Middle East: Chocolate Market 2024

Chocolate Market Size in the Middle East

The Middle Eastern chocolate market shrank to $X in 2022, which is down by -8.2% against the previous year. Overall, consumption, however, enjoyed a pronounced expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in the Middle East

In value terms, chocolate production contracted to $X in 2022 estimated in export price. In general, production, however, saw a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 71%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Chocolate Exports

Exports in the Middle East

In 2022, chocolate exports in the Middle East expanded rapidly to X tons, surging by 7.9% against 2021 figures. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 15% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, chocolate exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Turkey (X tons) was the main exporter of chocolate and cocoa products, making up 77% of total exports. It was distantly followed by the United Arab Emirates (X tons), mixing up a 13% share of total exports. Saudi Arabia (X tons), Jordan (X tons) and Oman (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Turkey stood at +4.8%. At the same time, Oman (+13.1%), Jordan (+12.2%) and Saudi Arabia (+9.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +13.1% from 2012-2022. By contrast, the United Arab Emirates (-2.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +9.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest chocolate supplier in the Middle East, comprising 68% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by Saudi Arabia, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +5.8%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-4.8% per year) and Saudi Arabia (+15.7% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, increasing by 7.5% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Oman ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+9.5%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in the Middle East

In 2022, supplies from abroad of chocolate and cocoa products increased by 6.5% to X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +3.6% 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 2013 with an increase of 17%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chocolate imports reached $X in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 14%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of chocolate imports in 2022 were Saudi Arabia (X tons), the United Arab Emirates (X tons), Iraq (X tons), Israel (X tons), Yemen (X tons), Turkey (X tons), Oman (X tons) and Kuwait (X tons), together amounting to 87% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Israel (with a CAGR of +10.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in the Middle East were the United Arab Emirates ($X), Saudi Arabia ($X) and Israel ($X), with a combined 55% share of total imports.

Israel, with a CAGR of +8.2%, 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 the Middle East stood at $X per ton in 2022, waning by -4.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 9% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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