Coconut milk has been around for centuries, especially in Asia where the coconut tree is abundantly growing. It has been incorporated in dishes to make them creamy and to add a nutty flavor. In the recent decade, the coconut milk is gaining popularity across the globe. It has been manufactured and packaged to be attractive to a wider consumer base. Because of the consumer’s positive response, the coconut milk industry has been generating millions in US Dollars of revenue.
WHAT MOVES THE COCONUT MILK MARKET
The pearly white milk extracted from the coconut’s mature meat is gaining traction in the international market. Here are some reasons that the industry is growing.
1. Consumers’ shift in lifestyle
Different diets have been springing up. People have long been finding ways of eating that best fit their lifestyles. Recently, plant-based diets are on trend. Vegetarians and vegans are saying no to any product coming from animals. In their effort of finding an alternative to the animal-produced milk, they switch to using the coconut milk.
2. Increasing number of consumers with lactose intolerance
Lactose intolerant people cannot fully digest dairy products, hence their stomachs act up. According to the Journal of Clinical Nutrition, 75% of the world’s population are lactose intolerant. So, it’s either they avoid dairy products or they find alternatives. That is where the coconut milk perfectly fits.
3. Coconut milk’s health benefits
Aside from its interesting flavor, coconut milk is attractive to consumers because of its health benefits. It is rich with vitamins and minerals that strengthen our immune system. It also has saturated fats that are handy for weight loss and minimizing heart diseases. It also has lauric acid which is a good source of energy.
COCONUT MILK MARKET SEGMENTATION
The consumers’ response to the product is a factor of how the product is presented to the market. Coconut milk, having a positive feedback from consumers are presented in many various ways to cater to the consumers’ preferences.
By type: thick and thin
By application: food and beverage, and agriculture
By industry: household, food services, food and beverage manufacturers
By distribution channel: supermarkets, department stores, online retailers
REGIONAL SEGMENTATION
Here’s coconut milk’s top consumers according to location.
- North America
This is the heaviest consumer of coconut milk. Market observers say that the heavy consumption is due to the high records of obesity and lactose intolerance, and the population is finding alternatives.
- Asia Pacific
This is the second heaviest consumer in the world. Asians have long been using coconut milk. It is part of various traditions. Recently, many Asians are also switching to veganism, thus the increased consumption.
- Latin America
This region is the third heaviest consumer of coconut milk in the world. Market observers point to the high records of lactose intolerance that people switch to coconut milk and leave the traditional, animal-produced milk. The world is finally noticing the coconut milk and recognizing it as a healthier food alternative that fits their lifestyle. You can be part of this food revolution. Try Greenville’s Coconut Milk. For more information, see our product list here.