April 18, 2024

The Middle East Coconut Products Market Is Driven By Growing Health Consciousness Among Consumers

The Middle East coconut products market comprises a wide range of food and beverage products derived from coconut such as coconut oil, coconut water, coconut milk powder, coconut cream, desiccated coconut, coconut chips and snacks and others. Coconut products are gaining significant popularity in the Middle East region owing to various health benefits associated with coconut. Coconut contains good fats which provide energy and help absorb vitamins and minerals. It is rich in fiber which helps maintain heart health and manage weight. Moreover, coconut water is a natural isotonic drink which hydrates the body effectively without any artificial sweeteners or preservatives.

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 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Manufacturers are introducing innovative coconut product formulations in different flavors to cater to evolving consumer preferences. For instance, canned coconut milk is available in varieties of flavors like vanilla, chocolate and coffee. Coconut milk powder is offered in single-serve sachets for on-the-go consumption. Coconut water is marketed as a sport drink due to its hydrating properties. Moreover, coconut snacks seasoned with the flavors of Middle Eastern spices are gaining popularity. The new product launches are expected to fuel the market growth over the forecast period. Furthermore, the rising awareness about nutritional benefits of coconut is positively influencing the demand for healthier coconut variants in the region.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Middle East coconut products market is moderate. Companies requires high initial investments for farming, processing and marketing of coconut products.

Bargaining power of buyers: The bargaining power of buyers in the Middle East coconut products market is high. Buyers has various options available and suppliers needs to offer competitive pricing and quality products to attract buyers.

Bargaining power of suppliers: The bargaining power of suppliers in the Middle East coconut products market is moderate. Suppliers includes farmers and processors. Farmers have to rely on international suppliers for requirements such as fertilizers and pesticides.

Threat of new substitutes: The threat of new substitutes in the Middle East coconut products market is moderate. Coconut products faces competition from other tropical fruits and plant-based substitutes.

Competitive rivalry: The competitive rivalry in the Middle East coconut products market is high. Key players focuses on expanding production capacity and global footprint to gain higher market share.

Key Takeaways

The Global Middle East Coconut Products Market Size is expected to witness high growth. The growth can be attributed to increasing demand for coconut water and coconut oil in the region. 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 5.2% over the forecast period 2023 to 2030.

Regional analysis – The Middle East region dominates the coconut products market with over 30% share. Countries like UAE, Saudi Arabia and Qatar are the major importers of coconut products in the region. Availability of fertile agricultural lands and favorable climatic conditions supports coconut farming in countries like Egypt.

Key players – Key players operating in the Middle East coconut products market are F. Hoffmann-La Roche AG, Boehringer Ingelheim GmbH, CHIESI Farmaceutici S.p.A., Gennova Biopharmaceuticals Ltd, Abbott Laboratories, and Reliance Life Sciences. Players focuses on new product launches, partnerships and expansions to strengthen their position in the regional market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it