Coconut Milk Powder Market

• Growing demand for plant-based alternatives is driving the market growth

The Coconut Milk Powder market is witnessing a significant trend driven by the increasing demand for plant-based alternatives. Consumers are increasingly adopting plant-based diets for various reasons, including health, sustainability, and ethical considerations. Coconut milk powder, derived from coconuts, aligns with this trend, providing a versatile dairy-free option for cooking, baking, and beverages. The rise in vegan and lactose-intolerant populations has contributed to the expanding market share of Coconut Milk Powder as a popular dairy substitute. This factor drives the Market CAGR.

Additionally, in response to evolving consumer preferences, manufacturers in the Coconut Milk Powder market are focusing on product diversification and innovation. This trend involves the introduction of new flavors, formulations, and packaging options to cater to a broader audience. Innovations may include flavored coconut milk powders, organic and premium offerings, and convenient single-serve packaging. The goal is to enhance the overall consumer experience and address specific preferences, contributing to the market's growth and competitiveness.

The Coconut Milk Powder market is experiencing a trend towards functional varieties that promote health and wellness. Consumers are increasingly seeking products with added nutritional benefits, such as vitamins, minerals, and antioxidants. Manufacturers are responding by incorporating functional ingredients into Coconut Milk Powder formulations, aiming to position their products as health-conscious choices. Functional coconut milk powders may offer immune-boosting properties, enhanced nutritional profiles, and other health benefits, aligning with the broader trend of consumers seeking foods that contribute positively to their well-being. For instance, June 2020 – Drums Food International Pvt.

Ltd., under its brand named Epigamia, launched a range of plant-based yogurt made with Coconut Milk Powder for Indian consumers. Thus, driving the Coconut Milk Powder market revenue.

The Global Coconut Milk Powder Market Industry experiences a notable surge in demand for plant-based alternatives, driven by increasing health consciousness among consumers. As more individuals adopt vegan and vegetarian diets, the appeal of coconut milk powder as a dairy substitute grows. This trend is reflected in the projected market value of 0.79 USD Billion in 2024, indicating a robust consumer shift towards plant-based products. Furthermore, the versatility of coconut milk powder in various culinary applications enhances its attractiveness, suggesting that the market may continue to expand as consumers seek healthier, sustainable options.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Coconut Milk Powder market area will dominate this market, owing to health-conscious choices, lactose intolerance, and the growing popularity of vegan diets will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: COCONUT MILK POWDER MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Coconut Milk Powder market accounts for the second-largest market share due to the growing awareness of lactose intolerance and an increasing trend toward plant-based diets. Further, the German Coconut Milk Powder market held the largest market share, and the UK Coconut Milk Powder market was the fastest growing market in the European region

The Asia-Pacific Coconut Milk Powder Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to popularity of coconut-based dishes and consumer awareness regarding the health benefits of coconut-based products rises. Moreover, China’s Coconut Milk Powder market held the largest market share, and the Indian Coconut Milk Powder market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Coconut Milk Powder market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, coconut milk powderindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Coconut Milk Powder industry to benefit clients and increase the market sector. In recent years, the Coconut Milk Powder industry has offered some of the most significant advantages. Major players in the Coconut Milk Powder market, including The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd., and others, are attempting to increase market demand by investing in research and development operations.

Danone S.A., headquartered in Paris, France, is a multinational food-products corporation and one of the world's largest dairy companies. Founded in 1919 by Isaac Carasso, the company is known for its diverse range of dairy and plant-based products, including yogurt, milk, infant formula, and health-focused items. Danone operates globally and has a strong presence in various markets, aiming to provide nutritious and sustainable food options. April 2020 – Danone S.A., under its So Delicious Dairy Free brand, has launched Pairings Coconut milk powderYogurt Alternatives in four new flavors in the U.S. to offer consumers healthy and delicious plant-based snacks.

Axelum Resources Corp. is a leading Philippine manufacturer and exporter of premium coconut products. The company is known for producing high-quality coconut-derived goods, including coconut milk powder, coconut cream, and coconut water concentrate. Axelum Resources Corp. has gained recognition for its commitment to sustainable and responsible sourcing of coconuts. Axelum Resources Corp. collaborated with local e-commerce such as Shopee and Lazada, as well as another online coconut store, in May 2021; these stores sell products such as coconut milk powder, coconut cream and milk, and coconut cooking oil.