Increased preference for plant-based foods is expected to drive Coconut Milk Powder market expansion in the near future at a CAGR of 6.50% during the forecast period of 2023 to 2032

Market Research Future (MRFR) has published on the “Global Coconut Milk Powder Market”.

The wood pulp market is estimated to register a CAGR of 6.50%during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the wood pulp market— Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd.

Market Highlights

The wood pulp market is accounted to register a CAGR of 6.50%during the forecast period and is estimated to reach USD 1.32 billion by 2032.

The coconut milk powder market's growth is primarily driven by increasing consumer demand for plant-based dairy alternatives due to health consciousness and dietary preferences, along with the versatility of coconut milk powder in various culinary applications. However, challenges include fluctuations in coconut production, which can impact the availability and pricing of raw materials. Opportunities lie in product innovation, expansion into new markets, and strategic collaborations to overcome supply chain constraints and meet growing demand.

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Segment Analysis

The wood pulp market has been segmented based Source, Application and Distribution Channel.

On the basis of Source, the market is segmented into Conventional and Organic. The conventional segment was attributed to holding the largest market share in 2022. Because of its easy availability, well-established production methods, and lower costs. Meanwhile, the "Organic" category is experiencing the fastest growth, fueled by rising consumer interest in organic and natural products

Based on application, the wood pulp market has been segmented into food and beverages. The food segment was expected to hold the largest market share in 2022. The most popular application category is "Food." Coconut milk powder is widely used in different food uses, like cooking dishes such as curries, soups, sauces, and desserts. At the same time, the category experiencing the most growth is "Beverages." The rising demand for coconut milk powder as a crucial component is due to the growing interest in plant-based and dairy-free beverages.

Based on Distribution Channel, the wood pulp market has been segmented into Online Stores, Hypermarket/Supermarket, Specialty Stores, and Others. The hypermarket segment was expected to hold the largest market share in 2022. The primary distribution channel is Hypermarket/Supermarket, which provide a diverse selection of coconut milk powder brands and products, appealing to a large consumer base due to easy access and a wide range of choices. Additionally, online stores are the rapidly expanding distribution channel, driven by the growing popularity of online shopping and the convenience of home delivery, resulting in a notable increase in the online demand for coconut milk powder.

Regional Analysis

The wood pulp market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe wood pulp market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The wood pulp market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World wood pulp market comprises of Middle East, Africa, and Latin America.

The largest market share for wood pulp was maintained by the North American regional sector.This increase is attributed to well-established forestry sector, providing ample raw materials for wood pulp production. Additionally, the region is home to major pulp and paper companies with advanced manufacturing facilities and efficient supply chains. Furthermore, favorable government policies and regulations support sustainable forestry practices and promote the growth of the wood pulp industry in North America.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for wood pulp is driven by growing demand for wood pulp-based products in various sectors, including packaging, hygiene products, and textiles, driving market growth. Moreover, European countries have implemented sustainable forestry practices and environmental regulations, ensuring the responsible sourcing of raw materials and contributing to the growth of the wood pulp market in the region.

Additionally, Asia Pacific is poised to experience rapid growth in the wood pulp market due to several factors. Firstly, the region's burgeoning population, coupled with rising urbanization and disposable incomes, is driving demand for paper-based products such as packaging materials, tissues, and printing paper. Additionally, the expansion of industries like e-commerce and food packaging in countries like China, India, and Southeast Asian nations is boosting the demand for wood pulp.

Furthermore, the rest of the world's wood pulp market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the due to varying levels of industrialization, economic development, and infrastructure. In these regions, the demand for wood pulp is influenced by factors such as population growth, urbanization rates, and the expansion of industries reliant on paper-based products.

Key Findings of the Study

• The wood pulp market is expected to reach USD 1.32 billion by 2032, at a CAGR of 6.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the rising urbanization and disposable incomes.


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  Based on source, the conventional segment was attributed to holding the largest market in 2022, with an approximate market share of 40–65%.
  


• The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd are the key market players.