GCC: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in GCC

In 2022, the GCC crude coconut oil market increased by 21% to $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Crude Coconut Oil Production in GCC

In value terms, crude coconut oil production contracted to $X in 2022 estimated in export price. Overall, production saw a significant increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 300%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports in GCC

Crude coconut oil exports rose rapidly to X tons in 2022, surging by 10% on the previous year's figure. Over the period under review, exports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 when exports increased by 433%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude coconut oil exports shrank modestly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 487%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the largest exporter of crude coconut (copra) oil, making up 79% of total exports. It was distantly followed by Oman (X tons), making up a 21% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -5.7% from 2012 to 2022. Oman experienced a relatively flat trend pattern. While the share of Oman (+11 p.p.) and the United Arab Emirates (+5.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest crude coconut oil supplier in GCC, comprising 88% of total exports. The second position in the ranking was held by Oman ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +2.5%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -9.4% against the previous year. In general, the export price, however, enjoyed a strong expansion. The growth pace was the most rapid in 2017 an increase of 45% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while Oman stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.6%).

Crude Coconut Oil Imports

Imports in GCC

In 2022, imports of crude coconut (copra) oil in GCC fell sharply to X tons, waning by -23.8% on the previous year's figure. Over the period under review, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 165%. As a result, imports reached the peak of X tons, and then shrank notably in the following year.

In value terms, crude coconut oil imports fell to $X in 2022. Overall, imports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2015 when imports increased by 75% against the previous year. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Saudi Arabia was the largest importer of crude coconut (copra) oil in GCC, with the volume of imports reaching X tons, which was near 42% of total imports in 2022. It was distantly followed by Qatar (X tons), the United Arab Emirates (X tons) and Oman (X tons), together making up a 52% share of total imports. Kuwait (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 leading importing countries, was attained by Oman (with a CAGR of +21.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude coconut oil importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X), with a combined 80% share of total imports. Kuwait and Oman lagged somewhat behind, together accounting for a further 19%.

In terms of the main importing countries, Oman, with a CAGR of +29.1%, saw 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

The import price in GCC stood at $X per ton in 2022, surging by 18% against the previous year. Over the period under review, the import price showed a moderate increase. The pace of growth appeared the most rapid in 2019 an increase of 51%. 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 Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+14.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform