The value of the growing coconut milk market is expected to hit nearly $3 billion by 2027, according to a recent study from Allied Market Research.
The growing consumption of coconut milk shows a trend in customers’ evolving tastes and how the food and beverage industry responds.
Increasing health consciousness among consumers sparks the surge in demand for coconut-based nutritious drinks and cooking additives. The Asian Pacific market continues to dominate the growth.
What is coconut milk?
Coconut milk is a cream liquid made by diluting juice extracted from mature coconut meat. On average, it contains about 54% water and is rich in fat, making up nearly 37% of its total content. This milky vegan beverage contains around 4% protein, 2% to 5% carbohydrates, and other nonfat solids. Coconut milk is not only nutritionally rich but also delicious.
The coconut milk revolution
Coconut milk is no longer an unusual item on grocery store shelves. It has become a well-known and popular ingredient all around the world because the health benefits of coconut milk have caught people’s attention following dairy- and lactose-free milk alternatives, health-conscious diets, and vegan communities.
But there’s more behind the enthusiasm for coconut milk: its adaptability and application. Whether enhancing the morning smoothie, making delicious cakes, or creating a creaminess in savory dishes, this vegan milk is crucial. Beyond the kitchen, it also plays a role in beauty products, from skincare to hair care and toiletries.
A culinary staple across cultures
The collective global enthusiasm surrounding coconut milk owes much to its central role in South and Southeast Asian cuisines, where it adds distinctive flavors and creamy textures to countless dishes. For instance, the Indonesian beef rendang shows how coconut milk can tenderize beef perfectly as a stew rich in flavors and aromas.
Similarly, the Thai massaman curry utilizes coconut milk’s creamy texture to mellow the heat and complexity of spices like cardamom and cinnamon. This blend creates a harmonious mix of tastes that delights the palate.
In India, shrimp curry further displays the ingredient’s versatility, with coconut milk providing a rich, smooth sauce that complements the delicate flavors of shrimp. This combination of coconut milk and other ingredients shows how well it pairs with seafood and spices such as turmeric and cumin.
These dishes highlight the culinary diversity of coconut milk and its ability to enhance other ingredients.
A worldwide trend with local flavors
The coconut milk market expansion goes beyond any single area. While Asia-Pacific leads the charge due to its extensive consumer base and growing population, this enthusiasm is quickly spreading across the globe. This increase is evident from the more frequent sightings of coconut milk products on the shelves of Western supermarkets and niche stores.
Leading coconut milk brands and future outlook
Coconut milk brands like McCormick & Co. Inc., Goya Foods Inc., and Vita Coco dominate this market’s growth. Their focus on digital sales and creative marketing gives rise to industry advancement.
The product’s relevance also denotes the shift in consumer tastes, the movement toward healthier living, and how the global food sector responds to these changes. We can stay excited to see how things develop, but they look suitable for the coconut milk market.
How coconut milk is changing the food industry
Coconut milk is increasingly popular, and as this sector continues innovating and evolving, it will reshape the alternative dairy category and the global food and beverage landscape. Its versatility stretches from cocktail creations to new recipe incorporations.
As the saying goes, “Variety is the spice of life,” and coconut milk adds just that to our diets worldwide. With its use predicted to grow even further in 2024 and beyond, now is the perfect time for newbies to discover coconut milk’s unique qualities.