“Global Coconut Milk Powder Market to reach a market value of USD 140.8 Million by 2031 growing at a CAGR of 9.7%”
The Global Coconut Milk Powder Market size is expected to reach $140.8 million by 2031, rising at a market growth of 9.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 2,973.2 Tonnes experiencing a growth of 13.3% (2020-2023).
The Asia Pacific region generated 41% revenue share in the coconut milk powder market in 2023. Countries such as Indonesia, Thailand, and the Philippines are among the largest producers and consumers of coconut-based products, where coconut milk powder is widely used in traditional cuisines. Thus, the region consumed a volume of 1,877.2 Tonnes in 2023.
The global trend towards health consciousness is a significant driver for this market. As consumers become more aware of the importance of nutrition and wellness, they actively seek out products offering health benefits. This powder, known for its rich nutritional profile, is gaining popularity as a healthy alternative to traditional dairy products and other plant-based milk options. In conclusion, increasing consumer awareness of health benefits propels the market's growth.
Additionally, The global shift towards veganism and vegetarianism significantly impacts the food and beverage industry. As more individuals adopt plant-based diets for health, ethical, and environmental reasons, the demand for alternative food products that align with these dietary preferences is rapidly increasing. This growing population of vegans and vegetarians drives the demand for this powder, a versatile and nutritious alternative to animal-derived ingredients. Therefore, the expansion of the vegan and vegetarian population, accelerating market demand, is propelling the market's growth.
However, The production of this powder involves several stages, including harvesting coconuts, extracting coconut milk, drying processes, and packaging. Each of these stages contributes to the overall production costs. High production costs can pose significant challenges for manufacturers in this market, impacting pricing strategies and overall profitability. Thus, the high production costs of this powder are hampering its growth.
Based on product, this market is divided into conventional and organic. The organic segment witnessed 28% revenue share in this market in 2023. This segment is characterized by its emphasis on natural ingredients, environmentally friendly production methods, and consumer demand for clean label products. As awareness of health and wellness increases, consumers are actively seeking organic food options, including coconut milk powder. In terms of volume, the segment would register 2,973.2 Tonnes in 2023.
On the basis of application, this market is segmented into food and beverage. In 2023, the beverage segment attained 33% revenue share in this market. This growth is fuelled by the rising popularity of plant-based drinks and the increasing consumer preference for dairy alternatives. Coconut milk powder is often used in smoothies, protein shakes, and ready-to-drink beverages, providing a creamy consistency and tropical flavour profile that appeals to health-conscious consumers.
By distribution channel, this market is divided into offline and online. The online segment procured 25% revenue share in this market in 2023. The rise of e-commerce platforms has revolutionized how consumers purchase food products, offering unparalleled convenience, variety, and competitive pricing. Online shopping has surged in popularity, especially after the pandemic, as consumers increasingly sought contactless purchasing options and home delivery services. In terms of volume, the segment would register 2,973.2 Tonnes in 2023.
Free Valuable Insights: Global Coconut Milk Powder Market size to reach USD 140.8 Million by 2031
Region-wise, this market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 28% revenue share in this market in 2023. The rise of veganism, vegetarianism, and the awareness surrounding lactose intolerance have led consumers to seek out dairy substitutes, significantly boosting the popularity of coconut milk powder.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 69 Million |
| Market size forecast in 2031 | USD 140.8 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.7% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2020 to 2031 |
| Number of Pages | 271 |
| Number of Tables | 630 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Nestle S.A., Associated British Foods PLC (Wittington Investments Limited), Danone S.A., McCormick & Company, Inc., GraceKennedy Limited, Bramble Berry, Inc., BareOrganics, King Arthur Flour Company, Inc., Healthworks, and Cocomi Bio Organic |
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 Geography (Volume, Tonnes, USD Million, 2020-2031)
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