July 25, 2024
Coconut Milk Powder Market

Coconut Milk Powder Market Is Estimated To Witness High Growth Owing To Increasing Demand from Food and Beverage Industry and Rising Awareness About the Health Benefits of Coconut Products

The global Coconut Milk Powder Market is estimated to be valued at US$ 32.40 Mn in 2021 and is expected to exhibit a CAGR of 8.92% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Coconut milk powder is obtained by drying coconut milk, which is extracted from the meat of mature coconuts. It is widely used in the food and beverage industry as a dairy alternative due to its creamy texture and rich flavor. Coconut milk powder is also known for its health benefits, as it is a good source of healthy fats, vitamins, and minerals. It finds applications in various products such as curries, desserts, smoothies, bakery products, and nutritional supplements.

Market Dynamics:
The Global Coconut Milk Powder Market is driven by two main factors: increasing demand from the food and beverage industry and rising awareness about the health benefits of coconut products.

1. Increasing demand from the food and beverage industry:
Coconut milk powder is extensively used in the food and beverage industry as a dairy alternative. It is preferred by consumers who are lactose intolerant or following a vegan or plant-based diet. The rising demand for plant-based products has led to the increased use of coconut milk powder in various food and beverage applications. For example, it is used as a base ingredient in vegan ice creams, yogurts, and baked goods.

2. Rising awareness about the health benefits of coconut products:
Coconut milk powder is known for its health benefits, as it is a rich source of healthy fats, vitamins, and minerals. It contains lauric acid, which has anti-inflammatory and antimicrobial properties. Coconut milk powder is also packed with antioxidants and is believed to boost the immune system. The growing awareness about the health benefits of coconut products has increased the demand for coconut milk powder among health-conscious consumers.

SWOT Analysis:
Strength:
1. Rich source of healthy fats: Coconut milk powder is a good source of healthy fats, which are essential for the body.
2. Versatile applications: It finds applications in various food and beverage products, making it a versatile ingredient.

Weakness:
1. Limited shelf life: Coconut milk powder has a shorter shelf life compared to other powdered milk products.
2. Limited availability: Coconut milk powder may not be easily available in all regions, limiting its market reach.

Opportunity:
1. Increasing demand for plant-based products: The growing trend of plant-based diets and veganism presents an opportunity for the coconut milk powder market.
2. Growing popularity of Asian cuisine: The increasing popularity of Asian cuisines, which often use coconut milk as an ingredient, creates a favorable market environment for coconut milk powder.

Threats:
1. Competition from other dairy alternatives: Coconut milk powder faces competition from other dairy alternatives such as almond milk, soy milk, and oat milk.
2. Fluctuating raw material prices: The price of coconuts, the raw material for coconut milk powder, can be subject to fluctuations, which may impact the cost of production.

Key Takeaways:
– The global coconut milk powder market is expected to witness high growth, exhibiting a CAGR of 8.92% over the forecast period, due to increasing demand from the food and beverage industry and rising awareness about the health benefits of coconut products.
– Asia-Pacific is expected to be the fastest-growing and dominating region in the coconut milk powder market, driven by the popularity of coconut-based cuisines in countries like India, Thailand, and Indonesia.
– Key players operating in the global coconut milk powder market include Anthony’s Goods, BareOrganics, Bramble Berry, Inc., Dr. Ben Kim Natural Health Solutions, Enerhealth, Grace Foods Canada, Inc., HEALTHWORKS, King Arthur Flour Company, Inc., KOS, and Nestlé, Inc.

In conclusion, the coconut milk powder market is experiencing significant growth due to the increasing demand from the food and beverage industry and the rising awareness about the health benefits of coconut products. As consumers continue to seek dairy alternatives and adopt healthier lifestyles, the demand for coconut milk powder is expected to rise. The market offers opportunities for both established players and new entrants to innovate and meet the evolving consumer demands in the global market.