The production mechanism of light nuclei, such as deuteron, helium-3, tritium and their antiparticles, has recently attracted an increased attention from the astroparticle and heavy ion communities. The expected low astrophysical background of light antinulei makes them ideal probes for exotic astrophysical processes, such as dark matter annihilations. At the same time, they can be used to measure two-nucleon correlations and density fluctuations in heavy ion collisions, which may shed light on the QCD phase diagram. Motivated by the importance of light antinuclei in cosmic ray studies, we developed a new coalescence model for light (anti)nuclei that includes both the size of the formation region, which is process dependent, and momentum correlations in a semi-classical picture. We have employed the model as an afterburner to the event generators Pythia 8 and QGSJET II, and find that the model agrees well with experimental data on antideuteron and antihelium-3 production in $e^+e^-$, $pp$, $p$Be and $p$Al collisions at various energies. In this paper, we review this model and update existing fits to experimental data based on new insights.