July 14, 2024
Middle East Coconut Products Market

The Middle East Coconut Products Market Is Estimated To Witness High Growth Owing To Increasing Health Benefits Awareness

Market Overview:
The Middle East coconut products market includes products derived from coconut such as coconut water, coconut oil, coconut milk, desiccated coconut, coconut sugar among others. Coconut has huge advantages such as it is gluten free, high in fiber and medium chain triglycerides that provides health benefits. Coconuts have water, milk and oil that can be extracted and used for various food applications in bakery, confectionery, savory applications and more. It is witnessing increasing demand in the region.

Market key trends:
The Middle East coconut products market is witnessing high growth owing to increasing health benefits awareness among consumers in the region. Coconut water is a natural isotonic drink that hydrates the body effectively and promotes healthy skin and hair. Similarly, coconut oil has medium chain fatty acids that boost metabolism and energy levels. Various clinical studies have also proved the anti-microbial, antioxidant properties of coconut products. Furthermore, rising vegan population in the Middle East countries is augmenting the demand for plant-based and natural coconut ingredients in food processing industry. Product innovations such as coconut spreads, coconut flour, coconut snacks by key players is also fueling the market growth.

Porter’s Analysis

Threat of new entrants: The Middle East Coconut Products Market Demand has moderate threat of new entrants due to high capital requirements for establishing processing units and strong presence of established brands. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and brands operating in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of suppliers globally. Threat of new substitutes: Products like almond and cashew offer competition. Competitive rivalry: Intense due to strong presence of key players.

SWOT Analysis

Strength: Wide applications in food and beverages industry. Demand for organic and natural products is increasing. Weakness: Seasonal availability leads to fluctuation in prices. High dependence on coconut producing countries. Opportunity: Rising health consciousness and demand for plant-based products present an opportunity. Growing food processing industry will drive the market. Threat: Currency fluctuations affect import-export of raw materials. Substitute products pose competition.

Key Takeaways

The global Middle East coconut products market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for functional and nutritional foods. The Middle East dominates the regional market and is expected to maintain its leading position during the forecast period as well. Countries like Saudi Arabia, UAE, and Israel are major consumers in the region.

Regional analysis: The Middle East region is the fastest growing market for coconut products. Major coconut importing countries in the region include Saudi Arabia, UAE, and Israel among others. Saudi Arabia accounted for over 20% of the market share in 2023 owing to high demand for coconut water and coconut milk.

Key players: 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.

Note:

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