Organic Coconut Milk Powder is the largest segment driving the growth of Coconut Milk Powder Market.

Coconut Milk Powder Market


The global Coconut Milk Powder Market is estimated to be valued at US$ 38.44 Mn or Million 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 made by grinding coconut flesh and extracting the coconut milk which is then dried and processed into powder form. It is versatile, shelf-stable and rehydrates easily to recreate fresh coconut milk. The powder form allows for easy storage and transport of coconut milk.


Market key trends:


Growing demand for plant-based dairy alternatives is expected to drive the growth of the coconut milk powder market over the forecast period. Consumers are increasingly opting for dairy-free and vegan alternatives due to rising awareness about health, nutrition, and dietary preferences like lactose intolerance. Coconut milk powder serves as an excellent non-dairy substitute and is hypoallergenic. Furthermore, coconut milk powder has a longer shelf life compared to fresh coconut milk and suits applications in ready-to-drink beverages, frozen desserts, baked goods, and more. The versatility and ease of use of coconut milk powder is also expected to boost its adoption across various industries.

Market key trends:


Coconut milk powder has seen rising demand globally in recent years driven by the increasing popularity of plant-based diets. As consumers look for dairy alternatives that are perceived as healthier, coconut milk powder offers a shelf-stable option that is dairy-free, paleo-friendly, vegan, and gluten-free. It is convenient to use and dissolves easily in water, allowing it to replace fresh coconut milk or canned coconut milk in recipes. As more consumers adopt flexible lifestyles, single-serve sachets or packets of coconut milk powder have also grown in popularity for their portability.


SWOT Analysis


Strengths: Coconut milk powder has a long shelf life without needing refrigeration and offers a sustainable alternative to dairy milk. It has a mild flavor that works well for both sweet and savory applications.
Weaknesses: It has a higher price point compared to dairy milk and some consumers may prefer the taste of fresh coconut milk. The production process to make coconut milk powder is more resource-intensive than regular milk powder.
Opportunities: Growing awareness about health and environment has increased the demand for plant-based dairy alternatives. The market has room for new product innovations like organic, low sugar, and flavors varieties.
Threats: Competition from other plant-based milks like almond and oat milk that are also positioning themselves as sustainable options. Dependence on weather conditions that affect coconut production.


Key Takeaways


The Global Coconut Milk Powder Market Demand is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period of 2023 to 2030, due to increasing adoption of vegan and dairy-free diets. The market size for coconut milk powder is estimated to reach US$ 38.44 Mn in 2023.

Regional analysis
The Asia Pacific region currently dominates the global coconut milk powder market owing to major coconut producing countries like Indonesia, Thailand, Philippines, and India. Within Asia, the demand is highest in India where it is used extensively in curries and gravies. North America is another fast growing regional market for coconut milk powder driven by American consumers focusing on health, wellness and environment sustainability.

Key players
Key players operating in coconut milk powder include 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. These companies are launching new product lines with different flavor profiles and packaging formats to appeal to the diverse tastes of global consumers.


Read More - https://www.insightprobing.com/coconut-milk-powder-market-share-demand-analysis-size-and-trends-forecast/ 

 

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