According to the Vegan Society, the market for plant-based milk in Europe is expanding rapidly in the United Kingdom. Approximately 15% of the entire European market was made up by this industry in 2019, with a total market value of US$ 320.6 million. The changing consumer beliefs that items made from plants are safer and healthier than those made from animals will help to propel market expansion. The increase in its global sales has been largely attributed to consumers' shifting dietary preferences toward plant-based meals. Leading producers of coconut milk powder are also coming up with inventive methods to use the product in different baked goods and confections, which will further fuel market expansion. The rise in sales of plant-based milk can be attributed to the fact that lactose intolerance is becoming more common among customers.
Global Coconut Milk Powder Market was valued at US$ 32.40 Mn in 2021 in terms of revenue, exhibiting a CAGR of 8.92 % during the forecast period (2022 to 2030).
Top Companies in the Coconut Milk Powder Industry:
1. Tirumala Food Industries
Established in the year 2010, Tirumala Food Industries is engaged in offering a wide range of spices and other agro products. It has headquarter situated in Mumbai, India.
2. Nestlé S.A.
together with its subsidiaries, operates as a food and beverage company. The company was founded in 1866 and is headquartered in Vevey, Switzerland. In November, 2022 Nescafé Dolce Gusto launches Neo, the brand's next generation coffee machines and pods.