The Asia Pacific Coconut Milk Powder Market would witness market growth of 10.1% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 1,704.2 Tonnes, showcasing a growth of 13.9% (2020-2023).
Coconut milk powder is widely used in the food industry due to its rich flavor and creamy texture, making it a popular ingredient in various culinary applications. It serves as a dairy alternative in many recipes, catering to vegan and lactose-intolerant consumers. The powder is often reconstituted with water to create coconut milk, which can be used in soups, curries, sauces, and desserts. Its versatility allows it to enhance the taste and nutritional profile of both savory and sweet dishes. Thus, the China market consumed a volume of 404.20 Tonnes in 2023.
The China market dominated the Asia Pacific Coconut Milk Powder Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $16,692.1 Thousands by 2031. The Japan market is registering a CAGR of 9.1% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 10.7% during (2024 - 2031).
The adoption of this powder is fuelled by several factors, including health consciousness, dietary preferences, and changing consumer behaviour. As more consumers adopt plant-based diets, this powder has become a staple in vegan and vegetarian cooking. This trend is fuelled by health consciousness and ethical concerns regarding animal agriculture, leading to increased demand for dairy alternatives.
The rise in health awareness has led to an increasing interest in functional foods. This powder is being marketed as a superfood due to its nutrient profile, which includes medium-chain triglycerides (MCTs), vitamins, and minerals. Consumers seek products that offer added health benefits, driving the demand for this powder in health-oriented formulations.
As the food processing industry embraces new flavours and ingredients to cater to consumers' changing tastes, this powder will likely become increasingly popular among food manufacturers seeking to innovate and meet the demands of health-conscious shoppers. The food processing sector in India is on a robust growth trajectory, with market size projections reaching USD 1,274 billion by 2027, up from USD 866 billion in 2022. The rise of lactose intolerance awareness in Australia encourages retailers and food manufacturers to diversify their offerings, prominently featuring lactose-free and plant-based products. This trend opens up opportunities for this powder to be included in a range of processed foods and beverages. As more Australian consumers seek products that align with their dietary needs, this market benefits from increased visibility and availability in grocery stores and online platforms. Hence, the rapid growth of the food processing sector in India and the significant percentage of lactose-intolerant individuals in Australia are crucial drivers for this market.
Free Valuable Insights: The Global Coconut Milk Powder Market is Predict to reach USD 140.8 Million by 2031, at a CAGR of 9.7%
Based on Product, the market is segmented into Conventional, and Organic. Based on Application, the market is segmented into Food, and Beverages. Based on Distribution Channel, the market is segmented into Offline, and Online. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Product (Volume, Tonnes, USD Million, 2020-2031)
By Application (Volume, Tonnes, USD Million, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Million, 2020-2031)
By Country (Volume, Tonnes, USD Million, 2020-2031)
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