Coconut products have significant usage in food and
beverages such as coconut milk, coconut oil and desiccated coconut which find
diverse applications in cooking, bakery and confectionery products. The rising
demand from food processing industry is driving the growth of global coconut
products market. The Middle East coconut products market has exhibited
substantial growth in recent years owing to changing lifestyle and food
consumption patterns in the region. Countries such as Saudi Arabia, United Arab
Emirates and Qatar have witnessed rapid urbanization and economic growth which
has led to rising disposable income and increasing demand for packaged food
items.
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 11% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The expanding food and beverage industry in Middle East is one of the key
factors fueling the growth of coconut products market. Countries in the region
are witnessing significant investments by food conglomerates to establish
production and packaging facilities. For instance, Thai Agri Foods Public
Company Ltd has set up a fully integrated coconut product manufacturing plant
in Saudi Arabia to cater to the growing demand from local markets. Moreover,
changing preferences of consumers towards healthy and natural products is also
boosting the sales of coconut products. Coconut milk, water and oil are
perceived as healthier substitutes for dairy and other edible oils due to
presence of medium chain fatty acids and other essential nutrients. Leading
manufacturers are launching innovative product formulations incorporating
coconut to capture the market opportunity arising from increasing health
consciousness among Middle East population.
Segment Analysis
The Middle East coconut products market is dominated by the desiccated coconut
segment. Desiccated coconut accounted for around 40% of the overall market
share in 2024. It is the most versatile coconut product with wide applications
in bakery, confectionery and other foods. Its longer shelf life and easy
storage properties make it popular among consumers and food processors in the
Middle East region.
Key Takeaways
The global Middle
East coconut products market growth is estimated to be valued at US$ 968.67
Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period
2023 to 2030.
Regional analysis
The Middle East region is expected to witness high growth in coconut products
market share led by countries like UAE, Saudi Arabia and Qatar. UAE currently
dominates the coconut products market in the Middle East region with over 30%
market share. Growing health consciousness and increasing demand for natural
ingredients in food products is driving the demand for coconut products in UAE.
Several government initiatives to promote coconut farming is further supporting
market growth in the country.
Key players
Key players operating in the Middle East Coconut Products market 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. These players are focusing on
product innovation and expansion in distribution channels to strengthen their
market position.
Get more
insights on this topic: https://www.newswirestats.com/middle-east-coconut-products-market-industry-insights-trendsmiddle-east-coconut-products-market-2023-2030/
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