Organic Coconut Milk Powder is the largest segment driving the growth of Coconut Milk Powder Market.
SWOT Analysis
Strengths: Coconut milk powder has a long shelf life without needing refrigeration and offers a sustainable alternative to dairy milk. It has a mild flavor that works well for both sweet and savory applications.
Weaknesses: It has a higher price point compared to dairy milk and some consumers may prefer the taste of fresh coconut milk. The production process to make coconut milk powder is more resource-intensive than regular milk powder.
Opportunities: Growing awareness about health and environment has increased the demand for plant-based dairy alternatives. The market has room for new product innovations like organic, low sugar, and flavors varieties.
Threats: Competition from other plant-based milks like almond and oat milk that are also positioning themselves as sustainable options. Dependence on weather conditions that affect coconut production.
Key Takeaways
The Global Coconut Milk Powder Market Demand is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period of 2023 to 2030, due to increasing adoption of vegan and dairy-free diets. The market size for coconut milk powder is estimated to reach US$ 38.44 Mn in 2023.
Regional analysis
The Asia Pacific region currently dominates the global coconut milk powder market owing to major coconut producing countries like Indonesia, Thailand, Philippines, and India. Within Asia, the demand is highest in India where it is used extensively in curries and gravies. North America is another fast growing regional market for coconut milk powder driven by American consumers focusing on health, wellness and environment sustainability.
Key players
Key players operating in coconut milk powder include 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. These companies are launching new product lines with different flavor profiles and packaging formats to appeal to the diverse tastes of global consumers.
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