by The coconut is a traditional crop and integral part of diet in the Middle Eastern countries. Coconut products such as coconut water, coconut oil, coconut milk and desiccated coconut are obtained from the coconut fruit and are rich in several health benefiting nutrients. These products are used extensively in cooking for adding texture and flavor to various recipes. Coconut water is a rich source of key electrolytes like potassium, sodium and magnesium and is promoted as a natural sports drink. Coconut oil contains healthy fats that provide energy and boost metabolism.
The global Middle East Coconut Products Market is estimated to be valued at US$ 968.67 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing health consciousness among consumers in the Middle East is a major trend fueling the growth of coconut products market in the region. Coconut products are considered highly nutritious owing to presence of various vitamins, minerals and healthy fats. Coconut water contains essential electrolytes and is often recommended for rehydration. Coconut oil contains lauric acid that boosts immunity and metabolism. Rising awareness about health benefits of coconut is driving greater consumption of value-added coconut products like coconut milk, coconut butter and virgin coconut oil in the region. Product innovation with added nutrients is another trend with companies introducing products fortified with proteins, vitamins and other supplements to appeal to health conscious demographic.
SWOT Analysis
Strength: The Middle East region has ideal climatic conditions for coconut cultivation. Countries like Indonesia, Philippines, India are major producers and exporters of coconuts to the Middle East region.
Weakness: Dependence on imports makes the market vulnerable to price fluctuations in the international market. High costs associated with logistics and transportation.
Opportunity: Growing health consciousness among consumers is driving the demand for healthy coconut products. Increasing innovations and product launches catering to regional tastes offer new opportunities.
Threats: Threat from substitute products like almond, cashew etc. Political instability and economic challenges in a few countries pose threats.
Key Takeaways
The global Middle East Coconut Products Market demand is estimated to be valued at US$ 968.67 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The Middle East coconut products market is expected to witness high growth over the forecast period due to rising health consciousness among consumers. Countries in GCC region like Saudi Arabia, UAE, and Qatar dominate the market and are expected to continue their dominance in coming years fueled by rapid urbanization and rising disposable incomes.
Regional analysis indicates that Saudi Arabia held the largest market share in the Middle East coconut products market in 2023. Growing health awareness, modern trade expansion and rising female workforce are some key factors supporting the market growth in the country. The UAE is also a major consumer market in the region growing at a CAGR of around 10% during the forecast period.
Key players operating in the Middle East coconut products market are Thai Coconut Public Company Ltd., Vita Coco (All Market Inc.), Coco Veda Natural Products Inc., The Coconut Company Ltd., Merit Food Products Co., Ltd., Thai Agri Foods Public Company Ltd., Linaco, Marico Ltd., Hero Nature Products Pvt Ltd., and Chef€TMs Choice Foods Manufacturer Co. Ltd. These players are focusing on introducing product innovations, leveraging digital platforms for marketing and expanding their regional presence through strategic partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
