Coconut Milk Powder Market Size, Share, Growth, And Industry Analysis by Type (Pure Coconut Milk Powder, Mixed Coconut Milk Powder) by Application (Beverages, Savory & Snacks, Bakery & Confectionery, Frozen Products), Regional Insights, and Forecast From 2023 To 2030

Updated On: 13 November 2023

Coconut Milk Powder Market Report Overview

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The global coconut milk powder market size was USD 731.32 million in 2022. As per our research, the market is expected to reach USD 1046.91 million in 2028, exhibiting a CAGR of 6.16 % during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with coconut milk powder market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Coconut milk powder is a convenient and versatile ingredient derived from dehydrated coconut milk. It offers all the richness and creaminess of traditional coconut milk in a convenient powdered form. Made by removing the water content from fresh coconut milk, coconut milk powder provides a concentrated source of coconut flavor and can be easily reconstituted with water to create a creamy, smooth coconut milk substitute. It is widely used in various culinary applications, including desserts, curries, sauces, smoothies, and baked goods. Coconut milk powder is valued for its long shelf life, easy storage, and the ability to enjoy coconut milk flavor whenever needed, making it a popular choice among cooking enthusiasts and those with dietary restrictions.

The coconut milk powder market size is experiencing significant growth due to several factors driving increased demand. Firstly, there is a rising consumer trend towards plant-based and dairy-free alternatives, as more people adopt vegetarian, vegan, or lactose-free diets. Coconut milk powder serves as an excellent substitute for traditional dairy milk, offering a creamy texture and distinct coconut flavor. Additionally, the convenience factor plays a crucial role. Coconut milk powder's long shelf life and ease of storage make it a convenient option for both home cooks and food manufacturers. Furthermore, the growing popularity of Southeast Asian and tropical cuisine worldwide has contributed to the increased demand for coconut milk powder, as it is a staple ingredient in many traditional dishes from these regions.

COVID-19 Impact: The Pandemic Had a Significant Impact On the Market Presenting This Industry's Enterprises with Both Challenges and Opportunities

The COVID-19 pandemic has had a notable impact on the coconut milk powder market. Like many other industries, the market experienced disruptions in the supply chain and distribution channels due to lockdowns, travel restrictions, and reduced workforce availability. The closure of restaurants, hotels, and cafes also resulted in a decline in the demand for coconut milk powder, as these establishments are major consumers of the product. Additionally, economic uncertainties and reduced purchasing power among consumers affected their spending on non-essential food items, including coconut milk powder. However, the pandemic also led to a surge in home cooking and baking trends, which created opportunities for the market as consumers sought convenient and versatile ingredients like coconut milk powder for their culinary experiments. As the global situation stabilizes, the market is expected to gradually recover and witness renewed growth. 

Latest Trends

"The Advent of Novel Product Varieties and Flavors Is One Trend in The Market for Coconut Milk Powder"

One trend in the coconut milk powder market is the emergence of innovative product variations and flavors. Manufacturers are introducing new and unique formulations to cater to evolving consumer preferences. For instance, there has been a rise in the availability of organic, vegan, and gluten-free coconut milk powder options, targeting health-conscious and dietary-restricted consumers. Moreover, companies are launching flavored coconut milk powders, such as chocolate, vanilla, and matcha, to offer a wider range of options for culinary experimentation. In terms of technologies, there have been advancements in the production processes and packaging solutions. Companies are investing in improved drying techniques to retain the natural flavor and nutritional value of coconuts during the powdering process. Additionally, packaging innovations, such as resealable pouches and single-serve sachets, enhance convenience and extend shelf life. Leading players in the market are actively engaged in product diversification and expansion strategies. They are launching new coconut-based products beyond milk powder, such as coconut cream, coconut milk beverages, and coconut-based snacks. Some players are also investing in sustainable sourcing practices and promoting fair-trade partnerships with coconut farmers to ensure a consistent supply chain while addressing environmental and social concerns. 

Coconut Milk Powder Market SEGMENTATION

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• By type

Depending on coconut milk powder market given are types: pure coconut milk powder, mixed coconut milk powder. The mixed coconut milk powder type will capture the maximum market share through 2028.

• By Application

The market is divided into beverages, savory & snacks, bakery & confectionery, frozen products based on application. The global coconut milk powder market players in cover segment like Beverages will dominate the market share during 2022-2028.

Driving Factors

"The Rising Demand for Dairy- And Plant-Based Substitutes Is One Reason Fueling the Market for Coconut Milk Powder "

One driving factor behind the coconut milk powder market growth is the increasing demand for plant-based and dairy-free alternatives. As more consumers adopt vegan, vegetarian, or lactose-free diets, there is a growing need for suitable substitutes for traditional dairy products. Coconut milk powder serves as an excellent plant-based alternative to dairy milk, offering a rich and creamy texture that can be used in various recipes. Its versatility and ability to mimic the consistency of dairy milk make it highly sought after by individuals looking for non-dairy options. Moreover, the perception of coconuts as a healthier ingredient, coupled with their natural flavor profile, contributes to the rising popularity and market growth of coconut milk powder as a preferred dairy alternative.

"The Rising Public Knowledge of the Health Advantages of Coconuts Is Another Important Element Driving the Market for Coconut Milk Powder"

Another significant driving factor fueling the coconut milk powder market growth is the increasing awareness of the health benefits associated with coconuts. Coconuts are rich in essential nutrients like vitamins, minerals, and healthy fats, making them a popular choice among health-conscious consumers. Coconut milk powder retains many of these nutritional properties, including medium-chain triglycerides (MCTs), which are believed to have various health benefits like aiding in weight management and promoting heart health. The growing emphasis on personal well-being and a shift toward clean label and natural ingredients has led consumers to seek out healthier alternatives to traditional food products. Coconut milk powder aligns well with this trend, as it offers a natural and nutritious option for individuals looking to incorporate healthier choices into their diets, driving the market growth for the product.

Restraining Factors

"The Availability of Alternative Plant-Based Milk Substitutes Is One Restraint On the Market for Coconut Milk Powder"

One restraining factor affecting the coconut milk powder market growth is the availability of alternative plant-based milk substitutes. While coconut milk powder offers a unique flavor and versatility, it faces competition from other non-dairy milk options such as almond milk, soy milk, oat milk, and rice milk. These alternatives have gained popularity due to their specific nutritional profiles, taste preferences, and the availability of a variety of flavors. The wide array of choices in the plant-based milk category can lead to a fragmented consumer base and pose challenges for coconut milk powder manufacturers to capture a significant market share. Additionally, some consumers may have specific allergies or dietary restrictions that limit their consumption of coconut-based products, further impacting the demand for coconut milk powder.

Coconut Milk Powder Market Regional Insights

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"Asia Is Predicted to Maintain Its Market Dominance Due To Characteristics Including Favorable Climatic Conditions, Vast Coconut Cultivation, And Strong Export Capabilities "

The leading region in the coconut milk powder market is Asia. This region holds a prominent position in the market due to its abundant coconut cultivation, traditional culinary practices, and cultural affinity towards coconut-based products. Countries such as Thailand, Indonesia, the Philippines, and Vietnam are major contributors to the coconut milk powder market share in Asia. These nations have a long-standing history of coconut cultivation and expertise in coconut processing techniques. The local availability of coconuts coupled with the cultural preference for coconut flavors in various cuisines drives the market demand in this region. Additionally, the increasing popularity of Asian cuisine and the growing adoption of plant-based diets globally have further boosted the demand for coconut milk powder from Asia. The region is expected to continue its dominance in the market, driven by factors such as favorable climatic conditions, extensive coconut farming, and strong export capabilities. 

The second-leading region in the coconut milk powder market is North America. The region has witnessed significant growth in the demand for coconut milk powder due to several factors. The rising consumer awareness regarding the health benefits of coconut-based products, coupled with the increasing popularity of plant-based diets, has fueled the market growth in North America. Moreover, the diverse culinary landscape and the influence of global cuisines have contributed to the demand for coconut milk powder as an ingredient in various recipes, beverages, and desserts. The region's developed retail infrastructure, including supermarkets, specialty stores, and online platforms, has facilitated easy accessibility and availability of coconut milk powder to consumers. Additionally, product innovations and marketing efforts by key players in North America have further propelled the coconut milk powder market share in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Renuka (Sri Lanka)
• Shriram Coconut Products Limited (India)
• Grace Foods Canada Inc. (Canada)
• Nestle (Switzerland)
• Cocomi (Thailand)
• Axelum Resources Corp (Philippines)
• S＆P Industries Sdn Bhd (Malaysia)
• Ayam (Singapore)
• Holista Pvt. Ltd (Malaysia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.