Middle East Coconut Products Market Estimated To Witness High Growth Owing To Increasing Health Awareness
Coconut products are derived from the coconut palm and are widely used in food, cosmetic and pharmaceutical industries. Coconut products such as coconut oil, coconut milk, coconut water, coconut cream etc. are commonly used in cooking and are a rich source of various nutrients. These products provide several health benefits such as improved heart health, weight loss, skin and hair care. The growing awareness about health benefits of coconut products among consumers in the Middle East is driving the growth of the coconut products market.
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
Increasing health awareness and popularity of organic and natural foods among consumers are the major drivers of the Middle East coconut products market. Coconut products are considered highly nutritious as they are excellent sources of plant-based fats, vitamins, minerals and other components. Further, coconut oil and coconut milk are commonly used in several Middle Eastern cuisines which is also contributing to the growth of this market. However, availability of substitutes like palm oil and soybean oil may hamper the market growth over the forecast period.
SWOT Analysis
Strength: The Middle East has a large population with rising disposable incomes, driving demand for coconut products in the region. Countries like UAE and Saudi Arabia have a fast growing organized retail sector that provides ample opportunities for the sale of packaged coconut products. Availability of raw materials like coconuts is another strength as countries like Indonesia and Philippines export coconuts to the Middle East region.
Weakness: Presence of substitute products like almond and olive oil limits the growth potential of coconut oil in cooking applications. High dependence on imports for raw materials increases the risks associated with supply chain disruptions.
Opportunity: Increasing health awareness among consumers is driving the demand for virgin coconut oil and other organic coconut products with perceived health benefits. Introduction of new product categories beyond traditional offerings of coconut oil and butter provides scope for market expansion. Growing preference for vegan and plant-based diets opens up opportunities in foodservice and food processing sectors.
Threats: Price volatility of raw materials depending on climatic conditions poses challenges. Stringent food safety regulations in the Gulf countries raise compliance costs.
Key Takeaways
The Global Middle East Coconut Products Market Size is expected to witness high growth. From 2023 to 2030, the market is forecast to flourish at a CAGR of 5.2% and reach a value of US$ 1.57 billion by 2030.
Saudi Arabia accounts for over 30% of the market revenue currently due to a large population base and growing health consciousness. UAE holds second place with rapidly developing retail and foodservice sectors boosting sales of coconut oil and related products. The region receives most of its coconut imports from Asian countries like Philippines, Indonesia, and India due to lower costs and strategic trade relations.
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. The global Middle East Coconut Products market is fragmented with the presence of several international and regional players competing for market share. Leading companies are investing in new product launches, marketing campaigns, and expansion into lucrative high-growth markets to gain an edge.
For more Insights, Read –
https://www.rapidwebwire.com/middle-east-coconut-products-market-market-size-share-analysis-growth/
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