The North American market will be a major consumer of coconut milk according to a Future Market Insights report. Sales reportedly hit $830 million end of 2017 with a quarter of the profits coming from North America.
According to Food Dive, “coconut milk sales are projected to expand around the world by a 7.3% compound annual growth rate between 2017 and 2027.”
There is a demand for plant-based and organic beverages that are lactose and dairy free so this is a reason for the coconut milk expansion in the market. Consumers are also interested in new or “exotic” flavors from Asian cuisine.
With coconut milk finding its way into food other products such as whipped toppings and desserts, sales are increasing but may confuse some consumers who are not reading labels.
The popularity of coconut flavor guarantees the demand but the future as an ingredient will depend on the supply and price according to Food Dive.