by Coconut products are one of the richest sources of essential nutrients and high quality fat. Coconut oil, milk and other coconut products have gained immense popularity as a superfood due to their nutritional value and various associated health benefits. The coconut products market has witnessed significant growth in Middle East region driven by rising consumer awareness about the benefits of coconut products and adoption of healthy lifestyle choices in daily diet.
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 key trends:
Consumers are increasingly focusing on preventive healthcare and nutritional diets to avoid diseases. They are readily adopting coconut oil and milk in daily cooking and skincare routines due to the numerous health benefits offered. Coconut products are known to regulate cholesterol levels, aid weight management, reduce heart disease risk and improve digestive health among others. The trend of self-care and preference for natural ingredients has propelled the popularity of coconut products significantly across Middle East countries.
SWOT Analysis
Strength: Coconut is widely cultivated crop in Middle East region. Abundant availability of raw materials provides competitive advantage.
Weakness: Market is highly dependent on climatic conditions. Significant fluctuation in coconut production affects supply.
Opportunity: Increasing health consciousness among consumers is driving demand for natural and healthy products. Expanding application in food & beverage industry presents growth prospects.
Threats: Stiff competition from substitute products poses challenge. Political instability in some Middle East countries impacts business environment.
Key Takeaways
The Global Middle East Coconut Products Market Size is expected to witness high growth. The market size is projected to reach US$ 1,464.97 Mn by 2030, expanding at a CAGR of 5.2% during the forecast period.
Regional analysis:
The Middle East region dominates the coconut products market with over 65% share. Countries like Saudi Arabia, UAE are major coconut producers in the region. Favorable climatic conditions and increasing commercial coconut farming drives market growth in these nations.
Key players:
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. These companies are focusing on new product launches and regional expansion to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
