. This initiative, part of their broader ESG strategy, ensures product quality from farm to can, promotes ethical sourcing, and provides transparency to meet the growing consumer demand for responsible supply chains.
4. Theppadungporn Coconut Co., Ltd. (Chaokoh)
Following past labor concerns, recent developments highlight Chaokoh’s intensified focus on ethical sourcing and sustainability certifications. They have publicized audits and initiatives to ensure fair labor practices within their supply chain. Furthermore, they continue to expand their product line with convenience-focused offerings like portion-controlled coconut cream packets, aiming to solidify their market position through both ethical improvements and product innovation.
5. Nature’s Charm
Nature’s Charm continues to lead in plant-based innovation within the coconut segment. Their recent developments include expanding beyond canned milk to ready-to-use products like coconut whipping cream and sweetened condensed coconut milk. They focus on creating versatile, dairy-free alternatives for both everyday consumers and dessert manufacturers, emphasizing organic ingredients, vegan certification, and convenience to capitalize on the booming plant-based trend.
Conclusion
Canned Coconut Milk emerges as a versatile powerhouse in modern kitchens, blending seamlessly into savory, sweet, and everyday routines. Its creamy appeal draws in health-focused eaters seeking dairy alternatives, while global flavors keep it exciting for fusion cooking. With rising interest in plant-based options, this pantry essential promises steady growth, empowering home chefs to experiment boldly and delight diverse palates effortlessly.
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