The global coconut milk powder market was valued at US$ 25.3 million in 2018, according to Coconut Milk Powder Market 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).
The global coconut milk powder market is projected to reach US$ 30.8 Million by 2027, exhibiting a CAGR of 2.2% during the forecast period. Increasing preference for lactose-free products, vegan products, and natural ingredients in confectionary market is leading to high demand for coconut sugar, coconut milk, and coconut milk powder. Health benefits offered by coconut milk powder is also an important driver for the market growth. Coconut milk powder prevents anemia, regulates heart functioning and breathing, and offers anti-bacterial and anti-viral benefits. However, fluctuating prices of coconut oil and coconut are expected to negatively impact growth of the market.
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Browse 25 market data tables* and 15 figures* on "Coconut Milk Powder Market” – Global forecast to 2026.
Key Trends and Analysis of the Coconut Milk Powder Market:
- Among source, organic coconut milk powder is expected to witness major share in the market during the forecast period. Organic food products are harvested and manufactured without any chemical ingredients. Increasing preference for lactose-free products, vegan products, and natural ingredients in confectionary market is also leading to high demand for coconut sugar, coconut sugar, and milk alternatives including coconut milk.
- According to the UAE Ministry of Climate Change and Environment in 2016, demand for organic and natural products in the U.A.E is increasing rapidly, owing to increasing population in the country with increasing share of educated professional class. Health consciousness among such population and adoption of healthy living habits, and preference for chemical-free organic and natural products is expected to lead to high demand for products such as coconut water and coconut milk.
- Among distribution channel, online stores segment is expected to be the fastest growing segment in the 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 lifestyle. Increasing population of working women is also expected to fuel growth of the online segment over the forecast period. According to International Labor Organization’s report on Women At Work- Trends 2016, the share of women in wage and salaried work more than doubled, from 26.3% in 1995 to 55.3% in 2015.
- Players operating in the market are focused on enhancing their market share through various strategies such as partnerships and expansion of distribution channels. For instance, in December 2016, Pure Nutrition launched its e-commerce portal in Dubai to offer plant-based products such as organic raw virgin coconut oil.
Key Takeaways of the Market:
- Among region, Asia Pacific is expected to be the fastest growing market during the forecast period. Coconut is an important ingredient is South Asian cousins. 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 improved capability to bind to the spices.
- According to Food and Agricultural Organization (FAO), Asia Pacific accounted for 82.6% of the global coconut production in 2016. Therefore, abundant production of coconut and widespread uses of coconut milk in various cuisines is contributing to growth of the 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.