MENA: Cocoa Powder Market 2024

Cocoa Powder Market Size in MENA

The MENA's cocoa powder market fell modestly to $X in 2022, shrinking by -2.1% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021, and then contracted in the following year.

Cocoa Powder Production in MENA

In value terms, cocoa powder production declined significantly to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +32.0% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 64%. As a result, production reached the peak level of $X, and then shrank remarkably in the following year.

Cocoa Powder Exports

Exports in MENA

In 2022, overseas shipments of cocoa powder (not sweetened) increased by 20% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 25%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, cocoa powder exports skyrocketed to $X in 2022. Overall, exports showed a moderate increase. The pace of growth was the most pronounced in 2018 when exports increased by 17%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, accounting for X tons, which was near 89% of total exports in 2022. The United Arab Emirates (X tons), Tunisia (X tons) and Egypt (X tons) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +8.3% from 2012 to 2022. At the same time, Egypt (+63.1%), the United Arab Emirates (+24.5%) and Tunisia (+21.9%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in MENA, with a CAGR of +63.1% from 2012-2022. While the share of the United Arab Emirates (+2.7 p.p.), Tunisia (+2.4 p.p.) and Egypt (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Turkey (-7.4 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest cocoa powder supplier in MENA, comprising 92% of total exports. The second position in the ranking was taken by Egypt ($X), with a 2.3% share of total exports. It was followed by Tunisia, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +2.9%. In the other countries, the average annual rates were as follows: Egypt (+54.2% per year) and Tunisia (+15.1% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, shrinking by -2.2% against the previous year. Overall, the export price saw a abrupt downturn. The pace of growth was the most pronounced in 2021 an increase of 14% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 Egypt ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-4.9%), while the other leaders experienced a decline in the export price figures.

Cocoa Powder Imports

Imports in MENA

In 2022, overseas purchases of cocoa powder (not sweetened) decreased by -1.9% to X tons, falling for the second consecutive year after nine years of growth. Overall, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 33% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, cocoa powder imports reduced modestly to $X in 2022. In general, imports, however, continue to indicate tangible growth. The pace of growth was the most pronounced in 2019 with an increase of 22%. Over the period under review, imports hit record highs at $X in 2021, and then reduced slightly in the following year.

Imports by Country

In 2022, Turkey (X tons) and Algeria (X tons) represented the main importers of cocoa powder (not sweetened) in MENA, together amounting to near 44% of total imports. Iran (X tons) ranks next in terms of the total imports with a 12% share, followed by Egypt (11%), the United Arab Emirates (6.2%) and Morocco (5.1%). The following importers - Syrian Arab Republic (X tons), Saudi Arabia (X tons), Israel (X tons), Tunisia (X tons) and Iraq (X tons) - together made up 14% of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +25.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder importing markets in MENA were Turkey ($X), Algeria ($X) and Egypt ($X), together comprising 53% of total imports. Iran, the United Arab Emirates, Morocco, Saudi Arabia, Israel, Syrian Arab Republic, Tunisia and Iraq lagged somewhat behind, together accounting for a further 39%.

In terms of the main importing countries, Iraq, with a CAGR of +16.8%, recorded 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 MENA stood at $X per ton in 2022, remaining stable against the previous year. Overall, the import price saw a noticeable decline. The pace of growth was the most pronounced in 2021 an increase of 15% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Egypt ($X per ton), while Algeria ($X per ton) and Syrian Arab Republic ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform