According to the recent market research report “Coconut Milk Market: Global Industry Analysis and Opportunity Assessment 2017-2027”, available from online provider MRRSE, the market for coconut milk will grow by about 7.3 percent annually over the next 10 years. The report distinguishes between conventional and organic coconut milk. The market analysis also reveals reasons for the forecast growth, such as the growing number of lactose intolerant people and the growing popularity of Asian and vegan food.
According to the report, organic coconut milk will achieve stronger market growth than conventional products. Organic coconut milk sales are expected to increase by 8.2% in the forecast period and contribute almost 30% to total sales by the end of 2027. The market for organic coconut milk is estimated to be worth more than US$220 million by the end of 2017 and is expected to reach a volume of more than US$500 million by the end of 2027. The conventional coconut milk segment, in turn, is expected to grow by 7.0% over the forecast period and is estimated to reach more than US$600 million by the end of 2017 and a volume of more than US$1,100 million by the end of 2027. In addition, North America is expected to have the largest market share in the global coconut milk market.
One reason for the strong sales growth of plant-based alternatives is the growing proportion of the population with lactose intolerance, because coconut milk is lactose-free but still contains many important nutrients. On the other hand, Asian and vegan food, for which coconut milk is often used, is becoming increasingly popular in countries such as the USA and Canada. But also, the increasing demand for vegan ice cream and desserts and the generally increasing number of people who eat vegan and choose coconut milk as a plant-based alternative will contribute to growth.