by Coconut milk powder is a powder produced by spray-drying fresh coconut cream or milk. It is mainly used as an ingredient in food and beverage products, owing to benefits such as longer shelf life, ease of storage and transport compared to fresh coconut milk. Coconut milk powder is used in manufacturing various applications including soups, curries, desserts and snacks. Growing popularity of dairy alternatives such as coconut milk is fueling the demand for coconut milk powder. Rising vegan and flexitarian population prefer coconut milk powder as a plant-based alternative for milk.
The global coconut milk powder market is estimated to be valued at CAGR of 5.4% in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing Adoption of Vegan and Flexitarian Diets to Drive Market Growth
The primary driver boosting growth of the coconut milk powder market is rising preference for vegan and plant-based diets. According to statistics, around 8% of U.S. adults identify as vegan or vegetarian. Vegan diets exclude all animal products such as dairy, eggs and honey. Coconut milk powder serves as an ideal dairy alternative for vegan consumers. Furthermore, flexitarian diets that promote mostly plant-based eating with occasional inclusion of meat and dairy, are gaining widespread popularity. Coconut milk powder fits well into flexitarian meal plans, acting as a versatile non-dairy milk. Rising health awareness and concerns over sustainability are prompting individuals to cut down on animal products, thus driving the global flexitarian population. This expanding vegan and flexitarian consumer base represents a major growth opportunity for coconut milk powder market.
Rising preference for dairy alternatives owing to lactose intolerance and milk allergies also contribute to market growth. Lactose intolerance affects around 68% of the global population aged 5 years or older. For such consumers, coconut milk powder provides a naturally dairy-free alternative for milk consumption. Furthermore, the easy reconstitution property and longer shelf life compared to fresh coconut milk makes coconut milk powder very convenient to use. These factors are propelling greater adoption of coconut milk powder in a variety of food and beverage applications.
Segment Analysis
The global coconut milk powder market is dominated by the organic coconut milk powder segment. The demand for organic and natural products is increasing around the world owing to rising health consciousness among consumers. Organic coconut milk powder is perceived to be healthier than conventional powder as it is free from chemicals and other preservatives. Moreover, the taste and texture profile of organic coconut milk powder is closer to fresh coconut milk. This makes it a preferred choice, especially in developed markets in North America and Europe.
PEST Analysis
Political: The governments of major coconut producing countries provide subsidies and initiatives to coconut farmers to increase production. Some countries have also implemented trade policies and tariffs to promote the export of value-added coconut products.
Economic: Rising disposables incomes and growing health awareness is driving the demand for healthy and nutritious dairy alternatives like coconut milk powder globally. The powder form offers convenience and ease of use to consumers. Developing regions in Asia and Latin America offer lucrative growth opportunities.
Social: Changing lifestyles and busy schedules have increased the demand for convenient dairy and plant-based milk alternatives. Coconut milk powder caters well to the demand for quick and easy to prepare plant-based beverages and culinary products. It is perceived as a healthier option by health-conscious consumers.
Technological: Advancements in spray drying and encapsulation technologies have improved the taste and texture profile of coconut milk powder. This helps in mimicking the fresh coconut milk-like characteristics. New product innovations involving coconut milk powder are also gaining popularity.
Key Takeaways
The global coconut milk powder market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for coconut milk powder is projected to reach around CAGR of 5.4% by 2023.
Regional analysis: The Asia Pacific region currently dominates the global coconut milk powder market and is expected to retain its leading position over the forecast period. Countries like Indonesia, Philippines, India and Thailand are the major producers as well as consumers of coconut and its value-added products. The rising awareness about the nutritional benefits of coconut is driving its increasing usage in the food and beverage industry in the region.
Key players: Key players operating in the coconut milk powder market are Kibion AB (Mayoly Spindler), Avanos Medical, Inc., and Quest Diagnostics.
Kibion AB (Mayoly Spindler) offers a wide range of coconut milk powders including organic, conventional and low sugar and salt variants catering to different markets. It has a strong presence across European countries as well as the US.
Avanos Medical, Inc. provides advanced technologies for pain management. It offers medical devices like On-Q Pain Relief System for post-surgical pain relief.
Quest Diagnostics is a leading provider of diagnostic information services in the United States. It offers extensive testing services including vaccines, infectious diseases testing and more.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
