Coconut Milk Products Sales Surging at 7.6% CAGR amid Rising Prevalence of Lactose Intolerance: Future Market Insights

According to International Diabetes Federation (IDF), around 463 million adults, from the age of 20 to 79 years, were living with diabetes in 2019. The incidence of diabetes is expected to reach nearly 700 million by the year 2045. This growing prevalence of diabetes is creating awareness about the importance of health and overall wellbeing, consequently, fueling the demand for coconut milk products. According to International Diabetes Federation (IDF), around 463 million adults, from the age...

According to International Diabetes Federation (IDF), around 463 million adults, from the age of 20 to 79 years, were living with diabetes in 2019. The incidence of diabetes is expected to reach nearly 700 million by the year 2045. This growing prevalence of diabetes is creating awareness about the importance of health and overall wellbeing, consequently, fueling the demand for coconut milk products.

As per a study by the U.S. National Library of Medicine, nearly 65 percent of the world's population have diminished ability to digest lactose after infancy. Increasing the incidence of lactose intolerance will create lucrative growth opportunities for the coconut milk products market.

North America is leading the global coconut milk products market. According to the Centers for Disease Control and Prevention (CDC), 34.2 million Americans have diabetes. This has resulted in increasing demand for dairy alternatives, in turn, spurring the growth of the coconut milk products market in the region.

"To strengthen their footprint, the leading manufacturers are focusing on launching better quality. This also is helping them in expanding their product portfolio and expanding their product distribution channel es," says the FMI analyst. 

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Key Takeaways

Key Drivers

Key Restraints

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Competitive Landscape

According to FMI, coconut milk products market is highly competitive owing to presence of large number of regional and global players.

Key strategies implemented by market players include consistent expansion of their production distribution channel and launching better quality products to gain competitive edge. Besides this, they have increased their focus on advertisement and promotion to increase their market share. For instance,

·  Goya Foods, launched a new product line named 'Better for You,' in 2019. The line featured over 300 products and 40 variation of various frozen vegetables, fruits, rice, and oils.

·  In October 2020, Pacific food launched a new ad campaign with a tagline "Specifically Pacific." The objective of the campaign was increase awareness about their product portfolio.

Leading players profiled by FMI operating in coconut milk products market include:

More Insights on FMI's Coconut Milk Products Market

The latest market study on global coconut milk products market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of

By Product Type

By Nature

By End-Use

By Distribution Channel

By Region

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