Market Trends of Coconut Milk and Cream Industry
This section covers the major market trends shaping the Coconut Milk & Cream Market according to our research experts:
Rising Trend of Dairy-free and Veganism Globally
Regardless of the classification criteria, reasons, or types, the number of vegans in the world is on the rise, driving the demand for dairy-free food products and creating a subtle presence for coconut milk and cream as key vegan food ingredients. Moreover, in an attempt to acknowledge the demand from the rising vegan population, food companies are introducing a diverse range of coconut milk by varying its fat content and flavor and even launching easy-to-carry package formats to boost convenience. For instance, the company WhiteWave Foods, through its brand So Delicious, offers coconut milk in unusual flavors, such as Nog, Pumpkin Spice, and Mint Chocolate . Globally, the data cited by several global institutions indicates that the transition to a vegan lifestyle has happened over the past few years. Many countries have witnessed a rise in vegan consumers, especially over the past decade.
Asia-Pacific Continues to Dominate the Global Market
The revenue generation in the Asia-Pacific market is majorly driven by the countries such as India, Japan, and Indonesia. The coconut industry holds an eminent position in the Indian economy, thus luring great interest of the government to strengthen the coconut industry and its application in varied sectors. For instance, the Coconut Development Board of India sponsored various research programs throughout the country's premier research institutions to develop new technologies for the manufacture of coconut cream, spray-dried coconut milk powder, and other coconut products. In Japan, more than 90% of Japanese consumers are lactose-intolerant, yet the demand for ice cream, yogurt, and other dairy products is very high among the native consumers, which drives the demand for dairy-alternative ingredients, including coconut cream and milk, among the food manufacturing companies of the country.
