Preheat the oven to 350 degrees F.
Spread the shredded coconut in a rimmed baking sheet and bake, tossing halfway through, until golden brown and toasted, about 8 minutes. Set aside to cool.
Meanwhile, melt the butter in a small saucepan and add the mustard seeds, coriander, paprika, turmeric, garlic powder, ginger and onion powder. Cook until the butter becomes fragrant and the spices are no longer raw, about 1 minute. Turn off the heat.
Preheat the vegetable oil in a large pot over medium heat until the oil shimmers. Add the popcorn kernels and stir to evenly coat, then cover the pot. Cook, shaking the pot occasionally, until the popping subsides, about 5 minutes.
Pour the popcorn into a large bowl, drizzle with the spiced butter and sprinkle with 1 teaspoon salt. Add the toasted coconut and toss until all the components are evenly dispersed. Serve warm.
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