MENA: Cocoa Butter Market 2024

Cocoa Butter Market Size in MENA

In 2022, the MENA's cocoa butter market decreased by -0.1% to $X, falling for the second year in a row after three years of growth. The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 8.6% against the previous year. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Cocoa Butter Production in MENA

In value terms, cocoa butter production reached $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 8.5% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Cocoa Butter Exports

Exports in MENA

In 2022, shipments abroad of cocoa butter was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Total exports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 49% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cocoa butter exports soared to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -29.0% against 2018 indices. The pace of growth was the most pronounced in 2018 when exports increased by 60%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Turkey was the main exporting country with an export of around X tons, which resulted at 70% of total exports. It was distantly followed by Algeria (X tons), committing a 28% share of total exports. The United Arab Emirates (X tons) held a relatively small share of total exports.

Exports from Turkey increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Algeria (+11.9%) and the United Arab Emirates (+10.5%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing exporter exported in MENA, with a CAGR of +11.9% from 2012-2022. From 2012 to 2022, the share of Algeria and Turkey increased by +14 and +2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest cocoa butter supplier in MENA, comprising 68% of total exports. The second position in the ranking was taken by Algeria ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +6.4%. In the other countries, the average annual rates were as follows: Algeria (+16.2% per year) and the United Arab Emirates (+19.6% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, declining by -6.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2014 an increase of 25%. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey ($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 (+8.3%), while the other leaders experienced more modest paces of growth.

Cocoa Butter Imports

Imports in MENA

In 2022, the amount of cocoa butter imported in MENA shrank to X tons, with a decrease of -8.7% on the previous year's figure. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 35%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, cocoa butter imports fell significantly to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +10.5% against 2016 indices. The pace of growth was the most pronounced in 2014 with an increase of 57% against the previous year. The level of import peaked at $X in 2021, and then shrank sharply in the following year.

Imports by Country

Turkey represented the key importer of cocoa butter in MENA, with the volume of imports amounting to X tons, which was near 44% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 17% share, followed by Israel (12%), Egypt (7.1%), Saudi Arabia (6%) and Iran (5%). Algeria (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Algeria (+11.3%), Egypt (+8.1%), Israel (+4.6%) and Saudi Arabia (+2.1%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in MENA, with a CAGR of +11.3% from 2012-2022. By contrast, the United Arab Emirates (-1.2%) and Iran (-1.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Egypt, Israel and Algeria increased by +3.3, +3.1, +2.5 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cocoa butter in MENA, comprising 40% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Israel, with a 12% share.

In Turkey, cocoa butter imports expanded at an average annual rate of +8.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.7% per year) and Israel (+7.1% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, waning by -8% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -16.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 48%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Iran ($X per ton), while Turkey ($X per ton) and Israel ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform