LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global coconut cream market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Manjunath Reddy, a lead analyst from Technavio, specializing in research on the food sector, says, “The demand for coconut cream is expected to increase during the forecast period, as consumers become increasingly aware of the health benefits associated with the consumption of coconut products. The use of coconut cream as an ingredient in various desserts and snacks is expected to further increase the demand for coconut cream during the forecast period.”
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The top three emerging market trends driving the global coconut cream market according to Technavio research analysts are:
- Increasing popularity of Asian cuisine
- Growing global vegan population base
- Organic coconut cream
Increasing popularity of Asian cuisine
The popularity of Asian cuisine is increasing around the globe, and coconut cream is an important ingredient used in this cuisine. It is the fastest-growing food segment in the world. An increase in population and economic development are the two factors responsible for the growth in the demand for Asian food. The migration of the Asian population to other parts of the world has also increased the demand for Asian cuisine worldwide. It is estimated that there are more than 41,000 Chinese restaurants and more than 5,000 Indian restaurants in the US. Asian cuisine is also becoming popular in Europe.
Growing global vegan population base
Veganism, which strongly favors animal rights and displays ethical concerns for the environment, is an emerging lifestyle trend. Vegan consumers do not use any food, clothing, or other products of animal origin.
The demand for vegan food, such as plant-based dairy alternatives and plant-based meat alternatives, has increased globally. For instance, in the UK, the demand for Alpro Unsweetened Almond Milk has increased by more than 2,000% since 2015. The sale of plant-based meat alternatives has increased by about 1,000% since 2015.
“The expanding vegan population base around the globe is thus a trend contributing to the growth of the global coconut cream market,” says Manjunath.
Organic coconut cream
The increasing demand for organic coconut cream is one of the trends that will affect the growth of the market during the forecast period. The demand for organic ingredients is on the rise as consumers are now becoming more conscious about the food ingredients that they consume. This factor is driving the sales of organic coconut cream around the globe.
Therefore, market players are coming up with new products to cater to this demand. In February 2017, DeeBee's Organics exhibited a new line of organic coconut creams at the BIOFACH exhibition held at Nuremberg, Germany. The new product line is available in three flavors, such as chocolate banana split, orange cream, and strawberry shake.
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