GCC: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in GCC

The GCC refined coconut oil market reached $X in 2022, approximately equating the previous year. In general, consumption, however, posted a resilient expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Coconut Oil Production in GCC

In value terms, refined coconut oil production rose remarkably to $X in 2022 estimated in export price. Overall, production recorded resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 67% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports in GCC

In 2022, the amount of refined coconut (copra) oil exported in GCC expanded remarkably to X tons, growing by 5.3% compared with the year before. In general, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 228%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports soared to $X in 2022. Over the period under review, exports recorded a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 288% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of refined coconut (copra) oil, committing 82% of total exports. It was distantly followed by Oman (X tons), making up a 16% share of total exports. Saudi Arabia (X tons) took a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the refined coconut (copra) oil exports, with a CAGR of +19.7% from 2012 to 2022. At the same time, Oman (+6.1%) displayed positive paces of growth. By contrast, Saudi Arabia (-5.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+30 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-12.9 p.p.) and Oman (-17.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest refined coconut oil supplier in GCC, comprising 89% of total exports. The second position in the ranking was taken by Oman ($X), with a 7.3% share of total exports.

In the United Arab Emirates, refined coconut oil exports expanded at an average annual rate of +25.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+6.4% per year) and Saudi Arabia (-0.6% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, surging by 19% against the previous year. In general, the export price posted a measured increase. The growth pace was the most rapid in 2019 an increase of 135%. 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.

Prices varied noticeably by country of origin: 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 Saudi Arabia (+4.9%), while the other leaders experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports in GCC

Refined coconut oil imports reduced sharply to X tons in 2022, falling by -21.2% on 2021. In general, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 112%. The volume of import peaked at X tons in 2021, and then declined rapidly in the following year.

In value terms, refined coconut oil imports dropped markedly to $X in 2022. Overall, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by 102%. The level of import peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

The United Arab Emirates was the key importer of refined coconut (copra) oil in GCC, with the volume of imports recording X tons, which was approx. 61% of total imports in 2022. Kuwait (X tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Oman (7.2%) and Bahrain (5.4%). Qatar (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined coconut oil imports into the United Arab Emirates stood at +9.4%. At the same time, Qatar (+49.0%), Kuwait (+22.5%), Bahrain (+11.6%) and Oman (+3.4%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +49.0% from 2012-2022. From 2012 to 2022, the share of Kuwait, the United Arab Emirates, Qatar and Bahrain increased by +17, +8.8, +3.2 and +1.6 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined coconut (copra) oil in GCC, comprising 54% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 25% share of total imports. It was followed by Oman, with a 9.2% share.

In the United Arab Emirates, refined coconut oil imports expanded at an average annual rate of +9.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+26.0% per year) and Oman (+5.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -6.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2015 an increase of 30% against the previous year. The level of import peaked at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($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 (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform