Global Coconut Milk Powder Market – Insights
Coconut flesh is highly nutritious and offers fibers, vitamins E, C, B1,B3, B5, and B6, and minerals such as iron, sodium, calcium, magnesium, selenium, and phosphorous. Furthermore, coconut products offer multiple health benefits such as improvement in cardiovascular health, reduction of digestive problems, and also aid in weight loss. Coconut water offers cardio-protective effect, boosts kidney health, aids in diabetes management, offers rehydrating effect post exercise, and aids in maintaining blood pressure levels. Increasing health awareness coupled with advantages of coconut products is driving growth of the global coconut milk powder market.
Among source types, organic coconut milk powder segment is expected to witness significant market share during the forecast period. This is owing to increasing demand of organic coconut milk powder due to absence of chemicals used across the supply chain. According to Organic Trade Association, sales of organic food increased by 6.4% in 2017 with respect to 2016, and reached US$ 45.2 billion. Therefore, advantages offered by organic coconut milk powder are expected to boost growth of the organic segment in the market during the forecast period.
However, fluctuating prices of coconut and its products is hindering growth of the market. The prices of coconut milk powder majorly dependent on source of the coconut and transportation charges. Damage to plantation due to natural disasters also impacts the prices of coconut oil. According to the World Bank, worldwide coconut prices in 2013 were US$ 939.47 per MT, which increased to US$ 1103.51 per MT and US$ 1000.72 per MT in 2015 and 2018, respectively. This is attributed to fluctuating price of coconut oil, which depends on its demand and supply as well as the demand and supply of other vegetable oils including palm oil and soy oil.
The global coconut milk powder market was valued at US$ 25.3 million in 2018, and is expected to register a CAGR of 2.2% in terms of revenue, over the forecast period (2019 – 2027), to reach US$ 30.8 million by 2027.
Figure 1. Global Coconut Milk Powder Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
North America held the largest market share in the global coconut milk powder market in 2018, and is projected to be the dominant region over the forecast period. This is owing to increasing consumer preference towards organic and healthy food products. According to Organic Trade Association, organic product sales in the U.S. totaled around US$ 47 billion in 2016, with an increase of around US$ 3.7 billion from 2015.
Figure 2. Global Coconut Milk Powder Market Share, By Distribution Channel, 2018
Source: Coherent Market Insights, 2018-19
Players operating in the global coconut milk powder market are adopting various growth strategies such as product development to cater to increasing demand for coconut milk powder and to enhance their market share. For instance, The Coconut Company is offering organic vegan coconut milk powder and vegan coconut milk powder to focus on increasing group of customers that prefer vegan and organic products.
Key players in the Middle East coconut products industry are focused on presenting their products in various trade shows such as Middle East Organic & Natural Products Expo, Gulfood, and other events to increase public awareness on coconut products. For instance, products such as Protein Bar with Coconut by Earth Origin for General Trading LLC and Coconut Water by Celebes Coconut Corporation will be promoted in Gulfood 2019.
Major players operating in the global coconut milk powder market include, The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
Coconut milk powder is a white fine powder used in Southeast Asian and other cuisines. It is produced through spray drying process of raw, unsweetened coconut cream and is reconstituted with water as an important ingredient in recipes that require coconut milk. Coconut milk powder has genetically modified ingredients, preservatives, added MSG and trans-fat.
By source type, organic coconut milk powder segment is expected to witness significant growth, owing to various advantages such as weight loss, boosts immune system, improves digestion, prevents acne, promotes hair growth offered by organic coconut milk powder. Increasing demand for organic food products is also expected to boost the segment growth. For instance, according to Nutrition Business Journal, the U.S. natural and organic product industry sales increased by 6.5% to reach US$ 207 billion in 2017 with respect to 2016.
Among region, Asia Pacific is expected to hold a significant market share during the forecast period. This is owing to substantial demand for coconut milk powder from South Asian countries. Moreover, increasing lactose intolerant population in the region increases demand for coconut milk. According to U.S. National Library of Medicine, Lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities. Coconut milk powder is largely used as a substitute for milk powder, which contains lactose and as a substitute for coconut milk.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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