Integrated coconut products manufacturer Axelum Resources Corp. is betting on the growth prospects of the organic coconut milk powder market in expanding its production.
The company has increased its production capacity of organic coconut milk powder to up to 1,500 metric tons annually in response to what it sees as a growing demand.
“This was required not only because of the strong growth prospects of the industry but also specific customer needs including one of the largest and fastest growing American collagen brands, which is penetrating into Asia and Europe, has sought Axelum’s support in adding capacity to be able to service their organic coconut milk powder requirements,” said Henry Raperoga, Axelum president.
Raperoga said organic coconut milk powder is primarily used as a culinary ingredient for baked goods, curry dishes, packed food sauces and confectioneries.
“Organic coconut milk powder is also utilized as a raw input for collagen-based products, which according to the same source, is forecasted to have a global market size of $7.5 billion by 2027, expanding at a pace of 6 percent CAGR (compounded annual growth rate),” he said.
“The continued demand for coconut milk powder for traditional and new applications presents an exciting growth opportunity for Axelum. Organic coconut milk powder remains one of our most profitable products given its unique characteristics and premium pricing,” he added.