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According to a new report Global Coconut Milk Powder Market, published by KBV research, The Global Coconut Milk Powder Market size is expected to reach $90.4 Million by 2026, rising at a market growth of 12.5% CAGR during the forecast period.
Conventional product type is expected to record a dominant share over the forecast period. Conventional milk powder was the leading product segment, as it was one of the first powder variants to be introduced on the market. Organic coconut milk powder is expected to have the fastest growth in the forecasted period. The increase in demand is mainly due to the increasing awareness of the benefits of organic food consumption. Organic coconut powder is free from chemical fungicides, herbicides, and insecticides. In addition, increasing preferences for products that have been grown and produced in eco-friendly fashion are likely to support the growth of the organic product segment.
The B2B application segment has been witnessing high growth rate. Coconut milk powder is used for the commercial production of smoothies, ice creams, shakes, cakes, doughnuts, and sauces. Increased demand for vegan ice creams and cakes as dessert items in dine-out hotels and Quick Service Restaurants (QSRs) is expected to increase the scope of the B2B segment in the near future. B2C is anticipated to register the fastest growth in the forecast years. Coconut milk powder is expected to remain one of the primary possible ingredients that can be used in the preparation of Indian, Hawaiian, Vietnamese, and other authentic dishes.
The Offline Distribution Channel held the largest market share. This channel of distribution includes point of sale, including specialty stores, department stores, mom & pop stores, convenience stores, supermarkets, hypermarkets, and supermarkets. The online segment is expected to register the fastest growth rate over the coming years. The increase in dependence on e-commerce channels due to busy lifestyles is driving the trend of online shopping.
The Asia Pacific has been demonstrating a dominant market share in the regional segment. This dominance is expected to grow further with a steady growth. Extensive use of coconut in the preparation of different recipes works as a key factor driving demand for the product. Europe is predicted to experience the fast CAGR in the projected period. Increasing demand is attributed to the adoption of veganism as a dietary lifestyle in most countries, including Germany, the United Kingdom, Spain, and Italy. Additionally, The North America market is expected to witness a CAGR of 11.3% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/coconut-milk-powder-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 (Dignity Health), and Cocomi Bio Organic.
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