April 24, 2024
Coconut Milk Powder Market

Coconut Milk Powder Market Poised To Witness 5.4% CAGR By 2030 Led By Rising Demand For Plant-Based Milk Alternatives

Coconut milk powder is a product made by grinding and drying coconut milk solids. It is popular among vegan and lactose-intolerant consumers as a dairy-free milk alternative. Coconut milk powder has a mild, creamy flavor without any heavy coconut notes. It dissolves easily in water to produce coconut milk with a texture and consistency similar to dairy milk. The powdered form offers convenience over canned coconut milk as it has a longer shelf life, requires no refrigeration, and is lighter to transport. Growing consumer preference for plant-based dairy substitutes is fueling demand for coconut milk powder globally.

The Global Coconut Milk Powder Market is estimated to be valued at US$ 44.29 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Coconut Milk Powder are Kibion AB (Mayoly Spindler), Avanos Medical, Inc.,Quest Diagnostics, Beijing Richen-Force Science & Technology Co., Ltd., Paladin Labs Inc., Beijing Binal Health Bio- Sci & Tech Co., Ltd., AB ANALITICA s.r.l., Otsuka Holdings Co., Ltd., Sercon Group, Campro Scientific GmbH, Shenzhen Zhonghe Headway Bio-Sci & Tech Co., Ltd., Avisa Diagnostics, INFAI GmbH, Meridian Bioscience, Inc., Metabolic Solutions, Inc., Laboratory Corporation of America Holdings, , Gulf Coast Scientific, Inc., FAN GmbH, and Kizlon Medical.
The demand for coconut milk powder is growing due to the rising vegan population and individuals with lactose intolerance globally. Consumers are increasingly adopting plant-based milk alternatives.
The market is witnessing a growing global expansion with companies launching coconut milk powder in new regions and countries. Manufacturers are strategically strengthening their distribution channels to cater to the widespread demand.

Market key trends

One of the main trends in the Coconut Milk Powder Market Demand is the introduction of organic and non-GMO variants by major brands. Consumers are aware of the chemicals used in conventional farming and prefer natural products. Manufacturers are responding by obtaining organic and clean label certifications to appeal to health-conscious buyers. Another trend gaining prominence is the addition of other plant-based ingredients like oats, almonds, or soy to coconut milk powder to provide different flavors and nutritional profiles to suit diverse preferences.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as production process of coconut milk powder requires large investments along with proper supply chain. However, presence of substitutes like almond milk powder acts as a barrier.

Bargaining power of buyers: The bargaining power of buyers is high as coconut milk powder market offers product differentiation by various brands. Buyers can easily switch to substitutes if dissatisfied with price or quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material coconut is easily available in major production regions. However, any supply disruptions can impact production.

Threat of new substitutes: The threat of new substitutes is high as plant-based milk alternatives like almond, soy, oat etc. are increasingly gaining popularity. Continuous product innovations pose threat to coconut milk powder market.

Competitive rivalry: The competitive rivalry is high owing to presence of numerous regional and international brands offering differentiated products. Companies compete on the basis of quality, taste, packaging and pricing.

Geographical Regions

Southeast Asia is the largest region for coconut milk powder market in terms of value owing to major coconut producing countries like Philippines, Indonesia and Thailand. Changing lifestyle and popularity of plant-based milk alternatives have boosted the demand in Southeast Asia.

North America region is witnessing the fastest growth in coconut milk powder market due to rising health concerns, vegan diet trends and increasing lactose intolerance. Availability of innovative organic coconut milk powders through e-commerce channels is further fueling the sales across North America.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it