1 Global Coconut Milk Powder Market Outlook
In 2024, the global coconut milk powder market witnessed significant growth, reaching a total value of $815.90 million. This growth can be attributed to the increasing demand for plant-based dairy alternatives and the rising popularity of coconut-based products in various food and beverage applications. The market has been expanding steadily, with a CAGR of 5.51% from 2020 to 2026. This CAGR reflects the consistent growth trajectory of the coconut milk powder market, driven by factors such as health consciousness, lactose intolerance, and the global shift towards sustainable and vegan lifestyles.
Coconut milk powder, a fine white powder derived from fresh coconut meat, is rich in nutrients like fatty acids, amino acids, and essential minerals. It serves as a versatile ingredient in beverages, savory snacks, baked goods, and frozen products. The market’s growth is further supported by the increasing awareness of its health benefits, including its ability to enhance immunity and provide essential nutrients.
Figure Global Coconut Milk Powder Market Revenue and CAGR 2024-2029
2 Drivers and Constraints of the Coconut Milk Powder Market
The growth of the coconut milk powder market is primarily driven by several key factors. Firstly, the rising global population of lactose-intolerant individuals has led to an increased demand for dairy-free alternatives. Coconut milk powder offers a suitable substitute for traditional dairy products, making it an attractive option for those with lactose intolerance or dietary restrictions.
Secondly, the growing health consciousness among consumers has boosted the market. Coconut milk powder is perceived as a healthier alternative to regular milk powder due to its plant-based origin and the presence of medium-chain triglycerides, which are known for their health benefits. This has led to its incorporation in various health-focused products and diets.
Moreover, the global trend towards vegetarian and vegan lifestyles has significantly impacted the market. Consumers are increasingly seeking plant-based products that align with their dietary preferences and environmental concerns. Coconut milk powder fits well within this trend, as it is a cruelty-free and sustainable option.
However, the market also faces certain challenges that could hinder its growth. One of the primary constraints is the fluctuation in the prices of raw materials, particularly coconuts. As coconuts are primarily grown in tropical regions, factors such as weather conditions, natural disasters, and seasonal variations can significantly impact their availability and cost. This volatility in raw material prices can affect the production costs and profitability of coconut milk powder manufacturers.
Another challenge is the intense competition from other plant-based milk alternatives, such as almond milk, soy milk, and oat milk. These alternatives have established a strong presence in the market and are backed by significant marketing efforts. This competition puts pressure on coconut milk powder manufacturers to differentiate their products and maintain a competitive edge.
3 Coconut Milk Powder Market Technological Innovations and Industry Developments
The coconut milk powder market has experienced notable technological advancements and industry developments in recent years. Manufacturers are increasingly focusing on improving the production processes to enhance the quality, taste, and nutritional profile of their products. For instance, advancements in spray-drying technology have led to the development of coconut milk powder with better solubility and a creamier texture, making it more appealing to consumers.
In addition, companies are investing in research and development to create innovative coconut milk powder products that cater to specific consumer needs. This includes the introduction of organic and non-GMO options, as well as products fortified with additional nutrients. Such innovations help to expand the market’s reach and attract a wider consumer base.
Mergers and acquisitions have also played a significant role in shaping the coconut milk powder market. Major players are acquiring smaller firms to consolidate their market position, expand their product portfolios, and gain access to new markets. For example, Nestlé, a leading player in the industry, has been actively expanding its portfolio of plant-based dairy alternatives, including coconut milk powder. This strategic move allows the company to leverage its existing distribution channels and brand reputation to capture a larger share of the market.
4 Global Coconut Milk Powder Market Analysis by Type
In 2024, the global coconut milk powder market experienced significant growth, with a total value of $815.90 million. This growth can be attributed to the increasing demand for plant-based dairy alternatives and the expanding applications of coconut milk powder in various food and beverage sectors. The market is segmented into two main types: Pure Coconut Milk Powder and Mixed Coconut Milk Powder.
Pure Coconut Milk Powder:
Pure coconut milk powder is made from 100% natural coconut milk without any additional dairy ingredients. In 2024, the market for pure coconut milk powder reached a value of $202.57 million, accounting for approximately 24.83% of the total market share. This type is highly valued for its rich coconut flavor and nutritional benefits, making it a popular choice for consumers seeking a natural and pure coconut-based product. It is widely used in applications such as curries, desserts, and beverages where a strong coconut flavor is desired.
Mixed Coconut Milk Powder:
Mixed coconut milk powder, on the other hand, contains other dairy ingredients in addition to coconut milk. This type dominated the market in 2024, with a value of $613.33 million, representing 75.17% of the total market share. The popularity of mixed coconut milk powder can be attributed to its versatility and ability to provide a balanced flavor profile. It is commonly used in a wide range of applications, including baked goods, savory snacks, and dairy products, where it can enhance the texture and taste while also providing the nutritional benefits of coconut.
Table Global Coconut Milk Powder Market Size and Share by Type in 2024
|
Type |
Market Size (M USD) |
Market Share (%) |
|---|---|---|
|
Pure Coconut Milk Powder |
202.57 |
24.83 |
|
Mixed Coconut Milk Powder |
613.33 |
75.17 |
5 Global Coconut Milk Powder Market Analysis by Application
In 2024, the global coconut milk powder market experienced significant growth, with various applications contributing to its expansion. The market was segmented into several key applications, each with its own unique market size and share.
Beverages:
The beverages sector was one of the largest consumers of coconut milk powder in 2024. This application accounted for a market size of $242.88 million, representing 29.77% of the total market share. The use of coconut milk powder in beverages is driven by its ability to provide a creamy texture and rich flavor, making it a popular ingredient in smoothies, coffee creamers, and dairy-free milk alternatives. The growing trend of plant-based diets and the increasing demand for dairy-free options have further fueled the use of coconut milk powder in this segment.
Savory & Snacks:
The savory and snacks application also played a significant role in the market, with a revenue of $187.07 million, accounting for 22.93% of the market share. Coconut milk powder is used in this segment to enhance the flavor and texture of various snacks and savory products. Its versatility allows it to be incorporated into a wide range of products, from chips and crackers to sauces and dips. The rising consumer preference for healthier and more flavorful snacks has contributed to the growth of this application.
Bakery & Confectionery:
In the bakery and confectionery sector, coconut milk powder was utilized to improve the texture and taste of baked goods and confectionery items. This application had a market size of $128.77 million in 2024, representing 15.78% of the total market share. The ingredient is particularly popular in products like cakes, cookies, and pastries, where it adds a subtle coconut flavor and enhances the overall appeal of the product.
Frozen Products:
The frozen products segment, which includes ice creams and other frozen desserts, also benefited from the use of coconut milk powder. This application had a market size of $144.22 million, accounting for 17.68% of the market share. Coconut milk powder is valued in this segment for its ability to create a creamy and smooth texture, making it an ideal ingredient for dairy-free ice creams and other frozen treats.
Table Global Coconut Milk Powder Market Size and Share by Application in 2024
|
Application |
Market Size (M USD) |
Market Share (%) |
|---|---|---|
|
Beverages |
242.88 |
29.77 |
|
Savory & Snacks |
187.07 |
22.93 |
|
Bakery & Confectionery |
128.77 |
15.78 |
|
Frozen Products |
144.22 |
17.68 |
6 Global Coconut Milk Powder Market Analysis by Region
The Asia Pacific region emerged as the largest market for coconut milk powder in 2024, with a market value of $323.58 million, accounting for 39.66% of the total global market share. This dominance can be attributed to several factors. Firstly, the region has a large consumer base that is increasingly adopting plant-based diets and dairy-free alternatives. Countries like China, India, and Southeast Asian nations have a strong preference for coconut-based products due to their cultural and culinary traditions. The growing health consciousness among consumers in this region has also driven the demand for coconut milk powder, which is perceived as a nutritious and versatile ingredient.
North America was the second-largest market for coconut milk powder in 2024, with a value of $228.20 million, representing 27.97% of the global market share. The United States, in particular, played a significant role in driving the market in this region. The increasing popularity of plant-based diets and the growing number of lactose-intolerant individuals in North America have led to a surge in demand for coconut milk powder. Consumers in this region are increasingly seeking healthier and more sustainable food options, and coconut milk powder aligns well with these preferences.
Europe accounted for a market value of $194.25 million in 2024, representing 23.81% of the global market share. The region’s market growth can be attributed to the rising awareness of the health benefits associated with coconut products and the expanding market for dairy-free alternatives.
Figure Global Coconut Milk Powder Revenue Market Share by Region in 2024
7 Analysis of the Top 3 Companies in the Coconut Milk Powder Market
7.1 Nestlé
Company Introduction and Business Overview:
Nestlé is a multinational food and beverage company, headquartered in Switzerland. Founded in 1866, it is one of the largest and most recognized consumer goods companies globally. Nestlé’s product portfolio is incredibly diverse, encompassing dairy products, confectionery, bottled water, coffee, pet food, and a wide range of other food items. The company operates in over 190 countries and has a strong focus on innovation, sustainability, and consumer health.
Products Offered:
Nestlé offers a variety of coconut milk powder products under its Maggi brand. The Maggi Coconut Milk Powder is a popular choice for consumers seeking a convenient and versatile coconut-based ingredient. Made from the finest Sri Lankan coconuts, this product is known for its rich flavor and creamy texture. It is free from artificial preservatives and colors, ensuring a natural and wholesome experience for consumers.
7.2 Axelum Resources Corp
Company Introduction and Business Overview:
Axelum Resources Corp is a fully integrated manufacturer and exporter of premium coconut products, based in the Philippines. Established in 1986, the company has built a strong reputation for producing high-quality coconut-based products for both domestic and international markets. Axelum Resources Corp serves a diverse range of customers, including leading food and beverage companies, confectioneries, bakeries, private label supermarkets, and grocery store chains. The company’s success is attributed to its commitment to excellence, innovation, and sustainable practices. It operates manufacturing facilities in the Philippines, the United States, and Australia, ensuring a global reach and efficient distribution network.
Products Offered:
Axelum Resources Corp offers a comprehensive range of coconut milk powder products, including the Fiesta Coconut Milk Powder. This product is available in two variants: Regular and Gluten-Free and Dairy-Free, catering to the diverse dietary needs of consumers. The Fiesta Coconut Milk Powder is produced from freshly squeezed coconut milk blended with natural stabilizers, ensuring a velvety texture and easy solubility. It is packed in various packaging options, such as 15-kg LLDPE bags in a carton or kraft bag, and 25-kg LLDPE bags in a carton, making it convenient for both industrial and consumer use.
7.3 S&P Industries Sdn Bhd
Company Introduction and Business Overview:
S&P Industries Sdn Bhd is a Malaysian company that pioneered the manufacturing and production of instant coconut milk powder in 1983. The company has since expanded its operations to include a wide range of coconut-based products, such as coconut milk, desiccated coconut, coconut water, coconut spread, and coconut milk beverages. S&P Industries Sdn Bhd is committed to providing high-quality products that enhance the flavor and nutritional value of various dishes.
Products Offered:
The Santan brand, under S&P Industries Sdn Bhd, offers a variety of coconut milk powder products that cater to the culinary needs of consumers. The Santan Coconut Milk Powder is a popular choice for enhancing the taste of dishes with a rich coconut flavor. It is suitable for use in a wide range of applications, including curries, soups, sauces, and desserts. The product is known for its easy solubility and consistent quality, making it a reliable ingredient for both professional chefs and home cooks. In addition to coconut milk powder, S&P Industries Sdn Bhd also offers other coconut-based products, such as coconut milk and desiccated coconut, which further diversify its product range and cater to the diverse preferences of consumers.