Malaysia Culinary Coconut Milk Market is Anticipated to Reach USD 129.43 Million by 2030 with a CAGR of 7.81% During the Forecast Period 2023-2030; Increasing Cultivation of Coconut due to Demand for Coconut-based Products to Propel Market Growth

The Malaysia culinary coconut milk market size is projected to display a robust growth by reaching USD 129.43 million by 2030. “Malaysia Culinary Coconut Milk Market Size, Share & COVID-19 Impact Analysis, By Product Type (Coconut Milk, Coconut Milk Powder, Coconut Cream, and Coconut Cream Powder), By Form (Liquid and Powder), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Grocery Stores, and Online Retails), and Country Forecast, 2023 – 2030” observes that the market size in 2022 stood at USD 71.96 million and is expected to reach USD 76.46 million in 2023. The market is expected to witness a strong CAGR of 7.81% during 2023-2030. Increasing cultivation of coconut is mainly due to growing demand for coconut-based products. Furthermore, consumers have been inclining toward vegetarianism and organic foods, which is anticipated to contribute to the market growth during the forecast period. 

Ayam Brand Introduced Coconut Milk Super Light which has 75% Less Fat

Culinary coconut milk players have been launching new products to expand its product offerings. In October 2019, Ayam Brand introduced a new alternative called Coconut Milk Super Light, which has 75% less fat compared to raw coconut milk, without hampering the aroma and taste of the product. The growing demand for consumers for hassle-free and convenient culinary ingredients has influenced prominent manufacturers in the country to come up with new products.

Demand for Dairy-Free Foods such as Ice Creams, Milk, and Creams Increased Post Pandemic

The COVID-19 pandemic impacted the economy and trade of Malaysia. The restrictions on public movement led to the shortage of workforce were creating demand and supply gaps. However, the demand for dairy-free foods such as ice creams, milk, and creams increased during the later months of the outbreak. Some manufacturers reported an increase in their sales revenue as demand for coconut-based products rose. For instance, S&P Industries Sdn. reported an increase of 29.8% in its revenue in 2020 compared to 2019.

Inclination Toward Veganism and Vegetarianism to Drive Market Growth

Inclination toward veganism and vegetarianism is anticipated to drive the Malaysia culinary coconut milk market growth. Malaysia is known for its delicious dishes and as there has been a shift in the eating habits of consumers. Consumers have been focusing on intaking plant-based foods and it paves the way for the market growth as demand for coconut milk increases in the country. Changes in consumer preferences for vegetarian and healthy diets are supported by increase in the disposable income of middle-class, allowing them to go for plant-based alternatives such as coconut and almond milk over conventional milk. Rising incidences of animal cruelty and food-induced allergies have led to the transition.

However, abundant availability of alternatives, such as oat milk, rice milk, soy milk, hemp milk, and others, which have the nutrition composition and also have functional properties are expected to hamper the market growth.

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Market Players are Engaging in Partnership Strategies to Gain a Competitive Edge

Key market players are S&P Industries Sdn. Bhd., Santanmas Food Industries (M) Sdn Bhd, Santanku Sdn Bhd., and others have been meeting rising consumer demand for organic and safe products by expanding their product offerings. In August 2020, Century Pacific Food signed an agreement with Linaco Group to extend their geographical presence in Malaysia and other Asian, the Middle East, and Europe countries. This partnership will increase both the companies’ production capabilities of coconut products.

Notable Industry Development

• May 2022: M&S Coconut launched new coconut cream products, which are available in different packaging size. M&S Coconut is a Malaysian coconut milk and cream brand.

List of Key Companies Profiled in the Report:

• S&P Industries Sdn. Bhd. (Malaysia)
• Santanmas Food Industries (M) Sdn Bhd (Malaysia)
• Linaco Manufacturing (M) Sdn. Bhd. (Malaysia)
• Tropical Produce Sdn Bhd (Malaysia)
• J. Mitra Sdn Bhd. (Malaysia)
• Eramas Group (Malaysia)
• M&S Food Industries Sdn Bhd (Malaysia)
• Kara Marketing Sdn Bhd (Malaysia)
• Gogoco Holding Sdn Bhd (Malaysia)
• Denis Group Holding S.A. (Switzerland)

Further Report Findings

• The Malaysia culinary coconut milk market share reached the valuation of USD 71.96 million in 2022. The country has wide applications of coconut milk as the demand for the same has been spiking in the past few years.  
• Rising incidences of lactose intolerances in Malaysia has led to the adoption of plant-based milks and replace conventional milk and its products. Growing understanding of consumers and their appreciation of the unique role of culinary coconut milk in maintaining a balanced lifestyle also contribute to its increase in sales.
• In terms of distribution channel, grocery stores segment holds the largest share as these stores are the most preferred mode of purchasing. Supermarkets/hypermarkets segment is the second most popular channel as it caters to urban and semi-urban population.

Table of Segmentation