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The global Coconut Milk Powder Market is estimated to be valued at US$ 38.44 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut milk powder is a powder form of coconut milk derived from fresh coconut kernel. It has a rich, smooth, and creamy texture when reconstituted with water. Coconut milk powder maintains similar properties and flavors of fresh coconut milk and has advantages such as longer shelf life and ease of transportation. It is widely used in Southeast Asian cuisines and desserts. Growing popularity of plant-based dairy alternatives is driving demand for coconut milk powder from food and beverage makers launching new coconut milk-based products.
Market key trends:
Rising adoption of vegan and lactose-free diets is a major trend fueling growth of the coconut milk powder market. According to data by Plant Based Foods Association, plant-based food sales grew 27% between 2018 and 2020 in the US alone. Consumers are switching to plant-based dairy alternatives like coconut milk to reduce their carbon footprint as well as for ethical reasons. Coconut milk powder, being shelf-stable and versatile, is increasingly used by food manufactures to cater to the demand. Another key trend is introduction of innovative coconut milk powder-based products. For example, new flavored coconut yogurt and ice-cream launches by major brands has increased uptake of coconut milk powder. Furthermore, availability of organic and non-GMO coconut milk powders is appealing more consumers looking for clean label products. Popularity of Asian cuisines globally has also augmented the demand for coconut milk powder in Southeast-Asian cuisine staples and dessert recipes using coconut milk.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market size is expected to grow over the forecast period requiring substantial investment and resources to enter the market. However, established brands enjoy economies of scale and customer loyalty making barriers to entry higher.
Bargaining power of buyers: The bargaining power of buyers is high as the market comprises numerous small and private label buyers. Buyers can negotiate lower prices from suppliers and easily switch between product brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw material, coconut, is region specific and subject to climatic conditions. Suppliers are fewer in number making them influential.
Threat of new substitutes: The threat of new substitutes is low as coconut milk powder has no cost effective substitutes for producing dairy and non-dairy beverages, desserts, soups and other food applications.
Competitive rivalry: High due to the presence of numerous small and large players competing on pricing and quality.
Key Takeaways
The Global Coconut Milk Powder Market Demand is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand for plant-based dairy alternatives.
Regional analysis
The Asia Pacific region dominates the global coconut milk powder market and is expected to maintain its lead over the forecast period. Countries such as the Philippines, Indonesia, and India are the major producers and consumers of coconut and its products.
Key players
Key players operating in the coconut milk powder market are The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
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