by The Middle East coconut products market is primarily driven by the growing demand for coconut oil, coconut water, and dried coconut products. Coconut products have several health benefits such as heart-healthy fat, fiber, vitamins, and minerals that are essential for a healthy weight, digestion, and heart health. The growing health-consciousness among people has increased the demand for coconut products in the region.
The Global Middle East coconut products market is estimated to be valued at US$ 1115.91 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Middle East coconut products 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. The key players are focusing on new product launches, mergers & acquisitions, and strengthening their distribution network to expand their market share in the region.
The key opportunities in the Middle East Coconut Products Market Growth include the growing adoption of coconut derivatives in food & beverage industry, personal care products, and medical applications owing to their therapeutic properties. Furthermore, the rising exports of coconut products from tropical countries to the Middle Eastern countries is also expected to provide growth opportunities to manufacturers during the forecast period.
The global expansion of the Middle East coconut products market is driven by the increasing exports of coconut products from Asian countries such as India, Thailand, Indonesia, and Philippines. The Middle Eastern countries import a significant amount of desiccated coconut, coconut oil, coconut water, and other value-added coconut products. The manufacturers are focusing on overseas markets to leverage growth opportunities.
Market Drivers
The rising consumption of healthy foods is one of the major drivers for the growth of the Middle East coconut products market. Coconut products are considered highly nutritious as they contain heart-healthy fats, highfiber, protein, vitamins, and minerals. The health-conscious consumers are increasingly opting for coconut oil over other oils owing to its various health benefits. This is positively impacting the sales of coconut products in the region.
PEST Analysis
Political: In terms of demand and consumption, coconut products market is impacted by stability in political environment and foreign policies of countries in Middle East region. Any political unrest or changes in trade policies can impact import and export of coconut products in the region.
Economic: Rising disposable incomes, growing population, and increasing health awareness are major drivers of coconut products market growth. Economies of GCC countries like Saudi Arabia, UAE etc. offer lucrative opportunities for coconut products due to high spending power of consumers.
Social: Changing lifestyle and eating patterns have increased demand for healthy and nutritious food products. Coconut products are considered very healthy due to various nutritional properties like vitamins, minerals, fiber etc. and thus gain more social acceptance.
Technological: Technology plays an important role in processing, packaging and distribution of coconut products. Advanced processing technologies help manufacturers offer coconut products in various forms like coconut milk, cream, powder etc. New packaging techniques aid in increasing shelf life of coconut products.
In terms of value, Middle East coconut products market is concentrated majorly in GCC countries like United Arab Emirates, Saudi Arabia and Qatar owing to high disposable incomes, expatriate population and widespread distribution channels.
India is emerging as the fastest growing regional market for coconut products due to rising domestic consumption, increasing product export to Middle East countries and government initiatives to support coconut farming.
