Coconut milk powder and milk powder are different types of nutritional drinks. Milk powder is a beverage made from raw animal milk, while coconut milk powder is a white powder extracted from fresh coconut meat and spray-dried, commonly used in Southeast Asian and other cuisines. Coconut milk powder is rich in a variety of nutrients needed by the human body, which is by far the natural beverage with the highest amino acid content in the world.
By type, coconut milk powder can be divided into pure coconut milk powder and mixed coconut milk powder. Pure coconut milk powder means that the raw materials are pure and natural, and no other dairy ingredients are added. Mixed coconut milk powder means that the raw material is not pure natural, but other dairy ingredients are added. In 2019, the market shares of the two types of coconut milk powder were 24.30% and 75.70%, respectively.
From an application perspective, coconut milk powder can be added as an ingredient to beverages, savory snacks, bread and confectionery, dairy products and frozen products. Among them, beverages have an important share in applications, with a market share of 29.99% in 2020. Although consumers still cannot fully consider coconut milk powder as a substitute for milk powder. However, as a nutritional beverage, coconut milk powder has its unique value and advantages. Currently, the use of coconut milk powder is increasing in various food and beverage applications and the market is expanding.
Modern medical research shows that coconut meat contains protein and carbohydrates. Coconut oil contains sugar, vitamin B1, vitamin B2, vitamin C. Coconut milk powder is rich in various fatty acids, 18 kinds of amino acids, calcium, zinc, manganese, iron, vitamin C and other nutrients needed by the human body. Studies have found that regular consumption of coconut milk powder can also balance the body nutritional needs, increase the body nutritional intake, and enhance the body immunity. Increased consumer awareness of these health benefits has resulted in coconut milk powder being more popular than other milk powders.
Analysis of Coconut Milk Powder Industry by Region
The Asia-Pacific is the largest revenue market for the coconut milk powder industry, with a market share of 37.07% in 2015 and 38.32% in 2020, an increase of 1.25%. In 2020, the North American and European market shares are 28.89% and 24.34%, ranking second and third.
The coconut milk powder industry has a low market concentration rate. The top three companies are Nestle, Axelum Resources Corp and S&P Industries Sdn Bhd, with a revenue market share of 10.84%, 5.09% and 1.16% respectively in 2019.
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Nestle is developing a wide range of plant-based dairy alternatives that are nutritious, delicious and have a positive impact on the environment. Its Maggi brand offers coconut milk powder products, made from Sri Lankan coconuts, perfect for curries, rice, cookies, soups, desserts, cakes and stir-in drinks. It is composed of 78% coconut solids and is free of artificial preservatives and colors. In April 2019, the company invested in the construction of its first coconut milk processing plant in Sri Lanka, which will help them provide more coconut milk powder products to customers in the food and beverage industry.
Promising Coconut Milk Powder Market Driven by New Consumer Preferences
Today, consumers consider multiple factors, such as plant origin, when purchasing a particular product. Therefore, industry companies try to produce vegan products according to the needs of consumers. Food and beverage manufacturers can use coconut to produce vegan products to enhance their final product and nutritional value. Hence, global vegan trends and consumer preference for vegan products will positively impact coconut milk powder market growth.
In addition, coconut milk powder is used as a substitute for milk powder and lactose, which is friendly to people who are lactose intolerant. Lactose intolerance, also known as lactose indigestion, is a state in which the human body does not produce the enzyme lactase, which breaks down lactose. Because the patient gut cannot secrete enzymes that break down lactose, mild diarrhea is prone to occur. Adult lactose intolerance is most common in people of East Asian descent, where 70 to 100 percent of people in these regions are lactose intolerant. Data shows that the number of people suffering from lactose intolerance is increasing. Therefore, the market demand for coconut milk powder is increasing.
According to research data, the total revenue of the global coconut milk powder market was US$550.01 million in 2015 and grew to US$654.31 million in 2019. With the continuous improvement of living standards, people health awareness is also increasing. Traditionally, the market for plant-based protein beverages, considered nutritionally beneficial, has grown rapidly, with coconut beverages being one of the fastest growing categories. Because people requirements for beverages are getting higher and higher, they should not only be delicious and high-quality, but also healthy and can supplement the nutrients needed by the body. Manufacturers continue to increase the development of new products are also attracting consumers. Rising demand for coconut milk powder in beverage manufacturing will be an important opportunity for market growth. We predict that the coconut milk powder market can be worth $913.60 million by 2026. Coconut milk powder will register a CAGR of 5.51% from 2020 to 2026. In addition, the global sales of coconut milk powder in 2019 was 67,044 tons, which will increase to 99,356 tons in 2026, with a compound annual growth rate of 6.47% from 2020 to 2026.
However, coconut is a tropical specialty, mainly grown in India, the Philippines, Malaysia, Sri Lanka and other regions, and its price fluctuates greatly. In 2019, coconuts in Hainan, China were unsalable, resulting in very low final retail prices. In 2020, the demand for coconut products from coconut agricultural product processing plants is large, the supply of coconuts is in short supply, and the price is rising. The raw material of coconut milk powder is mainly coconut, and the fluctuation of its price will affect the production cost of coconut milk powder, and then affect the profit of the market.
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