The plant-based milk sector is expected to boom due to increasing demand for healthy alternatives to dairy.
A new report published by global market research company ReportsnReports determined that the global coconut milk industry will grow by 15.4 percent every year until 2020. Researchers identified that the coconut milk industry is growing, thanks to the health benefits associated with the consumption of coconut products—including lowering cholesterol, improving blood pressure, and preventing heart attacks and strokes. The report revealed that coconut milk sales will be most prominent in the Americas, including Brazil and Argentina, where lactose intolerance affects 86 and 61 percent of the population, respectively. Key companies responsible for coconut milk’s popularity include Goya Foods, McCormick, and WhiteWave Foods—the umbrella company for brands such as Silk and So Delicious. In addition to coconut milk, various sectors of the plant-based industry including meat, egg replacers, and other non-dairy milks are expected to boom in coming years.
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