According to the latest report by IMARC Group, titled “Coconut Milk Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global coconut milk powder market is expected to exhibit a CAGR of 10.01% during 2023-2028. Coconut milk powder is derived from coconut milk through a drying process. It is a fine, powdered substance with excellent water solubility, making it a convenient alternative to traditional coconut milk. Coconut milk powder retains fresh coconut milk's rich, creamy texture and distinct flavor, offering an ideal solution for various culinary applications. It is utilized in the food and beverage industry (F&B) as a natural and dairy-free option, catering to lactose-intolerant consumers and those seeking plant-based alternatives. The product's long shelf life and easy storage further enhance its appeal, making it an essential ingredient in a wide range of recipes, including soups, curries, desserts, beverages, and baked goods.
Global Coconut Milk Powder Market Trends:
The rising awareness and adoption of plant-based diets as a viable alternative to dairy products is one of the major factors contributing to the market growth. In line with this, the growing consumption of coconut milk powder among health-conscious consumers due to its nutritional benefits, such as lactose-free, cholesterol-free, and rich in vitamins, minerals, and medium-chain fatty acids, is strengthening the market growth. Additionally, the increasing product popularity owing to its convenience and extended shelf life, enabling its incorporation in various culinary endeavors, is propelling the market growth. Moreover, the widespread utilization of coconut milk powder in the food and beverage (F&B) industry due to ongoing innovation and product diversification, such as the introduction of convenient and ready-to-use beverage mixes that incorporate coconut milk powder as a key ingredient is providing a thrust to the market growth. In addition to this, the widespread product utilization in coconut milk powder-based snacks, such as coconut-flavored chips, cookies, and energy bars offering a unique twist on traditional offerings natural and exotic flavors is supporting the market growth. Furthermore, the increasing popularity of ethnic cuisines, where coconut milk is a staple ingredient, and the rising consumer interest in exploring diverse flavors and culinary experiences from different cultures are positively impacting the market growth. Besides this, the rising expenditure capacities of consumers and growing inclination to indulge in premium and healthier food choices, are supporting the market growth. In confluence with this, the widespread product utilization in the food processing industry in various applications, such as confectionery, baked goods, sauces, and dressings, as an essential ingredient due to its easy handling, long shelf life, and versatility, are providing remunerative growth opportunities for the market.
- Based on the product, the market has been bifurcated into conventional and organic. According to the report, conventional coconut milk powder represents the largest segment.
- On the basis of the type, the market has been segmented as sweetened and unsweetened. Among these, unsweetened powder accounts for the largest market share.
- Based on the packaging type, the market has been divided into pouches, cartons, bottles, and others. According to the report, pouches account for the largest market share.
- On the basis of the application, the market has been categorized into beverages, savories, bakery and confectionery, dairy and frozen products, and others. Among these, beverages represent the largest segment.
- Based on the distribution channel, the market has been divided into B2B and B2C (supermarkets and hypermarkets, convenience stores, online retailers, and others). According to the report, B2B accounts for the largest market share.
- Region-wise, the market has been segmented into 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 is the largest market.
- The competitive landscape of the market has also been examined, with some of the key players being 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 and Nestlé S.A.
|Base Year of the Analysis
||Product, Type, Packaging Type, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Nestlé S.A
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