The Middle East coconut products market was valued at US$ 771.1 million in 2020, according to Middle East Coconut Products Market Report, by Product Type (Coconut Powder, Coconut Water, Coconut Milk/Cream, Coconut Oil, and Others) and by Country (Saudi Arabia, U.A.E, Qatar, Oman, Bahrain, Kuwait, Israel, Iran, Iraq, Egypt, Turkey, and Rest of Middle East), published by Coherent Market Insights.
The Middle East coconut products market is expected to surpass US$ 1,549.5 million by 2028 and exhibit a CAGR of 7.9% during the forecast period (2021-2028). Health awareness in the Middle East is growing rapidly due to various initiatives to promote healthy lifestyles by the governments and public and private organizations. For instance, in 2016, Nestle, a food company, spread nutrition awareness in public schools in Dubai through Nestlé Healthy Kids program and Dubai Fitness Challenge to promote regular exercise in 2017. Such activities are increasing the demand for healthy and natural food products including coconut water and coconut milk.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/middle-east-coconut-products-market-4897
Browse 50 market data tables* and 45 figures* on "Coconut Products Market” – Middle East Forecast to 2028.
Key Trends and Analysis of the Coconut Products Market:
- Among countries, the increasing demand for coconut products such as coconut oil in the confectionery industry is expected to drive the Middle East coconut products market growth. For instance, according to the Department of Agriculture and Agri-Food Canada under the Government of Canada, the confectionery market in Saudi Arabia was valued at US$ 2,051.6 million in 2015, which increased to 2,235.9 million in 2016.
Key Takeaways of the Market:
- Among product types, coconut oil accounted for 40% of the revenue share in 2020. Refined coconut oil is used in the manufacturing of biscuits, chocolates, and other confectionery items, ice cream, pharmaceutical products, and paints.
Figure 1. Middle East Coconut Products Market Revenue Share (%), By Product Type, 2020
Key Players
- Major players operating in the Middle East coconut products market include 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’s Choice Foods Manufacturer Co. Ltd.
- Key players operating in the Middle East coconut products market are focusing on product portfolio expansion to strengthen their market presence. Companies focus on launching new products to enhance their product offerings. For instance, in 2018, Thai Coconut Public Company Ltd., a company producing coconut products, launched a new brand, 'Coco Buri', at Thaifex 2018 and also promoted two flagship items, cold process coconut water, and easy-open fresh coconut in domestic and international markets.
Middle East Coconut Products Market - Impact of Coronavirus (COVID-19) Pandemic
As per Coherent Market Insights’ analysis, disruption in global value chains and capital flows weigh on domestic production and demand in the Middle East. Also, important measures imposed in Pandemic in most MENA countries are bringing to a standstill the activity of many economic sectors in the region while has reduced the pace of transactions in terms of food & beverage sector. The COVID-19 outbreak is affecting the food & beverage private sector across the Middle East, throwing several key industries into turmoil, including tourism, logistics, and retail. The region’s wholesale and retail coupled with the food & beverage industry are also vulnerable to falling consumer demand.
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