Coconut Milk Powder Market Set to Witness an Uptick during 2020 to 2027Posted by Mrudula Karmarkar on January 3rd, 2022 The global coconut milk powder market size is expected to reach USD 113.0 million by 2027 registering a CAGR of 10.1%, according to a new report by Grand View Research, Inc. Rising demand for vegan milk products across the globe, due to increasing concerns related to lactose intolerance, is expected to play a key role in the market growth. Furthermore, increasing demand for food items with higher shelf-life is projected to boost the consumption of coconut milk powder. The demand for plant-based milk powders is expected to grow due to rapid adoption of veganism owing the numerous health benefits associated with it. Furthermore, people have become more conscious about reducing carbon footprint and thus, are opting for plant-based products. In addition, increasing cases of allergy and intolerance pertaining to dairy products and its derivatives are likely to fuel the demand for plant-based milk powders. Further, according to a meta-analysis on “Country, Regional, And Global Estimates for Lactose Malabsorption in Adults” published in 2017 in U.S., 36% of the citizens were suffering from lactose intolerance. The adoption of the product is driven by the increasing awareness about its benefits over dairy counterparts. Rising health consciousness is also driving the product demand as coconut milk offers a good substitute to dairy derivatives as they are constituted of short and medium chain triglycerides. It is also rich in Vitamins C and E, which have the ability to limit tumor growth and occurrences of aging disorders. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/coconut-milk-powder-market/request/rs1 B2B application accounted for the maximum share of more than 66% in 2020. Coconut milk powder is used in commercial production of smoothies, shakes, ice creams, cakes, doughnuts, and sauces. Growing demand for vegan ice creams and cakes as dessert items in dine-out hotels and Quick Service Restaurants (QSRs) is expected to promote the scope of the B2B segment in the near future. Coconut Milk Powder Market Report Highlights
Coconut milk powder is used in preparation of various dishes, such as smoothies, shakes, ice creams, cakes, doughnuts, sauces, and gravies. Along with this, various cuisines including Brazilian, Burmese, Caribbean, Filipino, Indian, Thai, Malaysian, Indonesian, Hawaiian, Singaporean, Maldivian, Sri Lankan, and Vietnamese consider the product as an elementary component. For instance, Haupia, a traditional Hawaiian dessert involves the use of coconut milk powder. The market is majorly dominated by small-scale manufacturers, which largely focus on local domestic markets. The market is at a niche stage of development and is expected to undergo seismic changes as it matures with new product development and inclusion of cost-effective technologies among manufacturers. Some of the prominent players in the coconut milk powder market include:
Grand View Research has segmented the global coconut milk powder market on the basis of product, application, distribution channel: Coconut Milk Powder Product Outlook (Revenue, USD Million, 2016 - 2027)
Coconut Milk Powder Application Outlook (Revenue, USD Million, 2016 - 2027)
Coconut Milk Powder Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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