Coconut Milk Powder Market Size was valued at USD 0.75 Billion in 2023. The Coconut Milk Powder market industry is projected to grow from USD 0.79 Billion in 2024 to USD 1.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% % during the forecast period (2024 - 2032). Increased preference for plant-based foods and increasing popularity of Asian cuisine globally are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Coconut Milk Powder market is witnessing a significant trend driven by the increasing demand for plant-based alternatives. Consumers are increasingly adopting plant-based diets for various reasons, including health, sustainability, and ethical considerations. Coconut milk powder, derived from coconuts, aligns with this trend, providing a versatile dairy-free option for cooking, baking, and beverages. The rise in vegan and lactose-intolerant populations has contributed to the expanding market share of Coconut Milk Powder as a popular dairy substitute. This factor drives the Market CAGR.
Additionally, in response to evolving consumer preferences, manufacturers in the Coconut Milk Powder market are focusing on product diversification and innovation. This trend involves the introduction of new flavors, formulations, and packaging options to cater to a broader audience. Innovations may include flavored coconut milk powders, organic and premium offerings, and convenient single-serve packaging. The goal is to enhance the overall consumer experience and address specific preferences, contributing to the market's growth and competitiveness.
The Coconut Milk Powder market is experiencing a trend towards functional varieties that promote health and wellness. Consumers are increasingly seeking products with added nutritional benefits, such as vitamins, minerals, and antioxidants. Manufacturers are responding by incorporating functional ingredients into Coconut Milk Powder formulations, aiming to position their products as health-conscious choices. Functional coconut milk powders may offer immune-boosting properties, enhanced nutritional profiles, and other health benefits, aligning with the broader trend of consumers seeking foods that contribute positively to their well-being. For instance, June 2020 – Drums Food International Pvt. Ltd., under its brand named Epigamia, launched a range of plant-based yogurt made with Coconut Milk Powder for Indian consumers. Thus, driving the Coconut Milk Powder market revenue.
The Coconut Milk Powder market segmentation, based on type includes Conventional and Organic. The dominating category by source is "Conventional" due to its widespread availability, established production practices, and generally lower production costs. On the other hand, the fastest-growing category is "Organic." The demand for organic Coconut Milk Powder is experiencing rapid growth driven by the increasing consumer preference for organic and natural products.
The Coconut Milk Powder market segmentation, based on Application, includes Food and Beverages. The dominating category by application is "Food." Coconut Milk Powder finds widespread use in various food applications, including culinary preparations such as curries, soups, sauces, and desserts. Simultaneously, the fastest-growing category is "Beverages." The increasing popularity of plant-based and dairy-free beverages has led to a surge in the demand for Coconut Milk Powder as a key ingredient.
The Coconut Milk Powder market segmentation, based on Distribution Channel, includes Online Stores, Hypermarket, Specialty Stores, and Others. The dominating distribution channel is "Hypermarket." These large-scale retail outlets offer a wide variety of Coconut Milk Powder brands and products, attracting a vast consumer base through convenient accessibility and diverse product choices. Simultaneously, the fastest-growing distribution channel is "Online Stores." The increasing trend of online shopping, coupled with the convenience of doorstep delivery, has led to a significant rise in the demand for Coconut Milk Powder through online platforms
Figure1: Coconut Milk Powder Market, by Distribution channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Coconut Milk Powder market area will dominate this market, owing to health-conscious choices, lactose intolerance, and the growing popularity of vegan diets will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: COCONUT MILK POWDER MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Coconut Milk Powder market accounts for the second-largest market share due to the growing awareness of lactose intolerance and an increasing trend toward plant-based diets. Further, the German Coconut Milk Powder market held the largest market share, and the UK Coconut Milk Powder market was the fastest growing market in the European region
The Asia-Pacific Coconut Milk Powder Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to popularity of coconut-based dishes and consumer awareness regarding the health benefits of coconut-based products rises. Moreover, China’s Coconut Milk Powder market held the largest market share, and the Indian Coconut Milk Powder market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Coconut Milk Powder market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, coconut milk powderindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Coconut Milk Powder industry to benefit clients and increase the market sector. In recent years, the Coconut Milk Powder industry has offered some of the most significant advantages. Major players in the Coconut Milk Powder market, including The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd., and others, are attempting to increase market demand by investing in research and development operations.
Danone S.A., headquartered in Paris, France, is a multinational food-products corporation and one of the world's largest dairy companies. Founded in 1919 by Isaac Carasso, the company is known for its diverse range of dairy and plant-based products, including yogurt, milk, infant formula, and health-focused items. Danone operates globally and has a strong presence in various markets, aiming to provide nutritious and sustainable food options. April 2020 – Danone S.A., under its So Delicious Dairy Free brand, has launched Pairings Coconut milk powderYogurt Alternatives in four new flavors in the U.S. to offer consumers healthy and delicious plant-based snacks.
Axelum Resources Corp. is a leading Philippine manufacturer and exporter of premium coconut products. The company is known for producing high-quality coconut-derived goods, including coconut milk powder, coconut cream, and coconut water concentrate. Axelum Resources Corp. has gained recognition for its commitment to sustainable and responsible sourcing of coconuts. Axelum Resources Corp. collaborated with local e-commerce such as Shopee and Lazada, as well as another online coconut store, in May 2021; these stores sell products such as coconut milk powder, coconut cream and milk, and coconut cooking oil.
Coconut Milk Powder Industry Developments
May 2021: Only Earth launched its oat and coconut milk powderin India. Only Earth's products are available from several online retailers in India, including Amazon, Big Basket, and QTROVE. The product costs INR 300 for a 1L package. In some Indian cities, milk products are also available at stores such as Nature's Basket and Foodhall.
March 2021: Danone SA began production of its plant-based Alpro drinks at its Labinsk plant in southern Russia. The first stage of the project has been completed, and the production of oat, almond, and coconut drinks is currently underway. The capacity of the new line is 7,000 units of product per hour in 1-litre and 0.75-liter packaging.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.75 Billion |
| Market Size 2024 | USD 0.79 Billion |
| Market Size 2032 | USD 1.32 Billion |
| Compound Annual Growth Rate (CAGR) | 6.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd. |
| Key Market Opportunities | Increased preference for plant-based foods |
| Key Market Dynamics | Increasing popularity of Asian cuisine globally |
Frequently Asked Questions (FAQ) :
The Coconut Milk Powder market size was valued at USD 0.75 Billion in 2023.
The global market is projected to grow at a CAGR of 6.50% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd..
The Conventional category dominated the market in 2023.
The Hypermarket/Supermarket based had the largest share in the global market.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
