by The global coconut milk powder market is estimated to be valued at US$ 38.44 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut milk powder is a key ingredient used in various food and beverage products such as soups, curries, sauces, desserts and more. It is lactose-free, cholesterol free and high in medium-chain triglycerides which provides health benefits. Coconut milk powder is an important dairy alternative used by vegan, lactose intolerant and health conscious consumers. It has wide applications across several industries including foodservice, food processing and retail.
Market Dynamics:
The increasing demand from food and beverage industry is expected to drive the growth of coconut milk powder market over the forecast period. Growing health conscious population and shifting preference towards plant-based products are some factors accelerating the demand for coconut milk powder. Furthermore, rising vegan population globally is also providing impetus to the market growth. The key players are focused on launching innovative products fortified with various nutrients to cater to nutritional requirements of consumers. For instance, in 2021, Nestlé launched Starbucks lactose-free and dairy-free coconut milk latte powder in Europe.
SWOT Analysis
Strengths:
– Higher shelf life than regular coconut milk, making it suitable for storage and transportation.
– Ease of use as it can be mixed with water as per requirement.
– Rich source of various nutrients like vitamins, minerals, and medium-chain triglycerides.
Weaknesses:
– Highly prone to quality deterioration if not packed properly.
– Limited consumer awareness about benefits of coconut milk powder over regular coconut milk.
Opportunities:
– Growing popularity of plant-based dairy alternatives due to rising vegan and flexitarian population.
– Increasing usage of coconut milk powder in various recipes and food and beverage applications.
Threats:
– Availability of other plant-based milk substitutes like almond milk powder and soy milk powder.
– Volatility in price and supply of coconuts.
Key Takeaways
The Global Coconut Milk Powder Market Size is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing consumer preference for plant-based dairy alternatives.
Regional analysis: Asia Pacific dominates the global coconut milk powder market and is expected to continue its dominance during the forecast period. India, Sri Lanka, Indonesia, and the Philippines are the major coconut producing countries in the region.
The coconut milk powder market in North America is expected to grow at a fast pace during the forecast period due to expansion of distribution channels and rising adoption of coconut milk powder among health-conscious consumers in the region.
Key players analysis: Key players operating in the coconut milk powder market are The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
