Coconut Milk Powder Market Is Estimated To Witness High Growth Owing To Rising Demand for Vegan and Dairy-Free Alternatives
The global Coconut Milk Powder Market is estimated to be valued at US$ 32.40 Mn in 2021 and is expected to exhibit a CAGR of 8.92% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut milk powder is a popular dairy-free alternative for those following a vegan or lactose-free diet. It is made from the meat of mature coconuts, which are dried and then ground into a fine powder. This powder can be reconstituted with water to create a creamy coconut milk substitute that can be used in a variety of recipes.
Coconut milk powder offers several advantages over traditional coconut milk. It has a longer shelf life, making it a convenient pantry staple. It is also lightweight and easy to transport, making it a popular choice for camping trips or travel. Additionally, coconut milk powder can be easily incorporated into dry mixes for baked goods, soups, and curries, providing a convenient and flavorful option for those with dietary restrictions.
Market key trends:
One key trend driving the growth of the Global Coconut Milk Powder Market is the rising demand for vegan and dairy-free alternatives. With an increasing number of individuals adopting plant-based diets, there is a growing need for alternatives to traditional dairy products. Coconut milk powder offers a creamy and flavorful option for those seeking dairy-free alternatives, making it a popular choice among vegans and individuals with lactose intolerance.
For example, Anthony’s Goods, a key player in the coconut milk powder market, offers a range of vegan and gluten-free products, including coconut milk powder. The company’s coconut milk powder is made from organically grown coconuts and is free from additives and preservatives, catering to the growing demand for clean label products.
PEST Analysis:
Political: The coconut milk powder market is influenced by political factors such as government regulations and trade policies. For instance, regulations regarding food safety and labeling requirements may impact the production and distribution of coconut milk powder.
Economic: Economic factors such as disposable income and consumer purchasing power play a crucial role in the demand for coconut milk powder. As disposable incomes rise, consumers are more willing to spend on premium and healthy food products, including coconut milk powder.
Social: Changing consumer lifestyles and dietary preferences are driving the demand for coconut milk powder. The rising popularity of vegan and plant-based diets, as well as the growing number of individuals with lactose intolerance, are key social factors impacting the market.
Technological: Technological advancements in manufacturing processes and packaging solutions are driving the growth of the coconut milk powder market. Improved drying techniques and innovative packaging options have made coconut milk powder more accessible and convenient for consumers.
Key Takeaways:
1: The global coconut milk powder market is expected to witness high growth, exhibiting a CAGR of 8.92% over the forecast period. This growth can be attributed to the increasing demand for vegan and dairy-free alternatives. With more individuals adopting plant-based diets, the market for coconut milk powder is expanding to cater to this growing consumer segment.
2: In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the coconut milk powder market. The region is a major producer of coconuts and has a long-standing tradition of using coconut milk in culinary preparations. The increasing adoption of vegan diets, as well as the rising awareness of the health benefits of coconut-based products, are driving the demand for coconut milk powder in this region.
3: Key players operating in the global coconut milk powder market include Anthony’s Goods, BareOrganics, Bramble Berry, Inc., Dr. Ben Kim Natural Health Solutions, Enerhealth, Grace Foods Canada, Inc., HEALTHWORKS, King Arthur Flour Company, Inc., KOS, and Nestlé, Inc. These companies are focusing on product innovation, expanding their distribution networks, and catering to the specific dietary needs of consumers to capture a larger market share.
In conclusion, the global coconut milk powder market is witnessing high growth due to the rising demand for vegan and dairy-free alternatives. The market offers several advantages over traditional coconut milk and is driven by changing consumer lifestyles and dietary preferences. With Asia Pacific leading the market growth, key players are focusing on innovation and expanding their presence to cater to the growing demand for coconut milk powder.