Global Coconut Milk Powder Market is estimated to be valued at US$ 32.40 Mn in 2021, according to the Global Coconut Milk Powder Market Analysis Report, by Source (Conventional and Organic), by Application (Food (Snacks, Bakery & Confectionary, and Dairy & Frozen Products) and Beverages), by Distribution Channel (Online Stores, Hypermarket/Supermarket, Specialty Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
Global coconut milk powder market was valued at US$ 32.40 Mn in 2021. Global coconut milk powder market is expected to register a CAGR of 8.92 % over the forecast period (2022–2030) to reach US$ 69.80 Mn by 2030.
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Key Trends and Analysis of the Global Coconut Milk Powder Market Analysis:
- Among source, organic coconut milk powder is expected to account for a major share in the market during the forecast period. Organic food products are manufactured without any chemical ingredients. Increasing preference for lactose-free products, vegan products, and natural ingredients in the confectionary market is resulting in high demand for coconut sugar, coconut sugar, and milk alternatives including coconut milk.
- According to the UAE Ministry of Climate Change and Environment in 2021, demand for organic and natural products in the UAE is increasing rapidly, owing to the increasing population in the country with an increasing share of the educated professional class. Health consciousness among such populations and adoption of healthy living habits and preference for chemical-free organic and natural products is expected to drive demand for products such as coconut water and coconut milk powder.
- Among distribution channel, online stores segment is expected to be the fastest-growing segment in the global coconut milk powder market during the forecast period. Online stores offer benefits such as reliable services and ease of payment. Customers mostly prefer purchasing through online distribution channels due to busy lifestyles.
Key Takeaways of the Global Coconut Milk Powder Market Analysis:
- Among regions, Asia Pacific is expected to be the fastest-growing market during the forecast period. Coconut is an important ingredient in South Asian cuisines. Coconut milk powder finds application in rice, curries, bakery products, confectionaries, and beverages. Coconut milk powder is particularly helpful while making curry as the powder has an improved ability to bind to the spices.
- According to Food and Agricultural Organization (FAO), Asia Pacific accounted for 82.6% of global coconut production in 2021. Therefore, the abundant production of coconut and widespread uses of coconut milk powder in various cuisines is contributing to the growth of the global coconut milk powder market in the region.
- 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.