According to a new report, published by KBV research, 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).
As awareness of food allergies and intolerances continues to rise, coconut milk powder is becoming increasingly popular as a viable alternative for those with lactose intolerance or dairy allergies. It's creamy texture and rich flavour make it an appealing choice for consumers looking for dairy-free options. According to the Canadian Society of Intestinal Research, approximately 65-70% of the global population is estimated to be lactose intolerant.
The Conventional segment is experiencing a CAGR of 9.4 % during the forecast period. This trend highlights a continued consumer preference for traditional coconut products, which have long been recognized for their versatility, taste, and nutritional benefits. The conventional segment is characterized by coconut milk powder that is produced using traditional methods without the organic certification process, making it more accessible and often more affordable for a wider range of consumers.
The Food segment led the maximum revenue in the Global Coconut Milk Powder Market by Application in 2023, and thereby, achieving a market value of $92.9 million by 2031. This dominance can be attributed to the increasing use of coconut milk powder as a versatile ingredient in various culinary applications. It is widely utilized in cooking and baking, particularly in Southeast Asian and Caribbean cuisines, where it adds a rich, creamy texture and distinct flavour to dishes.
The Offline is growing at a CAGR of 9.3 % during the forecast period. The dominance of the offline channel is particularly evident in this market, as many consumers prefer the immediacy and assurance of buying food products in person. Traditional retail settings allow consumers to seek assistance from store staff, explore related products, and participate in promotional activities that enhance the shopping experience.
Full Report: https://www.kbvresearch.com/coconut-milk-powder-market/
The Asia Pacific region dominated the Global Coconut Milk Powder Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $58.7 million by 2031. The North America region is anticipated to grow at a CAGR of 9% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 9.4% during (2024 - 2031).
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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