Coconut products find wide application in food and beverage industry. Coconut water, cream, milk, oil and other derivatives are used in culinary preparations, personal care items and other industrial applications. Coconut water acts as isotonic drink and its naturally occurring mineral and electrolyte content hydrates the body. Coconut oil possesses nourishing properties for hair and skin due to the presence of nutrients like vitamin E and lauric acid. Coconut milk adds richness and creaminess to curries and other Asian cuisines. Coconut cream is used in sweets, desserts and other bakery items to provide a luxurious taste.
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.
The market is driven by rising health consciousness and associated nutritional benefits of coconut products. Surging demand for natural ingredients based foods and beverages also support the market growth.
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.
Key opportunities in the market include introduction of new application areas of coconut products. With changing consumer preferences towards naturally sourced ingredients, demand for coconut water, milk and oil in beverages, soups, dressings is growing. Companies are developing highly functional products to target specific health issues.
Global expansion is observed through partnerships, acquisitions and new product launches. Regional players are focusing on catering to specifications of local markets. They also strive to develop customized blends as per applications in various industries. Export of value-added coconut derivatives sees an increase to untapped foreign markets.
Market Drivers: Growing health awareness about the immunity-boosting and hydrating properties of coconut water is a key driver. It is consumed as an alternative to packaged fruit juices. Coconut oil finds wide use in cosmetic formulations owing to its moisturizing and anti-aging effects.
Market Restraints: Seasonal availability of coconuts affects steady supply chain and demand-supply gap. Transportation and storage issues contribute to overall product costs. Price volatility of raw materials impacts profit margins of coconut product manufacturers. Supply chain disruptions amid pandemic pose challenges.
Segment Analysis
Content: The Middle East Coconut Products Market Demand can be segmented based on type into coconut water, coconut oil, coconut cream, coconut milk, desiccated coconut, coconut snacks and others. Among these, the coconut water segment dominates the market and is expected to continue its dominance during the forecast period. Rising awareness about the hydrating properties and nutritional benefits of coconut water such as presence of electrolytes like potassium, sodium and magnesium is driving the demand for coconut water in the region.
Global Analysis
Content: Regionally, GCC countries are expected to dominate the Middle East coconut products market during the forecast period. Growing health-conscious population and rising disposable incomes in countries like Saudi Arabia, UAE and Kuwait is driving the demand for coconut products in these countries. Moreover, increasing availability of coconut products through expanding distribution channels such as supermarkets and hypermarkets as well as growing number of health food stores catering to vegan and paleo diets is further fueling the market growth. Southeast Asia is also expected to witness significant growth in the global coconut products market. Countries like Thailand, Indonesia and Philippines being among the top coconut producing countries globally have easy access to quality coconut products.
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