GCC: Cocoa Butter Market 2024

Cocoa Butter Market Size in GCC

The GCC cocoa butter market reduced to $X in 2022, with a decrease of -6.6% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.2% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Cocoa Butter Production in GCC

In value terms, cocoa butter production dropped to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.8% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 55%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Cocoa Butter Exports

Exports in GCC

In 2022, shipments abroad of cocoa butter decreased by -6% to X tons, falling for the second year in a row after four years of growth. Overall, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 109%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa butter exports shrank slightly to $X in 2022. In general, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 295%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) represented roughly 99% of total exports in 2022.

The United Arab Emirates was also the fastest-growing in terms of the cocoa butter exports, with a CAGR of +10.5% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest cocoa butter supplier in GCC.

In the United Arab Emirates, cocoa butter exports expanded at an average annual rate of +19.6% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, growing by 5.7% against the previous year. In general, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2021 an increase of 116% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +8.3% per year.

Cocoa Butter Imports

Imports in GCC

In 2022, approx. X tons of cocoa butter were imported in GCC; which is down by -18.7% against the previous year. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 61%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa butter imports declined significantly to $X in 2022. In general, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2014 when imports increased by 93%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of cocoa butter in GCC, with the volume of imports recording X tons, which was near 73% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), constituting a 25% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -1.2% from 2012 to 2022. At the same time, Saudi Arabia (+2.1%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in GCC, with a CAGR of +2.1% from 2012-2022. Saudi Arabia (+5.7 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -6.1% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported cocoa butter in GCC, comprising 74% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +4.7%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, increasing by 3.7% against the previous year. Import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -5.5% against 2020 indices. The pace of growth was the most pronounced in 2014 when the import price increased by 45%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.7%).

Source: IndexBox Platform