The Middle East coconut products market includes versatile products derived from coconut such as coconut oil, coconut water, coconut milk powder, coconut cream and many more. Coconut based products are widely used in food and beverages industry for cooking as well as in personal care and cosmetic products due to their various health benefits. Coconut oil is used for cooking, massaging and hair care due to presence of beneficial nutrients. Coconut water contains essential minerals and electrolytes and is a refreshing natural alternative to carbonated drinks and fruit juices.
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 Dynamics:
Coconut has various medicinal properties and contains healthy fats, vitamins, minerals and other nutrients that provide numerous health benefits. Coconut oil contains lauric acid which is helpful for heart health. This property of coconut is expected to flourish the Middle East coconut products market over the forecast period.
Changing Lifestyles: Busy lifestyles and fast paced lives have increased the demand for convenient and portable packaging of foods as well as personal care products. This has driven innovation and development of various coconut based products like coconut water in tetra packs and easy to use coconut oil & cream in bottles and jars. Rising disposable income levels and changing consumer lifestyles are further fuelling market growth in the region.
Segment Analysis
The Middle East coconut products market is dominated by virgin coconut oil segment, holding around 45% share in 2023. Virgin coconut oil has seen increased demand due to growing health and wellness trend among consumers in the Middle East region. It is considered as superfood with numerous health benefits such as weight management, improved heart health and immunity.
PEST Analysis
Political: The Middle East governments are focusing on boosting agriculture production in the region through various initiatives like subsidies and import duties on certain agricultural products. This is positively impacting the coconut products market.
Economic: Rising disposable incomes and growing health awareness is driving higher consumer spending on premium and natural coconut products in the Middle East.
Social: Younger population is more inclined towards adopting western health trends and consuming products with perceived wellness benefits like those from coconuts.
Technological: Focus on mechanization and adoption of advanced harvesting techniques by coconut producers is helping increase yield and address shortage of workforce in the agriculture sector.
Key Takeaways
The Global Middle East Coconut Products Market Size is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023 to 2030.
The GCC countries dominated the Middle East coconut products market in 2023, accounting for over 35% share. Growing health consciousness coupled with rising expenditure capacity of consumers is driving demand for coconut products in Saudi Arabia, UAE and other GCC nations.
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. Key players like F. Hoffmann-La Roche AG are focusing on expanding their product portfolio and distribution footprint in high potential Middle East markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it