June 04, 2020
As per the report titled ‘Global Coconut Milk Powder Market Size study, by Source (Conventional and Organic), by Application (Snacks, Bakery & Confectionery, Dairy & Frozen Products, Beverages, and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global coconut milk powder market was worth USD 761.9 million in 2019 and is projected to record a growth rate of over 5.23% through 2026.
Increasing demand for coconut milk powder as a substitute to milk or milk powder containing lactose is the primary growth driver of worldwide coconut milk powder industry. In addition, escalating demand for coconut milk powder for manufacturing various beverages and food, coupled with new product launches by different manufactures to fulfill the customer needs are enhancing the industry growth.
The report cites that rising focus among manufacturers towards the production of coconut milk powders that are completely vegan or organic vegan products is expected to present new growth opportunities over the forecast timeline.
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Based on the source, the market is bifurcated into conventional and organic. Elaborating on the application spectrum, the market is categorized into snacks, bakery & confectionery, diary & frozen products, beverages, and others.
Considering the regional outlook, the market is divided into North America, Europe, Asia Pacific, Latin America and Rest of the World. Asia Pacific coconut milk powder market is expected to accrue significant revenue share over the analysis period, owing to increasing product consumption across South Asian countries and growing lactose intolerant population in the region.
Meanwhile, North America coconut milk powder market will also see a sizeable growth in the forthcoming years. Surging demand for coconut milk powder as a substitute to dairy products across the food and beverage industries in the region owing to high prevalence of lactose intolerant population are supporting the regional market growth
Key players operating in global coconut milk powder market are Tirumala Food Industries, Pulau Sambu Singapore Pte Ltd., The Coconut Company (UK) Ltd., Enature Organic Products, Nestlé S.A., Ayam SARL., S & P Industries Sdn Bhd, Renuka Foods PLC, and Star Heritage Products.