A recent report by market research firm Transparency Market Research (TMR) credited a rise in the world vegan population to driving the growth of the coconut milk industry. During the forecast period of 2016 to 2024, TMR predicted significant growth in the industry, attributed also to the growing knowledge of the health benefits of coconut milk. “There has been a significant rise in the vegan population due to increased concern about the environment and animals,” TMR stated. “The adoption of natural food products and consumer preference for a vegan diet has fuelled [sic] the demand for coconut milk globally.” Currently, North America and Europe are among the top regions where the increase in demand for coconut milk is the highest. TMR’s prediction adds a number of recent market research reports that predict significant growth in the global plant-based industry, including tofu and plant-based yogurt, which are predicted to reach $24 billion by 2022 and $7.4 billion by 2027, respectively.
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