by The coconut milk powder market is estimated to be valued at US$ 38.44 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut milk powder is a dairy-free alternative to various milk products made from coconut cream blended with water or stock and then dried into powder form. It has a creamy texture and mild, sweet coconut flavor. Coconut milk powder allows consumers to make homemade coconut milk or add it to smoothies, baked goods, curries and other dishes for a quick boost of plant-based nourishment and cultural flair. It has high nutritional value as it contains fiber, minerals, vitamins and healthy fats.
Market key trends:
The coconut milk powder market is driven by the rising vegan and plant-based food movement across the globe. According to data, over 10% of U.S. adults now identify as vegan or vegetarian. Coconut milk powder is emerging as a highly popular plant-based milk alternative to dairy milk due to its rich taste and various health benefits like containing lauric acid which is antiviral and antimicrobial. Furthermore, coconut milk powder has a long shelf life of up to two years without refrigeration which makes it a desired ingredient for food preparations, camping trips, disaster relief kits and more. The trend of incorporating exotic flavors and superfoods into the daily diet is also boosting demand for versatile coconut milk powder in various regions. Manufacturers are launching new flavored varieties and convenient single-serve packaging formats to attract wider consumer base.
Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of raw materials enables new players to enter the market easily. However, the established brand image and distribution network of existing players poses a challenge for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like almond milk powder. However, health benefits offered by coconut milk powder attract consumers.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of coconut production in major regions. Suppliers have to rely on price to compete with each other.
Threat of new substitutes:Substitutes like almond milk powder, soy milk powder pose threat. However, coconut milk powder is considered more nutritious.
Competitive rivalry: Intense due to presence of large established players.
SWOT Analysis
Strength: High nutrition value of coconut milk powder and its widespread application in food & beverages boost its demand. diversified applications in food processing industry.
Weakness: Seasonal availability of raw material leads to fluctuations in supply and price. High dependence on climatic conditions for coconut cultivation.
Opportunity: Growing health-conscious population and shifting preference toward plant-based milk products present an opportunity. Adoption of organic farming practices will help organic coconut milk powder gain traction.
Threats: Outbreaks of diseases affecting coconut trees and fluctuations in coconut yields pose major threats. Stringent regulations pertaining to food safety.
Key Takeaways
The Global Coconut Milk Powder Market Growth is expected to witness high growth at a CAGR of 8.9% over the forecast period, due to increasing consumer preference for plant-based milk products. The market size is estimated to reach US$ 68.89 Mn by 2030 from US$ 38.44 Mn in 2023.
Regional analysis Indonesia, Philippines, India, and Thailand are the major producers and exporters of coconuts worldwide. The Asia Pacific region dominates the coconut milk powder market owing to the easy availability of raw materials and widespread consumption of coconut products. Within Asia Pacific, Indonesia represents the fastest growing market.
Key players operating in the coconut milk powder market are 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. These players are focused on brand promotion and new product development to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
