May 21, 2024
Coconut Milk Powder Market

Coconut Milk Powder Market Estimated To Witness High Growth Owing To Growing Demand For Plant-Based Dairy Alternatives

The coconut milk powder market has been gaining popularity as a plant-based alternative to dairy milk. Coconut milk powder is made by grinding coconut meat and removing the water from fresh coconut milk. It offers a rich texture and creamy flavor, similar to fresh coconut milk. The powdered form offers advantages like extended shelf-life, reduced weight, and ease of storage and transportation. The powder can be reconstituted with water and used as a milk substitute for use in cooking, beverages, cereals, and more. Growing veganism and lactose intolerance have been driving the demand for plant-based dairy alternatives like coconut milk powder.

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 market 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.

The key opportunities in the coconut milk powder market include new product launches catering to consumer preferences for organic, non-GMO, sugar-free options. Manufacturers are focusing on innovative packaging solutions for improved durability and easier handling.

With the rising global demand for plant-milk alternatives, many companies are expanding their coconut milk powder product lines and distribution networks to new regions. Strategic collaborations with organic food producers and retail chains have helped broaden the customer base.

Market drivers

A major market driver is the rising awareness about the health benefits of coconut milk powder. Unlike dairy milk, it is lactose-free, cholesterol-free, and rich in nutrients like iron, magnesium, phosphorus, vitamin C, and potassium. Growing health consciousness is compelling consumers to opt for more nutritious alternatives to regular milk. The market is expected to witness steady growth with increasing investments in product promotion campaigns highlighting these benefits.

PEST Analysis

Political: The Coconut Milk Powder Market Growth is regulated by food safety standards set by regulatory bodies. Manufacturers have to adhere to quality certifications and compliance requirements.

Economic: Fluctuations in the prices of coconuts which is the primary raw material can impact the production costs of coconut milk powder manufacturers. The purchasing power of consumers also determines the demand for the product.

Social: Changing lifestyle and dietary preferences have increased the popularity of plant-based milks. The rising health consciousness among people drives the demand for coconut milk powder which is considered a healthier alternative to dairy milk.

Technological: Advanced processing and spray drying techniques are being used by manufacturers to produce coconut milk powder with higher nutritional value and longer shelf life. New product formulations catering to specific dietary needs are also being developed.

The market for coconut milk powder in terms of value is highly concentrated in the Asia Pacific region, primarily in Southeast Asian countries which are the major producers and consumers of coconuts. The Philippines, Indonesia, India and Thailand account for a sizable share of the global coconut production and trade of coconut products including coconut milk powder. Other Asian markets like China, Japan and South Korea also offer lucrative opportunities due to the increasing popularity of Asian cuisines and plant-based products.

The North American market for coconut milk powder is witnessing rapid growth and emerging as the fastest growing regional market globally. This growth can be attributed to factors like rising vegan and flexitarian demographics, increasing options of coconut milk based products in retail channels and restaurants, and aggressive marketing campaigns by manufacturers of coconut milk and related products highlighting their health benefits. The US and Canada dominate the North American coconut milk powder market both in terms of production and consumption.

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