The Malaysia culinary coconut milk market size was USD 71.96 million in 2022. The market is projected to reach the valuation of USD 76.46 million in 2023 to USD 129.43 million by 2030 at a CAGR of 7.81% during the 2023-2030 period. Coconut is one of the major crops and plays an integral role in Malaysian agriculture. Growing cultivation of coconut is towering, which is attributed to the demand for coconut-based products in Malaysia. People have been leaning toward veganism and organic foods, which is further increasing the demand for coconut milk. Fortune Business Insights™ shares this information in its report titled “Malaysia Culinary Coconut Milk Market, 2023-2030.”

COVID-19 Impact

Disruption in Supply Chains & Faltering Transport Sector Decreased the Growth Amid Pandemic

The COVID-19 pandemic challenged the trade and economy of Malaysia. The outbreak led to shutdown of the industries and consumers had to adjust to the new normal. Restrictions on public movement and the shortage of workforce were some of the major concerns as they created demand and supply gaps.

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Segments

Coconut Cream Powder to Lead Owing to its Wide Utilization

On the basis of product type, the market is segmented into coconut milk, coconut milk powder, coconut cream, and coconut cream powder. Coconut cream powder led the segment owing to its wide utilization in home cooking. In households, it is used to make food dishes which require coconut milk. Coconut milk and coconut milk powder segments are expected to observe substantial growth owing to their ease of incorporation in food preparations.

Powder Form to Govern Due to Ease in Utilization

Based on form, the market is categorized into powder and liquid. Powder segment is anticipated to dominate owing to the ease in the utilization provided by powdered products. The demand for this segment is also anticipated to propel as it is more cost-effective and shelf-stable than standard coconut milk.

Grocery Stores to Govern as they are the Most Preferred Channel

Based on distribution channel, the market is categorized into supermarket/hypermarkets, convenience stores, grocery stores, and online retailers. Grocery stores segment is expected to hold majority share in the segment as these stores are the most preferred distribution channel. Modern grocery stores accounted for 45% in the total sales revenue.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Drivers & Restraints

Rising Utilization of Coconut Milk and Increasing Awareness of Products to Augment Market Growth

Factors such as the rising availability of raw materials among manufacturers and increasing integration of products among traditional cuisines will boost the Malaysia culinary coconut milk market growth during the forecast period. Rising demand from the HORECA sector and increasing awareness regarding the health benefits will increase the footprint of the market. Also, expanding quick-service restaurants and increasing consumer inclination among consumers toward veganism will further fuel the growth of the market.

However, the availability of culinary coconut milk alternatives will limit the growth of the market during the forecast period.

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Regional Insights

Malaysia to Witness Huge Growth due to Increasing Tourism Sector

Malaysia is a multi-ethnic country, which is the home for people globally. Rising middle-class economy and the inclination of a majority of the population to switch to coconut milk toward their regular cuisine will increase the footprint of the market in the region. Rising plant-based hunger among the general population and the rapidly advancing foodservice sector will fuel the growth of the market. Also, understanding amongst the consumers toward maintaining a balanced lifestyle and increasing consumer expenditure will increase the penetration of the Malaysia culinary coconut milk market share.

Competitive Landscape

Product Development & Rising Focus Toward Introducing New Flavors to Help Prominent Players Gain Edge

Culinary coconut milk companies, such as S&P Industries Sdn. Bhd., Santanmas Food Industries (M) Sdn Bhd, abd Santanku Sdn Bhd., are the market leaders. Dominant players are focused on developing novel products focused on taste and texture to attract a larger consumer base. For example, in April 2021, Dunkin Brands announced that it will be integrating coconut milk as a dairy alternative across all restaurants to tend customized beverages. Smaller players are consolidating the remaining market share. Additionally, expanding their current product portfolio for meeting the rising consumer demand will further help the market integrate toward a competitive edge.

Key Industry Development

  • December 2021 – Ayam Brand launched its organic coconut milk variant in Malaysia, which is made using free from hormone, pesticides, and GMO coconuts.

List of Key Players Present 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)
  • 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)

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