Middle East: Chocolate Market 2024

Chocolate Market Size in the Middle East

The Middle Eastern chocolate market reduced sharply to $X in 2022, waning by -30.1% against the previous year. Over the period under review, consumption faced a deep contraction. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Chocolate Production in the Middle East

In value terms, chocolate production declined to $X in 2022 estimated in export price. Over the period under review, production, however, faced a significant curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Chocolate Exports

Exports in the Middle East

In 2022, overseas shipments of chocolate and other food preparations containing cocoa were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports soared to $X in 2022. Overall, exports, however, showed a slight setback. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey was the main exporter of chocolate and other food preparations containing cocoa in the Middle East, with the volume of exports reaching X tons, which was near 50% of total exports in 2022. The United Arab Emirates (X tons) held the second position in the ranking, followed by Saudi Arabia (X tons). All these countries together took near 45% share of total exports. 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 +7.1%. At the same time, Saudi Arabia (+21.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +21.8% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-7.7%) illustrated a downward trend over the same period. Turkey (+21 p.p.) and Saudi Arabia (+18 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -35.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2022, together comprising 97% of total exports.

Saudi Arabia, with a CAGR of +27.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, leveling off at the previous year. Over the period under review, the export price, however, continues to indicate a pronounced slump. The growth pace was the most rapid in 2020 when the export price increased by 15%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in the Middle East

Chocolate imports shrank to X tons in 2022, dropping by -7.2% against 2021 figures. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +39.8% against 2014 indices. The pace of growth was the most pronounced in 2019 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, chocolate imports fell to $X in 2022. Total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +38.6% against 2015 indices. The pace of growth was the most pronounced in 2021 when imports increased by 22% against the previous year. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Saudi Arabia (X tons) was the largest importer of chocolate and other food preparations containing cocoa, comprising 51% of total imports. It was distantly followed by the United Arab Emirates (X tons), Kuwait (X tons) and Turkey (X tons), together mixing up a 29% share of total imports. The following importers - Israel (X tons), Iraq (X tons) and Qatar (X tons) - together made up 11% of total imports.

Imports into Saudi Arabia increased at an average annual rate of +4.6% from 2012 to 2022. At the same time, Kuwait (+14.5%), Israel (+12.9%), the United Arab Emirates (+11.3%), Turkey (+10.1%) and Iraq (+3.0%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +14.5% from 2012-2022. By contrast, Qatar (-2.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Kuwait, Turkey and Israel increased by +5.1, +4.8, +2.3 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in the Middle East, comprising 51% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Kuwait, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+13.7% per year) and Kuwait (+16.0% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, declining by -2.3% against the previous year. Over the period under review, the import price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2021 when the import price increased by 5.1% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Iraq ($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 (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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