by Coconut milk powder is a versatile plant-based ingredient that can be used as a substitute for dairy milk in various recipes. Manufactured by dehydrating fresh coconut milk into a powder form, coconut milk powder is convenient to use, shelf-stable, and provides a creamy texture and subtle coconut flavor whenever reconstituted with water. It is commonly used in plant-based desserts, smoothies, soups, curries, and other dairy-free dishes. Coconut milk powder allows for easy and quick preparation of coconut-based products without needing fresh coconuts. The increasing consumer preference for vegan and plant-based diets around the world owing to health, ethical, and environmental concerns has boosted demand for dairy alternatives like coconut milk powder.
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 key trends
One of the major trends in the market is the growing demand for organic coconut milk powder. Organic coconut milk powder is manufactured using organic coconuts grown without the use of synthetic pesticides and fertilizers. It is gaining popularity among health-conscious consumers who prefer food ingredients produced through sustainable farming practices. Several key players have launched certified organic coconut milk powder to capitalize on the organic trend. For instance, McCormick & Company launched its Simply Asia brand organic coconut milk powder. Another key trend is the introduction of innovative packaging solutions for coconut milk powder such as resealable stand-up pouches, which offer better handling and maximize shelf life.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in coconut milk powder market is low as it requires high initial investments and an established supply chain and distribution network.
Bargaining power of buyers: The bargaining power of buyers is moderate as coconut milk powder has numerous substitutes available. However, buyers prefer quality and taste of coconut milk powder.
Bargaining power of suppliers: The bargaining power of suppliers in coconut milk powder market is low due to presence of large number of suppliers globally.
Threat of new substitutes: The threat of new substitutes is moderate as other plant-based milk powders like soy milk powder, almond milk powder act as substitutes for coconut milk powder.
Competitive rivalry: Coconut milk powder market witnesses high competition due to presence of numerous established players globally.
Key Takeaways
The global coconut milk powder market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Asia Pacific region leads in coconut milk powder market worldwide due to abundant availability and production of coconuts. Countries like Indonesia, India and Philippines account for over 60% of global coconut production and are the fastest growing regional markets for coconut milk powder.
Key players operating in the coconut milk powder market are Kibion AB (Mayoly Spindler), Avanos Medical, Inc.,Quest Diagnostics., Abbott Laboratories Inc. Key players are launching new products with innovative formulations and engaging in strategic partnerships for business expansion in growing regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
