MENA: Cocoa Paste Market 2024

Cocoa Paste Market Size in MENA

In 2021, after three years of growth, there was decline in the MENA's cocoa paste market, when its value decreased by -2.1% to $X. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 8%. Over the period under review, the market hit record highs at $X in 2020, and then contracted slightly in the following year.

Cocoa Paste Production in MENA

In value terms, cocoa paste production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 8% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Cocoa Paste Exports

Exports in MENA

In 2021, shipments abroad of cocoa paste decreased by -32.5% to X tons, falling for the second consecutive year after two years of growth. In general, exports showed a pronounced decline. The growth pace was the most rapid in 2018 when exports increased by 35%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, cocoa paste exports dropped notably to $X in 2021. Over the period under review, exports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2018 with an increase of 22% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Turkey (X tons) represented the main exporter of cocoa paste, constituting 63% of total exports. Saudi Arabia (X tons) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by Israel (5.7%) and Morocco (5.5%). Jordan (X tons) took a minor share of total exports.

Exports from Turkey decreased at an average annual rate of -7.1% from 2012 to 2021. At the same time, Morocco (+64.0%), Israel (+36.9%), Saudi Arabia (+23.0%) and Jordan (+3.4%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in MENA, with a CAGR of +64.0% from 2012-2021. Saudi Arabia (+17 p.p.), Morocco (+5.5 p.p.) and Israel (+5.5 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -29% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest cocoa paste supplier in MENA, comprising 76% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 9.9% share of total exports. It was followed by Morocco, with a 6% share.

From 2012 to 2021, the average annual growth rate of value in Turkey amounted to -5.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+12.3% per year) and Morocco (+73.6% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, shrinking by -4.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 27%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+5.9%), while the other leaders experienced mixed trends in the export price figures.

Cocoa Paste Imports

Imports in MENA

In 2021, the amount of cocoa paste imported in MENA stood at X tons, growing by 10% on 2020. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -0.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 57%. The volume of import peaked at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, cocoa paste imports soared to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +42.3% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 47%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Turkey represented the major importing country with an import of around X tons, which accounted for 53% of total imports. Egypt (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Israel (10%), the United Arab Emirates (6.3%) and Algeria (5.8%). The following importers - Saudi Arabia (X tons) and Iran (X tons) - each accounted for a 6.4% share of total imports.

Imports into Turkey increased at an average annual rate of +14.7% from 2012 to 2021. At the same time, Algeria (+23.7%), Egypt (+11.2%), Iran (+7.6%), Saudi Arabia (+6.7%) and Israel (+4.4%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in MENA, with a CAGR of +23.7% from 2012-2021. By contrast, the United Arab Emirates (-6.1%) illustrated a downward trend over the same period. Turkey (+19 p.p.), Algeria (+3.9 p.p.) and Egypt (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Israel and the United Arab Emirates saw its share reduced by -4.8% and -17.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cocoa paste in MENA, comprising 53% of total imports. The second position in the ranking was held by Israel ($X), with an 11% share of total imports. It was followed by Egypt, with a 10% share.

In Turkey, cocoa paste imports expanded at an average annual rate of +16.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Israel (+5.6% per year) and Egypt (+8.0% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, increasing by 8.3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by 17% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Iran ($X per ton), while Algeria ($X per ton) and Egypt ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform