Coconut Milk Powder Market

Global Coconut Milk Powder Market:

The global coconut milk powder market size reached USD 280.3 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 855.5 Million by 2032, exhibiting a growth rate (CAGR) of 12.50% during 2024-2032. The emergence of veganism trends, the growing product adoption in the food and beverage industry, and rising convenience and longer shelf life offered by the milk powder are some of the major factors propelling the market growth.

Coconut Milk Powder Market Analysis:

• Major Market Drivers: The increasing product adoption in various cuisines coupled with the rising number of dine-out hotels and quick-service restaurants (QSRs) are primarily driving the market growth. Moreover, coconut milk powder is a versatile ingredient that can be used in a wide range of applications, including beverages, baked goods, curries, soups, desserts, and confectionery products.
• Key Market Trends: The rising interest in Asian flavors and recipes coupled with the growing preference for plant-based products owing to surging awareness about health and environmental concerns are expected to stimulate the industry’s growth. Moreover, the rise in individuals suffering from lactose intolerance has fueled the coconut milk powder demand.
• Competitive Landscape: Some of the prominent coconut milk powder market companies 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, and Nestlé S.A, among many others.
• Geographical Trends: According to the coconut milk powder market insights, Asia Pacific currently dominates the overall market owing to the growing awareness of health concerns and increasing preference for plant-based products in the region. Coconut milk powder, being a dairy-free alternative, has gained popularity among consumers seeking healthier and more sustainable options.
• Challenges and Opportunities: High competition from alternative plant-based products and fluctuations in coconut prices are hampering the market growth. However, the increasing popularity of plant-based diets and the rising awareness of health and sustainability issues present a significant opportunity for coconut milk powder. Manufacturers can capitalize on this trend by promoting coconut milk powder as a nutritious and eco-friendly dairy alternative.

Coconut Milk Powder Market Trends:

Rising Trend of Veganism

The rising trend of veganism is significantly driving the demand for coconut milk powder. For instance, there were nearly 88 million vegans in the world in 2023 i.e., 1.1%. Also, India had the greatest number of vegetarians with up to 42% of the population avoiding meat products. Many people adopt a vegan diet for health reasons, as it can be lower in saturated fats and cholesterol and higher in fiber, vitamins, and minerals compared to traditional omnivorous diets. The association between veganism and health-consciousness has contributed to the growing popularity of coconut milk powder. Moreover, while not all vegans adopt the lifestyle solely for health reasons, many are health-conscious individuals who prioritize natural, whole-food ingredients. Coconut powder is often perceived as a healthier alternative to traditional dairy products due to its natural properties, including being lactose-free, cholesterol-free, and rich in nutrients such as medium-chain triglycerides (MCTs). For instance, according to an article published by Medikonda, coconut milk powder contains medium-chain triglycerides (MCTs), which are easily digestible lipids that give an immediate source of energy and can aid in weight management. It contains vitamins C, E, and numerous B vitamins, which aid in immune function, skin health, and energy production. Furthermore, the beneficial fats in coconut milk powder can enhance cholesterol levels by increasing HDL (good) cholesterol and decreasing LDL (bad) cholesterol. These factors are further contributing to the coconut milk powder market share.

Popularity of Asian Cuisine

Coconut milk is a staple ingredient in many Asian cuisines, including Thai, Indian, Indonesian, Malaysian, and Filipino cuisines. It is used in a wide variety of dishes, such as curries, soups, stews, desserts, and beverages. As the popularity of Asian cuisine grows worldwide, so does the demand for coconut milk and coconut milk powder as key ingredients in these dishes. For instance, according to an article published by Mooijer, coconut milk originated in Southeast Asia, where coconut palms have grown abundantly for generations. Coconut milk is a staple in Thai, Indonesian, and Filipino cuisines. It is a common ingredient in Thai curries and soups. It is also used in Nasi Goreng in Indonesia, and Laing, a vegetable stew, in the Philippines. Moreover, manufacturers of coconut milk powder are innovating to meet the evolving needs and preferences of consumers. They are introducing new product variants, such as organic, flavored, and fortified coconut milk powders, to appeal to a broader audience and differentiate their offerings in the market. For instance, in August 2023, AXELUM Resources Corp. launched its latest coconut milk powder in flexible retail packets to expand its branded consumer sector. This fiesta coconut milk powder can be used in a variety of cuisines or as a dairy substitute. These factors are stimulating the coconut milk powder industry’s growth.

Increasing Prevalence of Lactose Intolerance

Individuals with lactose intolerance are unable to digest lactose found in dairy items, leading to gastrointestinal discomfort when consuming such items. For instance, according to an article published by Medline Plus in March 2023, around 65% of the human population has a diminished ability to digest lactose from infancy. Lactase non-persistence is most common among persons of East Asian heritage, affecting 70% of the population. As a result, many people with lactose intolerance seek dairy-free alternatives, such as coconut milk powder, to meet their nutritional needs without experiencing digestive issues. Moreover, many consumers perceive dairy-free alternatives like coconut milk powder as healthier options compared to dairy milk, especially for individuals with lactose intolerance. For instance, according to an article published by Aseschem, coconut milk powder is a healthy option for lactose-intolerant people. The mineral zinc, which is also present, aids in the regeneration of the intestinal wall's cells. This reduces the incidence of diarrhea by reducing the transmission of harmful germs from the intestinal lumen to the bloodstream. Apart from this, the launch of lactose-free products encourages innovation and differentiation in the dairy alternative market. Manufacturers of coconut milk powder are introducing various products including, smoothies, yogurts, and baked goods, as lactose-free alternatives. For instance, in April 2020, Danone S.A., under its So Delicious Dairy Free brand, introduced coconut powder yogurt in 4 different flavors in the United States. These factors are driving the adoption of coconut milk powder.

Global 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. For instance, according to a survey conducted by Statista in U.S. in 2023, nearly 61% of individuals were trying to limit sugars in their diet. This is further propelling the demand for unsweetened coconut milk powder.

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.

According to the coconut milk powder market outlook, 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. For instance, in April 2024, OAKBERRY partnered with KAPOWDER, the health and wellness brand, to provide an all-new signature smoothie to OAKBERRY menus countrywide. The KAPOWDER Super Glow Smoothie combines OAKBERRY's organic açaí, coconut milk, strawberries, and KAPOWDER ENHANCE plant-based collagen powder.

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 coconut milk powder market 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. For instance, in March 2024, Thai Food Products International collaborated with Food Farm Hub to deliver high-quality food ingredients, additives, powdered food, and beverages. These products included coconut cream powder. 

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.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Coconut Milk Powder Market Recent Developments:

• April 2024: OAKBERRY partnered with KAPOWDER, the health and wellness brand, to provide an all-new signature smoothie to OAKBERRY menus countrywide. The KAPOWDER Super Glow Smoothie combines OAKBERRY's organic açaí, coconut milk, strawberries, and KAPOWDER ENHANCE plant-based collagen powder.
• April 2024: Vita Coco Company launched Vita Coco Treats, a new coconut milk beverage that includes sweet strawberries.
• March 2024: Thai Food Products International collaborated with Food Farm Hub to deliver high-quality food ingredients, additives, powdered food, and beverages. These products included coconut cream powder.

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?
• How big is the coconut milk powder market?
• 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 industry 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 report 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 assists 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.