Cooking Coconut Milk Market Size

Cooking Coconut Milk Market Size

Cooking Coconut Milk Market size exceeded USD 385 million in 2019 and is estimated to grow at over 8.5% CAGR between 2020 and 2026. The Lancet medical journal estimates that over 65% of the human population is lactose intolerant, and this increasing instance of lactose intolerance among consumers has compelled them to search for lactose-free dairy alternatives. Cooking coconut milk aids to meet their daily intake of proteins, vitamins, and other essential nutrients obtained from milk. The rising demand for lactose-free dairy alternatives provided promising opportunities for the use of coconut milk in cooking. Furthermore, the increasing consumer awareness regarding animal rights and the need to reduce the damage to the environment are expected to further promote the growth of the cooking coconut milk industry in the coming years.

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Food products are classified as one of the most essential good during the COVID-19 pandemic. There has been an impact on demand side for food products. But there has been experiencing supply chain disruptions owing to the imposition of nationwide lockdowns. However, panic buying has positively affected the demand for canned, bottles, and pouches products due to its long-shelf life. People have started to buy huge amounts of shelf?stable products coupled with their nutritional value whereas, in the past few months, demand for packaged or canned products has decreased due to the unlocking and adoption of new normal among the consumers.

The lack of availability of coconuts, used as raw materials for the preparation of the product in a few countries of the world, is expected to restrain the cooking coconut milk market demand to some extent in the next few years. However, the players present in the market are trying to fulfil the global demand for the product through strategic partnership with the distributors or retailers. Also, stringent government regulations such as the GSO standard for the labelling of packaged food should restrict the growth of the market in GCC countries.  The regulation states that dairy alternative sources including hemp, soy, almond, rice, oats, and hazelnuts used shall be mentioned in labels with the product name, packer’s name, country of origin, ingredients list, instructions, and end use of the product. Therefore, end-use labelling regulations may restrict the application of the products to limited end-use.