Middle East: Cocoa Paste Market 2024

Cocoa Paste Market Size in the Middle East

The Middle Eastern cocoa paste market shrank to $X in 2021, which is down by -5.1% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020, and then dropped in the following year.

Cocoa Paste Production in the Middle East

In value terms, cocoa paste production fell to $X in 2021 estimated in export price. Over the period under review, production, however, recorded modest growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 24% against the previous year. The level of production peaked at $X in 2020, and then reduced in the following year.

Cocoa Paste Exports

Exports in the Middle East

In 2021, shipments abroad of cocoa paste decreased by -36.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a pronounced decline. The most prominent rate of growth was recorded in 2018 with an increase of 36% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, cocoa paste exports declined markedly to $X in 2021. Overall, exports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2018 with an increase of 22%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey represented the key exporter of cocoa paste in the Middle East, with the volume of exports resulting at X tons, which was near 68% of total exports in 2021. Saudi Arabia (X tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Israel (6.1%). Jordan (X tons) followed a long way behind the leaders.

Exports from Turkey decreased at an average annual rate of -7.1% from 2012 to 2021. At the same time, Israel (+36.9%), Saudi Arabia (+23.0%) and Jordan (+3.4%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +36.9% from 2012-2021. Saudi Arabia (+19 p.p.) and Israel (+5.9 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -25.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest cocoa paste supplier in the Middle East, comprising 81% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 11% share of total exports. It was followed by Israel, with a 3.2% share.

In Turkey, cocoa paste exports contracted by an average annual rate of -5.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+12.3% per year) and Israel (+29.7% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, dropping by -4.6% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 27%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+1.5%), while the other leaders experienced a decline in the export price figures.

Cocoa Paste Imports

Imports in the Middle East

In 2021, overseas purchases of cocoa paste increased by 2.2% to X tons, rising for the fourth consecutive year after three years of decline. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +28.3% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 59%. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, cocoa paste imports expanded remarkably to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +9.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +39.9% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 54%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) was the key importer of cocoa paste, creating 65% of total imports. Israel (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (7.8%). The following importers - Saudi Arabia (X tons), Iran (X tons) and Jordan (X tons) - together made up 11% of total imports.

Imports into Turkey increased at an average annual rate of +14.7% from 2012 to 2021. At the same time, Jordan (+16.1%), Iran (+7.6%), Saudi Arabia (+6.7%) and Israel (+4.4%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +16.1% from 2012-2021. By contrast, the United Arab Emirates (-6.1%) illustrated a downward trend over the same period. While the share of Turkey (+27 p.p.) and Jordan (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Israel (-4.9 p.p.) and the United Arab Emirates (-20.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cocoa paste in the Middle East, comprising 64% of total imports. The second position in the ranking was taken by Israel ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with an 8.2% share.

In Turkey, cocoa paste imports expanded at an average annual rate of +16.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Israel (+5.6% per year) and the United Arab Emirates (-5.3% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 8.8% against the previous year. Over the last nine years, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2014 when the import price increased by 17%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Iran ($X per ton), while Jordan ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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