Coconut-based Food and Beverages is the largest segment driving the growth of Middle East Coconut Products Market
Market Overview:
Coconut products mainly include coconut water, coconut oil, coconut milk/cream and desiccated coconut that are widely used in cooking applications, beverages, snacks and other food products in the Middle East region. Coconut-based products offer various health benefits such as boosting immunity, aiding digestion and weight management.
Market key trends:
The increasing demand for plant-based and natural food ingredients across Middle East nations is a key trend fueling the growth of coconut products market. Coconut being a good source of various nutrients and healthy fats, is finding widening scope of applications in the food processing industry in various forms including coconut water, coconut milk and coconut oil. Moreover, the rising awareness among Middle Eastern consumers about the health advantages of coconut is augmenting the consumption of coconut-based foods and beverages in the region. Additionally, rapid urbanization and changing lifestyle are also propelling the market growth.
Market Dynamics:
The Middle East Coconut Products Market Demand has been witnessing high growth owing to the increasing awareness about the health benefits of coconut products. Coconut water is considered a natural isotonic drink that effectively hydrates the body without adding many calories. It contains electrolytes like potassium, sodium and magnesium which make it a popular alternative to carbonated sodas. Rising obesity and health consciousness in the region has been driving the demand for healthy beverages like coconut water. Furthermore, increasing adoption of veganism has boosted the consumption of plant-based milk alternatives like coconut milk.
SWOT Analysis:
Strength:
- Health benefits of coconut products such as hydration, digestion support, cholesterol maintenance, etc. drive consumer demand.
Weakness:
- Seasonal fluctuations in supply of raw materials lead to inconsistent availability of products.
- High dependency on imports results in fluctuations in prices.
Opportunity:
- Growing health and wellness trend creates potential for launching new product innovations.
- Increasing influence of western food culture boosts opportunities in flavored coconut products.
Threats:
- Competition from alternative plant-based products limits market expansion.
- Vulnerable to climatic changes affecting coconut cultivation.
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 health consciousness among consumers. The market size for 2023 is estimated to be US$ 968.67 Mn.
Regional analysis:
United Arab Emirates dominates the Middle East coconut products market with the largest market share owing to rising health awareness. Saudi Arabia exhibits highest growthrate attributed to growing expatriate population influencing food habits.
Key players:
Key players operating in the Middle East coconut products market includes 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.
Read More:
https://perfectinsights.blogspot.com/2023/11/growing-health-benefits-to-fuel.html
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