The global coconut milk powder market is a rapidly growing market owing to the increasing demand for plant-based milk alternatives. Coconut milk powder is made by drying fresh coconut milk into a powdered form and is gaining popularity due to its nutritional benefits and versatile uses. Coconut milk powder has comparable protein content and offers nutritional benefits of coconut such as minerals like potassium, magnesium, iron, and phosphorus as well as vitamin C and E. It is lactose-free, gluten-free, and vegan-friendly making it a suitable alternative for people with dairy and gluten allergies. Coconut milk powder is used in various applications including beverages, smoothies, desserts, curries, sauces, coffee creamers, yogurt, baked goods, ice creams etc.
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 key players are focusing on expanding their production capacities and distribution networks globally to cater to the increasing demand.
The key opportunities in the coconut milk powder market include rising demand from developing countries in Asia Pacific and Latin America, growing application in coffee creamers, yogurts, vegan ice creams and desserts.There is potential for usage of coconut milk powder in beauty and personal care products due to its hydrating and antioxidant properties.
The major players are expanding globally with presence across North America, Europe, Asia Pacific and Latin America. Companies are investing in production facilities, technological advancements and establishing strategic partnerships with local distributors to strengthen their footprint in international markets.
Market drivers and restrain:
The key drivers for coconut milk powder market are-
- Rising health consciousness among consumers and preference for plant-based dairy alternatives due to lactose intolerance.
- Versatile uses in various food applications such as beverages, smoothies, Indian curries, soups, sauces etc. driving the demand.
The key restraints for coconut milk powder market are-
- Price volatility of coconut and seasonal availability may affect raw material prices.
- Limited shelf life of coconut milk powder requires proper packaging and storage.
Segment Analysis
The Coconut Milk Powder Market Demand is dominated by the conventional sub segment used for cooking purposes especially in the Southeast Asian countries. Coconut milk powder has been an integral part of traditional cuisines in these countries for a long time and consumption is deeply rooted in culture and tradition. The conventional sub segment accounts for over 70% of the total coconut milk powder market owing to consumer preference for taste and affordability.
However, the organic sub segment is emerging as the fastest growing segment and is expected to witness highest CAGR over the forecast period. Rising health awareness and concerns regarding chemical residues are prompting consumers to switch to organic products. Organic coconut milk powder is perceived as a cleaner and safer alternative without the use of additives or preservatives. Additionally, the premium nature and positioning as a healthier option is appealing to western health conscious consumers as well as affluent populations in Southeast Asian countries.
Global Analysis
The APAC region currently dominates the global coconut milk powder market with a share of over 80% in 2024. Countries like Thailand, Indonesia, Philippines and Malaysia collectively account for the bulk of production and consumption. Abundant availability of coconuts and a tradition of coconut incorporation in native cuisine gives the region a competitive advantage.
North America is projected to be the fastest growing regional market between 2024-2030 ascribed to rising vegan and plant-based milk demand as an alternative to dairy. Additionally, the organic coconut milk powder segment is witnessing exponential growth due to increased health awareness regarding advantages of organic certified products. Product launches focusing on clean, natural positioning tailored to western preferences is helping propagate coconut milk powder in North American diets. Europe is another major importer expected to see considerable increases in demand propelled by similar trends.
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