GCC: Cocoa Powder Market 2024

Cocoa Powder Market Size in GCC

In 2022, the GCC cocoa powder market decreased by -3.4% to $X for the first time since 2016, thus ending a five-year rising trend. The market value increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2021, and then fell in the following year.

Cocoa Powder Production in GCC

In value terms, cocoa powder production declined to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +1.5% against 2020 indices. The growth pace was the most rapid in 2013 when the production volume increased by 39% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports in GCC

In 2022, overseas shipments of cocoa powder (not sweetened) increased by 151% to X tons, rising for the seventh year in a row after two years of decline. Overall, exports continue to indicate a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa powder exports declined notably to $X in 2022. Over the period under review, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 61%. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

The United Arab Emirates prevails in exports structure, amounting to X tons, which was near 92% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), committing a 7.2% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the cocoa powder (not sweetened) exports, with a CAGR of +24.5% from 2012 to 2022. At the same time, Saudi Arabia (+10.2%) displayed positive paces of growth. While the share of the United Arab Emirates (+15 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-13.1 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest cocoa powder supplier in GCC, comprising 71% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 27% share of total exports.

In the United Arab Emirates, cocoa powder exports increased at an average annual rate of +9.2% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, dropping by -66.7% against the previous year. Over the period under review, the export price recorded a abrupt contraction. The pace of growth appeared the most rapid in 2015 when the export price increased by 24% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.6%).

Cocoa Powder Imports

Imports in GCC

In 2022, after four years of growth, there was decline in supplies from abroad of cocoa powder (not sweetened), when their volume decreased by -4.1% to X tons. Over the period under review, imports, however, saw strong growth. The growth pace was the most rapid in 2019 when imports increased by 34%. The volume of import peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, cocoa powder imports reduced to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.5% against 2016 indices. The pace of growth was the most pronounced in 2019 when imports increased by 29% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X tons, which resulted at 54% of total imports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Kuwait (X tons) and Bahrain (X tons). All these countries together held near 42% share of total imports. Oman (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Bahrain (with a CAGR of +50.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 89% of total imports. Bahrain and Oman lagged somewhat behind, together accounting for a further 9%.

Among the main importing countries, Bahrain, with a CAGR of +36.6%, saw the highest growth rate of 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, which is down by -3.9% against the previous year. Overall, the import price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2021 when the import price increased by 9.9% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Oman ($X per ton) and Bahrain ($X per ton), while the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform