Driven by the increasing prevalence of lactose intolerance coupled with the rising trend for veganism and plant-based diet boosting the demand for coconut milk and milk products among consumers, the Global Coconut Milk and Cream Market is Forecasted to reach nearly US$ 7 Bn by 2028 says Ken Research Study
Coconut milk has a liquid consistency made from shredded coconut and water and pureed until smooth, whereas coconut cream is comparatively much thicker and richer. Coconut cream is made from four parts of shredded coconut and one part of water simmered until it thickens. Coconut milk and creams are plant-based and are widely popular among vegetarians, vegans, lactose intolerant, and others. It comes in two categories namely organic and conventional.
Ken Research shares 3 key insights on this high-demand market from its latest research study.
1. Growing Popularity of Dairy-Free, Plant-Based, and Vegan Products Among Consumers Encourage Market Growth
Coconut milk and cream are widely popular among consumers of all age groups as an alternative to animal-based products. The increasing awareness regarding the health benefits of coconuts along with the wide usage of coconut products in multiple cuisines and processed food products to enhance the taste and texture are anticipated to propel the growth of the market. In addition, an increase in health-conscious consumers opting for healthy products to lead a healthier lifestyle is expected to boost the demand for coconut milk and cream in the Global Coconut Milk and Cream Market. However, allergies caused due to the consumption of coconut and coconut-based products along with fluctuating prices of raw materials may hamper the growth of the market.
According to Ken Research estimates, the Global Coconut Milk and Cream Market – valued at around US$ 2 Bn in 2017 and estimated to reach nearly US$ 4 Bn by 2022 – is expected to grow to around US$ 7 Bn opportunity by 2028.
2. Rising Prevalence of Lactose Intolerance Among Consumers Globally is Driving the Market Growth
The increasing incidence of lactose intolerance among consumers is ultimately increasing the demand for plant-based products such as coconut milk and creams, which is likely to augment the growth of the market. Rising health awareness in the wake of COVID-19 is boosting the trend for vegan diets and plant-based products. The shift in consumer preference towards plant-based products over animal-based products along with the increasing number of vegetarians and the vegan population is anticipated to aid in the growth of the market.
The below graph depicts the prevalence of some level of lactose intolerance among population for select countries.
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3. High Prices of Coconut Milk and Cream Products Compared to Animal-Based products are the Most Significant Barrier to the Growth of the Market
The high prices of coconut milk and cream due to the fluctuating cost of raw materials may hinder the growth of the market. The lack of awareness regarding lactose intolerance among consumers and comparatively higher prices of plant-based products like coconut milk are anticipated to restrict the growth of the market. In addition, the availability of other substitutes at cheaper prices in the market is likely to hinder the market growth globally.
The below graph depicts the comparison in prices of animal-based milk and plant-based coconut milk in US$/gallon.
For more information on the research report, refer to the below link:
Global Coconut Milk and Cream Market
