The global coconut milk and cream market is projected to reach a staggering $7 billion by 2028, driven by the increasing prevalence of lactose intolerance and the rising trend of veganism and plant-based diets. According to a study conducted by Ken Research, the demand for coconut milk and its products is rising significantly among consumers of all age groups, especially as an alternative to animal-based products.
Coconut milk is a liquid made from shredded coconut and water, while coconut cream is thicker and richer, made from four parts of shredded coconut and one part of water simmered until it thickens. Both coconut milk and cream are widely popular among vegetarians, vegans, and lactose-intolerant individuals. They come in two categories: organic and conventional.
One of the key factors driving the growth of the global coconut milk and cream market is the growing popularity of dairy-free, plant-based, and vegan products among consumers. The health benefits of coconuts, combined with their extensive usage in various cuisines and processed food products, contribute to the increasing demand for coconut milk and cream. Additionally, the rising number of health-conscious consumers opting for healthier products to lead a better lifestyle further drives the market growth.
However, there are certain challenges that could hinder the market’s growth. Allergies caused by the consumption of coconut-based products and fluctuating prices of raw materials are among the factors that might impact the market negatively.
Despite these challenges, the Global Coconut Milk and Cream Market was valued at around $2 billion in 2017 and is estimated to reach nearly $4 billion by 2022, with a projected opportunity of around $7 billion by 2028, according to Ken Research. The rising prevalence of lactose intolerance among consumers is also contributing to the market’s growth, as more individuals seek plant-based alternatives like coconut milk and cream.
It is important to note that the high prices of coconut milk and cream products compared to animal-based products could hinder the market’s growth. Consumers may not be aware of lactose intolerance and the benefits of plant-based alternatives, and the availability of cheaper substitutes in the market could restrict the growth of coconut milk and cream globally.
In conclusion, the global coconut milk and cream market is set for substantial growth in the coming years, driven by the increasing demand for dairy-free, plant-based, and vegan products among consumers. However, challenges such as allergies, fluctuating prices of raw materials, and the availability of cheaper alternatives may hinder the market’s growth. Nonetheless, the market is expected to reach a whopping $7 billion by 2028, providing significant opportunities for businesses in the coconut milk and cream industry.
