SEATTLE--(BUSINESS WIRE)--The global coconut milk powder market was valued at US$ 25.3 million in 2018, and is projected to exhibit a CAGR of 2.2% over the forecast period (2019–2027).
Key Trends and Analysis of the Coconut Milk Powder Market:
Diverse applications of coconut milk powder and high availability of coconut are the key factors driving growth of the global coconut milk market. According to statistics of Food and Agricultural Organization (FAO), the global production of coconut was 58.4 million tons in 2016, and increased at the rate of 1.0% from 2011. Coconut milk powder is used in foods such as desserts, cakes, sauces, and beverages such as smoothies, yoghurts, and coffee. It is an active cooking ingredient that is used in most of the Southeast Asian dishes such as casseroles, rice preparations, and curries.
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The Beverages segment in South Asia is expected to fuel the demand for drink which in turn is expected to drive the Coconut Milk Powder market over the forecast period.
Key players in the market are focused on launching novel products in order to enhance their market share. For instance, in February 2019, Marina Foods Private Limited -- a manufacturer of coconut and coconut oil related products based in Sri Lanka – launched the ‘Martina Powdered Coconut Milk’. This new addition to the portfolio was a vegetarian product free from animal milk, fat, lactose, and sodium caseinate and was also free from artificial additives, coloring, MSG, and gluten.
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Key Market Takeaways:
- Among region, Asia Pacific is expected to be the fastest growing market during the forecast period. This is owing to abundant production of coconut and widespread uses of coconut milk in various cuisines in the region. For instance, according to FAO, Asia Pacific accounted for 82.6% of the global coconut production in 2016.
- Some of the major players operating in the global coconut milk powder market 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.
