MENA: Cocoa Bean Market 2024

Cocoa Bean Market Size in MENA

In 2022, the MENA's cocoa bean market decreased by -34.1% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption saw a noticeable curtailment. Over the period under review, the market attained the peak level at $X in 2021, and then reduced sharply in the following year.

Cocoa Bean Production in MENA

In value terms, cocoa bean production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 10% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

The United Arab Emirates (X tons) constituted the country with the largest volume of cocoa bean production, accounting for 95% of total volume. It was followed by Lebanon (X tons), with a 2.6% share of total production.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United Arab Emirates amounted to +1.0%.

Cocoa Bean Exports

Exports in MENA

In 2022, overseas shipments of cocoa beans decreased by -5.7% to X tons, falling for the third year in a row after two years of growth. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 122%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cocoa bean exports shrank markedly to $X in 2022. Overall, exports saw a slight decrease. The pace of growth appeared the most rapid in 2018 with an increase of 110%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the largest exporting country with an export of about X tons, which resulted at 81% of total exports. It was distantly followed by Turkey (X tons), making up a 14% share of total exports. Lebanon (X tons) took a minor share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of cocoa beans. At the same time, Lebanon (+15.1%) displayed positive paces of growth. Moreover, Lebanon emerged as the fastest-growing exporter exported in MENA, with a CAGR of +15.1% from 2012-2022. Turkey experienced a relatively flat trend pattern. From 2012 to 2022, the share of Lebanon increased by +3.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest cocoa bean supplier in MENA, comprising 82% of total exports. The second position in the ranking was held by Turkey ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled -1.6%. In the other countries, the average annual rates were as follows: Turkey (+0.9% per year) and Lebanon (+13.9% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, reducing by -14.6% against the previous year. Over the period under review, the export price saw a mild curtailment. The most prominent rate of growth was recorded in 2014 an increase of 29% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.3%), while the other leaders experienced a decline in the export price figures.

Cocoa Bean Imports

Imports in MENA

In 2022, supplies from abroad of cocoa beans decreased by -29.6% to X tons, falling for the second consecutive year after two years of growth. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 19% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports fell remarkably to $X in 2022. Over the period under review, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2020 when imports increased by 26% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then fell sharply in the following year.

Imports by Country

Turkey prevails in imports structure, finishing at X tons, which was approx. 91% of total imports in 2022. It was distantly followed by Iran (X tons), creating a 4.7% share of total imports. The following importers - Tunisia (X tons) and Algeria (X tons) - each accounted for a 3.6% share of total imports.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of cocoa beans. At the same time, Iran (+8.3%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in MENA, with a CAGR of +8.3% from 2012-2022. By contrast, Tunisia (-10.9%) and Algeria (-19.3%) illustrated a downward trend over the same period. Turkey (+12 p.p.) and Iran (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Tunisia and Algeria saw its share reduced by -4% and -10.5% from 2012 to 2022, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported cocoa beans in MENA, comprising 90% of total imports. The second position in the ranking was held by Iran ($X), with a 5.6% share of total imports. It was followed by Tunisia, with a 2.2% share.

In Turkey, cocoa bean imports plunged by an average annual rate of -1.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Iran (+8.5% per year) and Tunisia (-10.5% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, which is down by -10.1% against the previous year. Overall, the import price recorded a mild decrease. The growth pace was the most rapid in 2014 an increase of 9.3%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Iran ($X per ton) and Tunisia ($X per ton), while Algeria ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+0.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform