Middle East Coconut Products Market Is Estimated To Witness High Growth Owing To Opportunity For Geographic Expansion Of Coconut Products
Middle East Coconut Products Market
Coconut products including coconut oil, coconut milk,
coconut water, coconut flour, dried coconut powder and others extracted from
coconut endosperm have variety of health benefits. Coconut products are known
to improve digestion, lower blood pressure, aid weight loss and boost heart
health due to presence of beneficial fatty acids and fibre content. Rising
awareness about multifunctional properties of coconut products is driving
demand for various coconut based food and beverages in Middle East countries.
The
global Middle East Coconut Products
Market is estimated to be valued at Us$
1115.91 Million In 2024 and is expected to exhibit a CAGR Of 11% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent
Market Insights.
Market Opportunity:
Growing health consciousness and rising demand for natural and organic food
products in Middle East countries isoffering lucrative growth opportunity for
coconut product manufacturers to geographically expand their business and
strengthen distribution channels in the region. Large population base, rising
disposable incomes and prevalence of lifestyle diseases have increased demand
for tropical food itemsLike coconut products in Middle East. Manufacturers can
leverage this opportunity by launching new range of value added coconut
products for health conscious consumers and partnering with local distributors
to enhance product availability across Hypermarkets, supermarkets, convenience
stores and online channels. partnerships will help companies establish strong
footprint in Middle East coconut products market and achieve double digit
revenue growth over forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the Middle East coconut
products market is moderate as the market is served by few large established
players. However, the growing demand for coconut products in the region may
encourage new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the Middle East
coconut products market is high due to the presence of many private label
brands providing products at lower rates. Buyers can easily switch to
substitutes if prices are high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
the major suppliers of coconuts are from Southeast Asian countries. However,
suppliers from these countries face high transportation costs to serve the
Middle Eastern market.
Threat of new substitutes: The threat of substitutes is moderate as coconut
products face competition from other tropical fruits and plant-based products.
Competitive rivalry: The competition in the market is high among the existing
players. Players compete based on product quality, price, innovation,
promotion, and distribution.
SWOT Analysis
Strengths: Growing health consciousness and increasing awareness about the
various health benefits of coconut products are driving their demand. The
organic and premium nature of coconut products also strengthens their market
position.
Weaknesses: Seasonal availability and price volatility of raw materials affect
the stable supply and pricing of coconut products. Transportation of raw
materials over long distances raises production costs.
Opportunities: Rising incomes and changing lifestyles in the Middle East are
fueling the demand for premium and innovative coconut products. The market
offers scope for product innovation using coconut as a prominent ingredient.
Threats: High dependency on imports from other countries makes the market
vulnerable to changes in trade policies and climate change effects in major
supplying countries. Substitute products like olive oil and dates pose
competition.
Key Takeaways
The Global Middle East Coconut Products Market Demand
is expected to witness high growth over the forecast period of 2024-2031.
The growing health and wellness trend as well as increasing awareness about the
nutritional benefits of coconut is driving significant market demand in the
region. The global Middle East Coconut Products Market is estimated to be
valued at US$ 1115.91 million in 2024 and is expected to exhibit a CAGR of 11%
over the forecast period 2024 to 2031.
Regional analysis –
The
UAE accounts for the largest share in the Middle East coconut products market
owing to the large expatriate population from Southeast Asia and high health
consciousness. Other major markets include Saudi Arabia and Qatar where coconut
product consumption is rising fast driven by changed lifestyles.
Key players –
Key
players operating in the Middle East coconut products market are Pure Coconut,
VANTASTIC, Franklin Baker, Nutiva and KKP Industries. These players dominate
the market and are focusing on product innovation and marketing to strengthen
their position further.
Tags
: Middle East Coconut Products Market, Middle East Coconut Products Market
Size, Middle East Coconut Products Market Growth, Middle East Coconut Products
Market Trends, Food and
Beverages, Coherent
Market Insights, Middle Eastern Cuisines
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