GCC: Chocolate Market 2024

Chocolate Market Size in GCC

The GCC chocolate market expanded slightly to $X in 2022, picking up by 2.9% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.5% against 2020 indices. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Chocolate Production in GCC

In value terms, chocolate production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 20%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Chocolate Exports

Exports in GCC

In 2022, overseas shipments of chocolate and cocoa products increased by 2.4% to X tons for the first time since 2016, thus ending a five-year declining trend. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 27% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, chocolate exports expanded slightly to $X in 2022. Over the period under review, exports, however, recorded a mild slump. The most prominent rate of growth was recorded in 2013 when exports increased by 16% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of chocolate and cocoa products, generating 72% of total exports. Saudi Arabia (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Oman (9%).

Exports from the United Arab Emirates decreased at an average annual rate of -2.6% from 2012 to 2022. At the same time, Oman (+13.1%) and Saudi Arabia (+9.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +13.1% from 2012-2022. From 2012 to 2022, the share of Saudi Arabia and Oman increased by +11 and +6.5 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest chocolate supplier in GCC, comprising 65% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled -4.8%. In the other countries, the average annual rates were as follows: Saudi Arabia (+15.7% per year) and Oman (+23.9% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, leveling off at the previous year. In general, the export price, however, continues to indicate a slight setback. The pace of growth appeared the most rapid in 2015 an increase of 23%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+9.5%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in GCC

In 2022, overseas purchases of chocolate and cocoa products were finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by 17% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, chocolate imports declined modestly to $X in 2022. The total import value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 20%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented roughly 72% of total imports in 2022. It was distantly followed by Oman (X tons), Kuwait (X tons) and Qatar (X tons), together committing a 25% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +4.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X), together accounting for 80% of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +6.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, shrinking by -4.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 12%. As a result, import price reached the peak level of $X per ton, and then reduced slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform