Middle East: Cocoa Butter Market 2024

Cocoa Butter Market Size in the Middle East

In 2022, the Middle Eastern cocoa butter market decreased by -1.5% to $X for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 8.1% against the previous year. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank modestly in the following year.

Cocoa Butter Production in the Middle East

In value terms, cocoa butter production amounted to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 5.4% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Cocoa Butter Exports

Exports in the Middle East

In 2022, shipments abroad of cocoa butter increased by 53% to X tons for the first time since 2018, thus ending a three-year declining trend. Total exports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 66% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, cocoa butter exports surged to $X in 2022. In general, exports posted noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of 76%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Turkey prevails in exports structure, finishing at X tons, which was near 97% of total exports in 2022. The United Arab Emirates (X tons) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, the United Arab Emirates (+10.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +10.5% from 2012-2022. Turkey (+18 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest cocoa butter supplier in the Middle East, comprising 96% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 3.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +6.4%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, waning by -16.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2013 an increase of 27% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.3%).

Cocoa Butter Imports

Imports in the Middle East

In 2022, the amount of cocoa butter imported in the Middle East dropped to X tons, with a decrease of -9.1% against the previous year. The total import volume 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. The pace of growth appeared the most rapid in 2021 with an increase of 35%. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, cocoa butter imports contracted markedly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +17.2% against 2018 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 54% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

Turkey was the key importer of cocoa butter in the Middle East, with the volume of imports reaching X tons, which was approx. 50% of total imports in 2022. The United Arab Emirates (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Israel (13%), Saudi Arabia (6.8%) and Iran (5.7%).

From 2012 to 2022, average annual rates of growth with regard to cocoa butter imports into Turkey stood at +2.9%. At the same time, Israel (+4.6%) and Saudi Arabia (+2.1%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +4.6% from 2012-2022. By contrast, the United Arab Emirates (-1.2%) and Iran (-1.5%) illustrated a downward trend over the same period. Turkey (+6 p.p.) and Israel (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Iran and the United Arab Emirates saw its share reduced by -2.1% and -6.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cocoa butter in the Middle East, comprising 46% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 22% share of total imports. It was followed by Israel, with a 13% share.

In Turkey, cocoa butter imports increased at an average annual rate of +8.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.7% per year) and Israel (+7.1% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, which is down by -8.2% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -16.5% against 2020 indices. The growth pace was the most rapid in 2014 when the import price increased by 49%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Iran ($X per ton), while Turkey ($X per ton) and Israel ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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