Middle East: Cocoa Powder Market 2024

Cocoa Powder Market Size in the Middle East

The Middle Eastern cocoa powder market declined to $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Cocoa Powder Production in the Middle East

In value terms, cocoa powder production reduced rapidly to $X in 2022 estimated in export price. The total production indicated a measured increase 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, production increased by +35.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the production volume increased by 72%. As a result, production reached the peak level of $X, and then contracted significantly in the following year.

Cocoa Powder Exports

Exports in the Middle East

In 2022, after two years of decline, there was significant growth in overseas shipments of cocoa powder (not sweetened), when their volume increased by 14% to X tons. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 25% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, cocoa powder exports expanded remarkably to $X in 2022. Total exports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +132.5% against 2014 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 18% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Turkey dominates exports structure, reaching X tons, which was approx. 94% 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 +8.3% from 2012 to 2022. At the same time, the United Arab Emirates (+24.5%) 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 +24.5% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates increased by +2.9 percentage points.

In value terms, Turkey ($X) remains the largest cocoa powder supplier in the Middle East, comprising 96% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 1.6% share of total exports.

In Turkey, cocoa powder exports increased at an average annual rate of +2.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 an increase of 14% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Turkey ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-4.9%).

Cocoa Powder Imports

Imports in the Middle East

In 2022, approx. X tons of cocoa powder (not sweetened) were imported in the Middle East; approximately reflecting 2021 figures. In general, imports enjoyed a prominent increase. The growth pace was the most rapid in 2013 with an increase of 26% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cocoa powder imports reduced slightly to $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +84.9% against 2015 indices. The growth pace was the most rapid in 2020 with an increase of 19%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted modestly in the following year.

Imports by Country

In 2022, Turkey (X tons) was the major importer of cocoa powder (not sweetened), making up 39% of total imports. Iran (X tons) took a 21% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (10%), Syrian Arab Republic (6.5%), Saudi Arabia (5.9%) and Israel (5.2%). Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +25.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Iran ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 68% share of total imports. Saudi Arabia, Israel, Syrian Arab Republic and Iraq lagged somewhat behind, together accounting for a further 21%.

Among the main importing countries, Iraq, with a CAGR of +16.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, declining by -1.9% against the previous year. Overall, the import price continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when the import price increased by 15% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Israel ($X per ton), while Syrian Arab Republic ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Syrian Arab Republic (-4.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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