Middle East: Coconut Oil Market 2024

Coconut Oil Market Size in the Middle East

In 2022, the Middle Eastern coconut oil market decreased by -3.3% to $X for the first time since 2016, thus ending a five-year rising trend. Over the period under review, consumption, however, recorded a buoyant expansion. Over the period under review, the market hit record highs at $X in 2021, and then shrank modestly in the following year.

Coconut Oil Production in the Middle East

In value terms, coconut oil production dropped to $X in 2022 estimated in export price. Overall, production faced a precipitous slump. The pace of growth appeared the most rapid in 2018 with an increase of 211,951% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Coconut Oil Exports

Exports in the Middle East

In 2022, approx. X tons of coconut (copra) oil were exported in the Middle East; increasing by 138% on the previous year's figure. Overall, exports posted a strong expansion. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports skyrocketed to $X in 2022. In general, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the key exporting country with an export of about X tons, which amounted to 56% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 33% share, followed by Oman (6.6%). Israel (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +186.7%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) emerged as the largest coconut oil supplier in the Middle East, comprising 65% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 29% share of total exports. It was followed by Oman, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +170.6%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+17.7% per year) and Oman (+6.2% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, picking up by 37% against the previous year. Overall, the export price saw a strong expansion. The pace of growth appeared the most rapid in 2019 when the export price increased by 116% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+6.6%), while the other leaders experienced mixed trends in the export price figures.

Coconut Oil Imports

Imports in the Middle East

In 2022, the amount of coconut (copra) oil imported in the Middle East rose modestly to X tons, surging by 1.9% on 2021. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.2% 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 +80.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 31%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, coconut oil imports totaled $X in 2022. Over the period under review, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 52%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Turkey represented the main importer of coconut (copra) oil in the Middle East, with the volume of imports finishing at X tons, which was approx. 39% of total imports in 2022. The United Arab Emirates (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Iran (16%) and Kuwait (6.4%). The following importers - Iraq (X tons), Israel (X tons), Lebanon (X tons), Yemen (X tons), Oman (X tons), Syrian Arab Republic (X tons), Qatar (X tons) and Bahrain (X tons) - together made up 20% of total imports.

Imports into Turkey increased at an average annual rate of +5.8% from 2012 to 2022. At the same time, Iraq (+46.1%), Kuwait (+22.0%), Qatar (+16.0%), Bahrain (+10.5%), the United Arab Emirates (+9.1%), Iran (+5.8%), Syrian Arab Republic (+5.1%), Oman (+4.3%), Israel (+4.2%) and Yemen (+1.4%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +46.1% from 2012-2022. By contrast, Lebanon (-1.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Kuwait, Iraq and the United Arab Emirates increased by +4.8, +4.3 and +4.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported coconut (copra) oil in the Middle East, comprising 39% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 18% share of total imports. It was followed by Iran, with a 9.9% share.

In Turkey, coconut oil imports expanded at an average annual rate of +10.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+9.8% per year) and Iran (+3.5% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2014 when the import price increased by 22%. Over the period under review, import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Yemen (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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