MENA: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in MENA

The MENA's crude coconut oil market fell slightly to $X in 2022, dropping by -3.9% against the previous year. In general, consumption continues to indicate a pronounced decline. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Crude Coconut Oil Production in MENA

In value terms, crude coconut oil production shrank modestly to $X in 2022 estimated in export price. In general, production recorded a significant expansion. The growth pace was the most rapid in 2015 when the production volume increased by 283%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crude Coconut Oil Exports

Exports in MENA

In 2022, approx. X tons of crude coconut (copra) oil were exported in MENA; jumping by 19% compared with 2021. Over the period under review, exports, however, showed a perceptible decrease. The pace of growth was the most pronounced in 2015 when exports increased by 359% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude coconut oil exports rose notably to $X in 2022. In general, exports posted a perceptible increase. The pace of growth appeared the most rapid in 2015 with an increase of 293%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of crude coconut (copra) oil, committing 61% of total exports. Israel (X tons) ranks second in terms of the total exports with a 16% share, followed by Oman (16%). Turkey (X tons) and Tunisia (X tons) took a little share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -5.7% from 2012 to 2022. At the same time, Turkey (+69.3%), Tunisia (+33.7%) and Israel (+30.3%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in MENA, with a CAGR of +69.3% from 2012-2022. Oman experienced a relatively flat trend pattern. Israel (+16 p.p.), Oman (+6.3 p.p.), Turkey (+4.2 p.p.) and Tunisia (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -12.1% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest crude coconut oil supplier in MENA, comprising 55% of total exports. The second position in the ranking was held by Israel ($X), with a 17% share of total exports. It was followed by Turkey, with a 15% share.

In the United Arab Emirates, crude coconut oil exports expanded at an average annual rate of +2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Israel (+25.0% per year) and Turkey (+79.4% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, reducing by -4% against the previous year. Over the period under review, the export price, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 50%. The level of export peaked at $X per ton in 2021, and then contracted slightly in the following year.

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 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 the United Arab Emirates (+8.6%), while the other leaders experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports in MENA

After two years of growth, overseas purchases of crude coconut (copra) oil decreased by -18.3% to X tons in 2022. In general, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when imports increased by 89% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, crude coconut oil imports reduced remarkably to $X in 2022. Over the period under review, imports showed a mild reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 65% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Yemen (X tons) and Saudi Arabia (X tons) represented the major importers of crude coconut (copra) oil in MENA, together finishing at approx. 35% of total imports. Iran (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Syrian Arab Republic (10%), Qatar (9.7%), the United Arab Emirates (9.2%) and Morocco (5.7%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Morocco (with a CAGR of +143.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Yemen ($X) were the countries with the highest levels of imports in 2022, with a combined 42% share of total imports. Qatar, Morocco, Iran and Syrian Arab Republic lagged somewhat behind, together comprising a further 30%.

Morocco, with a CAGR of +90.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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, increasing by 3.5% against the previous year. Overall, the import price continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2014 when the import price increased by 43% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2020; however, from 2021 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 the United Arab Emirates ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform