GCC: Coconut Oil Market 2024

Coconut Oil Exports

Exports in GCC

In 2022, approx. X tons of coconut (copra) oil were exported in GCC; with an increase of 5.8% compared with 2021 figures. Overall, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 136%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports surged to $X in 2022. Over the period under review, exports showed buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 188% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates was the major exporter of coconut (copra) oil in GCC, with the volume of exports finishing at X tons, which was near 82% of total exports in 2022. It was distantly followed by Oman (X tons), committing a 16% share of total exports. Saudi Arabia (X tons) held a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the coconut (copra) oil exports, with a CAGR of +10.5% from 2012 to 2022. At the same time, Oman (+5.0%) displayed positive paces of growth. By contrast, Saudi Arabia (-12.4%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Oman (-4.6 p.p.) and Saudi Arabia (-13.8 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest coconut oil supplier in GCC, comprising 89% of total exports. The second position in the ranking was held by Oman ($X), with a 7.9% share of total exports.

In the United Arab Emirates, coconut oil exports expanded at an average annual rate of +17.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+6.2% per year) and Saudi Arabia (-7.6% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, surging by 14% against the previous year. Overall, the export price saw prominent growth. The growth pace was the most rapid in 2019 when the export price increased by 131%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+6.6%), while the other leaders experienced more modest paces of growth.

Coconut Oil Imports

Imports in GCC

In 2022, the amount of coconut (copra) oil imported in GCC fell dramatically to X tons, with a decrease of -21.6% on the previous year's figure. In general, imports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 104% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted markedly in the following year.

In value terms, coconut oil imports declined notably to $X in 2022. Overall, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2014 when imports increased by 99% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then declined remarkably in the following year.

Imports by Country

The United Arab Emirates was the key importer of coconut (copra) oil in GCC, with the volume of imports reaching X tons, which was approx. 57% of total imports in 2022. Kuwait (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Oman (7.2%), Qatar (5.2%) and Bahrain (5%). Saudi Arabia (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to coconut oil imports into the United Arab Emirates stood at +9.1%. At the same time, Kuwait (+22.0%), Qatar (+16.0%), Bahrain (+10.5%) and Oman (+4.3%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +22.0% from 2012-2022. By contrast, Saudi Arabia (-10.3%) illustrated a downward trend over the same period. Kuwait (+15 p.p.), the United Arab Emirates (+6.7 p.p.) and Qatar (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Oman and Saudi Arabia saw its share reduced by -2.8% and -22.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported coconut (copra) oil in GCC, comprising 51% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 23% share of total imports. It was followed by Oman, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +9.8%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+26.0% per year) and Oman (+6.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2015 when the import price increased by 28%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform