The global coconut powder market was valued at USD 877 million in 2016 and is expected to surpass USD 1,248 million by 2021, says Technavio.
Technavio has announced its latest market research report on the global coconut powder market, under its food portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Celebes Coconut Corporation, Fresh Fruit Ingredients, Primex, PT. Global Coconut, and V V Industries.
According to Manjunath Reddy, a lead analyst for food research at Technavio, “The growing popularity of Asian cuisine among consumers around the globe is driving growth in the global coconut powder market. Coconut powder is an important ingredient of Asian cuisine, and is also the fastest-growing food segment in the world.”
An increase in population and economic development are the two factors responsible for the growth of Asian food. The migration of the Asian population to other parts of the world have also increased the demand for Asian cuisine around the globe. The popularity of Asian cuisine in the US is indicated by the number of Chinese and Indian restaurants in the US. The number of Asian ethnic restaurants in the US is expected to increase during the forecast period. The cuisine is also gaining popularity in several European countries.
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Dependence on coconut oil market
The coconut powder price is dependent on the price of coconut oil as both the products have same raw material. As the price of coconut oil increases, the price of powdered coconut increases and vice versa. This is a significant trend, which will have a positive influence on the growth of the market during the forecast period.
New cooking recipes based on coconut powder
Another emerging trend in the global coconut powder market is the emergence of new cooking recipes based on powdered coconut. Coconut powder is mainly used as a cooking ingredient and finds application in dessert and bakery products. Consumers worldwide are coming up with new desserts based on coconut powder. Chocolate coconut cake, chocolaty snowballs, coconut layer cake, and coconut cookies are some examples of these new coconut powder-based desserts. The emergence and popularity of such new recipes will increase the demand for coconut powder during the forecast period.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides an insight into key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Coconut Powder Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Coconut Milk Market 2016-2020
- Global Virgin Coconut Oil Market 2017-2021
- Global Rice Milk Market 2017-2021
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