Coconut Milk Powder Market

Market Overview:

The global coconut milk powder market size is expected to exhibit a growth rate (CAGR) of 9.41% during 2024-2032. The rising awareness about the product benefits, the rising product adoption in the food and beverage industry, and convenience and longer shelf life offered by the product are some of the major factors propelling the market.

Coconut milk powder is a dry, powdered form of coconut milk that is obtained by evaporating the moisture content from fresh coconut milk. It is made by extracting the liquid from grated coconut meat and then drying it through a spray-drying process or freeze-drying process. The resulting powder retains the rich flavor and creamy texture of coconut milk. It is widely used as a convenient alternative to canned or fresh coconut milk as it offers several advantages, including longer shelf life, ease of transportation, and the ability to be reconstituted with water whenever needed. Moreover, it is widely used in culinary applications, such as cooking, baking, and beverage preparation.

The market is primarily driven by the increasing product adoption in various cuisines. In addition, the increasing number of dine-out hotels and quick-service restaurants (QSRs) represent another major growth-inducing factor. Besides, it is a versatile ingredient that can be used in a wide range of applications, including beverages, baked goods, curries, soups, desserts, and confectionery products. Its ability to provide a creamy texture and distinct coconut flavor makes it a popular choice among food manufacturers and chefs, contributing to its market growth. Moreover, Asian cuisine, including Thai, Indian, and Southeast Asian dishes, has gained immense popularity worldwide. Coconut milk is a common ingredient in many of these cuisines, and the powder provides a convenient and shelf-stable alternative to canned coconut milk. The rising interest in Asian flavors and recipes has positively impacted the product demand.

Coconut Milk Powder Market Trends/Drivers:

The rising awareness about the associated benefits

As consumers become more health-conscious, they are actively seeking out nutritious alternatives to traditional ingredients. Coconut milk powder is known to be rich in medium-chain triglycerides (MCTs), which are believed to have various health advantages. The rising awareness about the potential health benefits, such as improved metabolism and energy levels, has led health-conscious individuals to incorporate it into their diets. Moreover, the growing popularity of dairy-free and vegan diets has increased the demand for plant-based alternatives. Coconut milk powder, being derived from coconuts, is a suitable option for individuals who follow these dietary preferences. Besides, food allergies and intolerances have become a significant concern for many consumers. Common allergens such as dairy, soy, and nuts are often avoided by individuals with specific dietary restrictions or sensitivities. Coconut milk powder offers an allergen-free alternative that can be used in place of ingredients that may trigger allergic reactions.

The rising product adoption in the food and beverage industry

Coconut milk powder is widely used as an ingredient in various food products across the food and beverage industry. It is incorporated into a range of products such as beverages, dairy alternatives, desserts, baked goods, sauces, soups, and ready-to-eat meals. The growing adoption of the product as a key ingredient in these food products has contributed to its market growth. Manufacturers value its ability to provide a creamy texture, enhance flavors, and offer a dairy-free alternative, catering to the evolving preferences of consumers. Moreover, as consumers shift towards plant-based diets, food and beverage companies are introducing a variety of vegan products to cater to this trend. Coconut milk powder serves as an excellent alternative to dairy milk, providing a creamy and flavorful base for vegan products such as plant-based yogurts, ice creams, beverages, and desserts.

Convenience and longer shelf life offered by the product

Coconut milk powder is a dry, powdered form of coconut milk, which makes it easier to store and transport compared to canned or fresh coconut milk. Its compact and lightweight nature requires less storage space and reduces the risk of damage during transportation. This convenience is particularly beneficial for food manufacturers, retailers, and consumers, as it simplifies inventory management, reduces logistics costs, and ensures product availability. Moreover, the powder has a longer shelf life compared to liquid coconut milk. The dehydration process used to produce the powder removes the moisture content, which helps inhibit microbial growth and enzymatic activity that can lead to spoilage. This extended shelf life allows manufacturers and retailers to stock coconut milk powder for longer periods without concerns about product expiration or waste. Consumers also benefit from being able to keep coconut milk powder in their pantries for extended periods, providing them with a convenient and versatile ingredient whenever needed.

Coconut Milk Powder Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global coconut milk powder market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product, type, packaging type, application, and distribution channel.

Breakup by Product:

• Conventional
• Organic
   

Conventional powder dominates the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes conventional and organic. According to the report, conventional coconut milk powder represented the largest segment.

Conventional powder has been available in the market for a longer period and has established a strong presence. It has gained familiarity among consumers and manufacturers alike, making it the default choice for many applications. Moreover, conventional powder is often more affordable compared to other variants, such as organic or specialty powders. The lower cost appeals to a wide range of consumers and allows manufacturers to maintain competitive pricing for their products, thus driving its market dominance.

Breakup by Type:

• Sweetened
• Unsweetened
   

Unsweetened powder holds the largest share in the market

A detailed breakup and analysis of the market based on the type has also been provided in the report. This includes sweetened and unsweetened. According to the report, unsweetened powder accounted for the largest market share.

Unsweetened powder is preferred by many consumers and manufacturers because it offers versatility in a wide range of culinary applications. It can be used in both savory and sweet recipes, allowing for greater flexibility and creativity in the kitchen. Its neutral flavor profile makes it suitable for various dishes, including curries, soups, sauces, desserts, beverages, and baked goods. Moreover, with the increasing focus on health and wellness, many consumers are opting for products with minimal or no added sugars. Unsweetened powder caters to these health-conscious preferences, as it contains no additional sugars or sweeteners. It appeals to individuals seeking healthier alternatives without compromising on flavor or the benefits of coconut milk.

Breakup by Packaging Type:

• Pouches
• Cartons
• Bottles
• Others
   

Pouches exhibits a clear dominance in the market

A detailed breakup and analysis of the market based on the packaging type has also been provided in the report. This includes pouches, cartons, bottles, and others. According to the report, pouches accounted for the largest market share.

Pouches offer convenience and ease of use for both manufacturers and consumers. The resealable feature of pouches allows for easy opening and closing, ensuring the longevity of the product and preventing spoilage. Consumers can conveniently access and measure the desired amount of the product without the need for additional packaging or tools. Moreover, pouches often feature transparent or translucent sections that provide visibility into the product inside. This transparency allows consumers to visually assess the quality and quantity of the product before purchasing. The ability to see the product increases consumer confidence and helps in making informed purchasing decisions.

Breakup by Application:

• Beverages
• Savories
• Bakery & Confectionery
• Dairy & Frozen Products
• Others

Beverages represent the leading application segment

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes beverages, savories, bakery and confectionery, dairy and frozen products, and others. According to the report, beverages accounted for the largest market share.

Nowadays, there has been a growing consumer shift toward plant-based and dairy-free beverage options. Coconut milk powder serves as an excellent alternative to dairy milk, offering a creamy and flavorful base for various beverages. It caters to consumers who are lactose intolerant, following vegan or vegetarian diets, or simply looking for a refreshing and nutritious non-dairy option. Moreover, coconut-based beverages have gained popularity due to their unique taste, nutritional benefits, and association with tropical flavors. It provides a convenient way to incorporate the rich coconut flavor into a wide range of beverages, including smoothies, shakes, lattes, iced coffees, teas, and cocktails. The creamy texture and distinct taste of the product enhance the overall drinking experience and contribute to the leading position of beverages in the market.

Breakup by Distribution Channel:

• B2B
• B2C
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Retailers
  • Others

B2B channels account for the majority of the market share

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes B2B and B2C (supermarkets and hypermarkets, convenience stores, online retailers, and others). According to the report, B2B accounted for the largest market share.

Coconut milk powder serves as a key ingredient for food manufacturers across various industries, including the food and beverage sector. It is used in the production of a wide range of products, such as baked goods, desserts, sauces, soups, curries, confectionery items, and dairy alternatives. B2B channels allow manufacturers to procure the product in bulk quantities to meet their production needs efficiently and cost-effectively. Besides, B2B distribution channels facilitate streamlined supply chains. Manufacturers can establish direct relationships with suppliers or distributors specializing in the distribution of food ingredients and raw materials. These B2B channels also ensure efficient order processing, inventory management, and timely delivery.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Asia Pacific exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market.

Coconut milk is a key ingredient in various traditional Asian cuisines, including Thai, Indian, Indonesian, Filipino, and Malaysian cuisines. The strong cultural connection to coconut milk and the popularity of these cuisines contribute to the high consumption and demand in the Asia-Pacific region. Moreover, the region is known for its abundant coconut production, with countries like Indonesia, the Philippines, India, Thailand, and Vietnam being major coconut-producing regions. The availability of coconuts in these countries ensures a consistent and reliable supply of raw materials for production. The proximity to coconut-growing regions enables cost-effective sourcing and processing of coconuts, contributing to the dominance of Asia in the market.

Competitive Landscape:

The competitive landscape of the market is characterized by the presence of several key players operating on a global scale. These companies strive to gain a competitive edge by offering high-quality products, expanding their distribution networks, and engaging in strategic partnerships and acquisitions. Nowadays, companies are investing in research and development to introduce innovative products that cater to evolving consumer preferences. They are also developing new flavors, organic and natural options, and products with enhanced nutritional profiles. Moreover, key players are expanding their distribution networks and entering new markets to increase their customer base. This involves establishing strategic partnerships with local distributors, entering into joint ventures, and acquiring or collaborating with regional players.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Anthony's Goods (ACH Food Companies Inc.)
• BareOrganics
• Bramble Berry Inc.
• Dr. Ben Kim Natural Health Solutions
• Enerhealth Botanicals LLC
• Grace Foods Canada Inc.
• Healthworks
• King Arthur Flour Company Inc.
• KOS Naturals
• Nestlé S.A.

Recent Developments:

• BareOrganics introduced organic coconut milk powder made from fresh, organic coconuts. The company also uses 100% recyclable, BPA-Free and reusable jars with an easy-peel label that is both microwave and top-shelf dishwasher safe.
• Nestlé S.A. launched coconut milk powder under its brand Maggi in 25g, 100g, and 1kg packs to cater to a larger consumer base.
• Enerhealth Botanicals LLC introduced organic coconut milk powder that contains 65% coconut oil and is free from fillers and added sugars. The product also has a shelf life of 2 years.

Coconut Milk Powder Market Report Scope:

Key Questions Answered in This Report:

• How has the global coconut milk powder market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global coconut milk powder market?
• What is the impact of each driver, restraint, and opportunity on the global coconut milk powder market?
• What are the key regional markets?
• Which countries represent the most attractive coconut milk powder market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the coconut milk powder market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the coconut milk powder market?
• What is the breakup of the market based on the packaging type?
• Which is the most attractive packaging type in the coconut milk powder market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the coconut milk powder market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the coconut milk powder market?
• What is the competitive structure of the global coconut milk powder market?
• Who are the key players/companies in the global coconut milk powder market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the coconut milk powder market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global coconut milk powder market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the coconut milk powder industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.