Bahrain: Cocoa Powder Market 2024

Cocoa Powder Market Size in Bahrain

The Bahraini cocoa powder market contracted sharply to $X in 2022, reducing by -24.8% against the previous year. In general, consumption, however, enjoyed mild growth. Cocoa powder consumption peaked at $X in 2021, and then reduced markedly in the following year.

Cocoa Powder Production in Bahrain

In value terms, cocoa powder production fell remarkably to $X in 2022 estimated in export price. In general, production showed a dramatic decline. The most prominent rate of growth was recorded in 2017 with an increase of 133%. Cocoa powder production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports from Bahrain

In 2022, shipments abroad of cocoa powder (not sweetened) was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, saw a deep setback. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa powder exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a prominent increase. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Kuwait (X kg), Oman (X kg) and Saudi Arabia (X kg) were the main destinations of cocoa powder exports from Bahrain, together accounting for 91% of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +35.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Kuwait ($X) emerged as the key foreign market for cocoa powder (not sweetened) exports from Bahrain, comprising 57% of total exports. The second position in the ranking was held by Oman ($X), with a 27% share of total exports. It was followed by Saudi Arabia, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value to Kuwait was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (+33.5% per year) and Saudi Arabia (-12.9% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, picking up by 45% against the previous year. Overall, the export price showed resilient growth. The pace of growth was the most pronounced in 2018 an increase of 384% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Free Zones ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+87.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Bahrain

After four years of growth, overseas purchases of cocoa powder (not sweetened) decreased by -22.2% to X tons in 2022. In general, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 805%. Imports peaked at X tons in 2021, and then reduced remarkably in the following year.

In value terms, cocoa powder imports reduced markedly to $X in 2022. Overall, imports, however, posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 345% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined markedly in the following year.

Imports by Country

In 2022, Singapore (X tons) constituted the largest cocoa powder supplier to Bahrain, accounting for a 78% share of total imports. Moreover, cocoa powder imports from Singapore exceeded the figures recorded by the second-largest supplier, Germany (X tons), sevenfold. The third position in this ranking was held by India (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Singapore totaled +104.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+45.5% per year) and India (+224.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of cocoa powder (not sweetened) to Bahrain, comprising 74% of total imports. The second position in the ranking was taken by Germany ($X), with an 11% share of total imports. It was followed by India, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value from Singapore stood at +98.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+26.9% per year) and India (+201.7% per year).

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, increasing by 4.1% against the previous year. Over the period under review, the import price, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2017 an increase of 603% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+235.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform