The North America Coconut Milk Powder Market would witness market growth of 9.0% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 389.6 Tonnes, showcasing a growth of 12.0% (2020-2023).
Conventional coconut milk powder is made from mature coconuts and processed using traditional methods without organic certification. This product is widely used in various culinary applications, including cooking, baking, and beverage formulation. The processing typically involves extracting the coconut milk and then spray-drying it into a fine powder, which retains the flavor and nutritional benefits of fresh coconut. Thus, the US market consumed a volume of 311.21 Tonnes in 2023.
The US market dominated the North America Coconut Milk Powder Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $26,128.4 Thousands by 2031. The Canada market is experiencing a CAGR of 11.1% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 10.3% during (2024 - 2031).
This has extensive applications across various sectors, including food and beverage, cosmetics, and pharmaceuticals. In the food and beverage sector, this powder is a versatile ingredient in numerous culinary applications. It's creamy texture and unique flavour enhance both sweet and savoury dishes. This powder is increasingly used in fusion cuisine, where chefs blend traditional dishes from various cultures. This allows for creating innovative recipes that cater to diverse taste preferences, enriching dishes with coconut's creamy texture and distinct flavour.
With the rise of gluten-free, dairy-free, and paleo diets, this powder is an ideal ingredient in specialized products. Its ability to replace dairy and grains makes it suitable for formulating a wide range of diet-specific snacks, breakfast cereals, and ready-to-eat meals. Beyond its use in smoothies and coffee creamers, this powder is increasingly infused into alcoholic beverages like cocktails and specialty drinks. It adds a tropical flavour and creamy mouthfeel, enhancing the drinking experience.
The rise of the e-commerce sector in Canada is significantly influencing the growth of this market. With e-commerce representing 3.9% of total Canadian retail sales in 2021 and increasing to 6.2% in 2022, the online marketplace is rapidly becoming a vital channel for food and beverage products, including this powder. By 2025, e-commerce in Canada is projected to generate sales of USD 40.3 billion, indicating a robust trend toward online shopping that food manufacturers and distributors cannot afford to overlook. The food processing industry in Mexico has emerged as a dynamic sector, achieving an average yearly growth rate of 4.3%. This industry is essential for economic development and is critical in influencing consumer preferences and dietary trends, as evidenced by its $39.4 billion contribution to the economy in 2020. Within this context, this market is positioned to benefit significantly from the growth of the food industry in Mexico. In summary, this market is significantly stimulated by the expanding e-commerce sector in Canada and the robust development of the food processing industry in Mexico.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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