MENA: Coconut Oil Market 2024

Coconut Oil Market Size in MENA

After two years of growth, the MENA's coconut oil market decreased by -3.2% to $X in 2022. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +64.2% against 2016 indices. The level of consumption peaked at $X in 2021, and then dropped slightly in the following year.

Coconut Oil Production in MENA

In value terms, coconut oil production contracted to $X in 2022 estimated in export price. In general, production saw a sharp contraction. The pace of growth was the most pronounced in 2018 with an increase of 211,951% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Coconut Oil Exports

Exports in MENA

For the third consecutive year, MENA recorded growth in shipments abroad of coconut (copra) oil, which increased by 97% to X tons in 2022. Over the period under review, exports enjoyed buoyant growth. The pace of growth was the most pronounced in 2016 when exports increased by 104%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports skyrocketed to $X in 2022. In general, exports posted a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the main exporter of coconut (copra) oil in MENA, with the volume of exports resulting at X tons, which was near 53% of total exports in 2022. The United Arab Emirates (X tons) took a 31% share (based on physical terms) of total exports, which put it in second place, followed by Oman (6.2%) and Tunisia (5.3%). Israel (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +186.7%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) emerged as the largest coconut oil supplier in MENA, comprising 61% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 27% share of total exports. It was followed by Tunisia, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +170.6%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+17.7% per year) and Tunisia (+11.7% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, picking up by 26% against the previous year. In general, the export price recorded buoyant growth. The most prominent rate of growth was recorded in 2019 an increase of 115%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+14.6%), while the other leaders experienced more modest paces of growth.

Coconut Oil Imports

Imports in MENA

In 2022, approx. X tons of coconut (copra) oil were imported in MENA; surging by 1.6% on 2021. The total import volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 23% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, coconut oil imports contracted slightly to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +52.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 45% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank modestly in the following year.

Imports by Country

Turkey represented the largest importing country with an import of about X tons, which resulted at 34% of total imports. The United Arab Emirates (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Iran (14%) and Kuwait (5.6%). The following importers - Tunisia (X tons), Iraq (X tons), Egypt (X tons), Algeria (X tons), Israel (X tons), Lebanon (X tons), Yemen (X tons), Oman (X tons) and Syrian Arab Republic (X tons) - together made up 25% of total imports.

Imports into Turkey increased at an average annual rate of +5.8% from 2012 to 2022. At the same time, Iraq (+46.1%), Kuwait (+22.0%), the United Arab Emirates (+9.1%), Iran (+5.8%), Syrian Arab Republic (+5.1%), Oman (+4.3%), Israel (+4.2%) and Yemen (+1.4%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in MENA, with a CAGR of +46.1% from 2012-2022. By contrast, Lebanon (-1.3%), Egypt (-1.4%), Tunisia (-3.5%) and Algeria (-7.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Turkey, Kuwait, Iraq and Iran increased by +5.6, +4.8, +4.4, +3.8 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported coconut (copra) oil in MENA, comprising 35% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Iran, with an 8.7% share.

In Turkey, coconut oil imports expanded at an average annual rate of +10.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+9.8% per year) and Iran (+3.5% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, dropping by -1.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2021 an increase of 25%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Yemen (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform