Strong Global Growth Seen for Coconut-Based ProductsThursday, May 2, 2019
The market for coconut-based beverages and other products will continue growing steadily, according to a new report, with a CAGR (compounded annual growth rate) of more than 7% over the next 10 years, the Beverage Daily reported on April 30 citing Future Market Insight (FMI), a premier provider of syndicated research reports and consulting services.
Coconut ‘milk’ alternatives have been a fixture in the plant-based beverage movement, supporting the growth of the global coconut products market. Health conscious consumers looking to cut back on dairy are driving this trend in North America and Europe particularly. But the global coconut products industry can be divided into coconut ‘milk’ powder and coconut ‘cream’ powder. They are used in more than just beverages, like salad dressings, Asian soups, curries, seasoned rice, pancakes, chocolate products, milkshakes and jams.
According to a new FMI report, the nutritional value of coconut ‘milk’ products coupled with their long shelf life make them ideal for food processing manufacturers, who struggle to maintain food health and quality through heavy processing. Consumers enjoy coconut products because they are rich in iron and used as ingredients in products that can help prevent anemia. They also have antiviral and antibacterial properties that help build up immune strength. FMI projects that global coconut ‘milk’ products will grow at a CAGR of more than 7% between 2018-2028, generating revenue of more than $500 million.