Coconut Milk Market Growth Fuelled by the Global rise in Veganism

Close up of a coconut and grounded coconut flakes
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The global coconut milk market is expected to exhibit a CAGR of 14.61% over the forecast period (2018- 2023), according to the latest research report from Market Research Future (MRFR).

The global coconut milk market is driven by a number of factors, including the rise of veganism, the growing demand for plant-based alternatives to dairy products, and the increased awareness about the health benefits of coconut milk. The global coconut milk market is expected to rise to a valuation of USD 2,350.8 million by the end of 2023. Another key driver for the global coconut milk market is the growing prevalence of lactose intolerance in North America and Europe.

Vegconomist reported in August last year that another research report by MRRSE also predicted a strong growth, though the figures different.

Leading players in the global coconut milk market include McCormick & Company, Inc., Dabur India Ltd., Vita Coco, Thai Agri Foods Public Co. Ltd., Theppadungporn Coconut Co. Ltd., ThaiCoconut Public Company, Danone SA, Celebes Coconut Corp., Ducoco, and Goya Foods Inc.