Middle East: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in the Middle East

The Middle Eastern crude coconut oil market reduced slightly to $X in 2022, approximately equating the previous year. The total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +16.8% against 2020 indices. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Crude Coconut Oil Production in the Middle East

In value terms, crude coconut oil production dropped to $X in 2022 estimated in export price. Overall, production enjoyed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 284%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports in the Middle East

In 2022, crude coconut oil exports in the Middle East skyrocketed to X tons, jumping by 19% compared with the previous year. In general, exports, however, showed a pronounced curtailment. The growth pace was the most rapid in 2015 with an increase of 403%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude coconut oil exports expanded remarkably to $X in 2022. Over the period under review, exports recorded a notable increase. The most prominent rate of growth was recorded in 2015 with an increase of 334%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

The United Arab Emirates was the key exporter of crude coconut (copra) oil in the Middle East, with the volume of exports reaching X tons, which was near 62% of total exports in 2022. It was distantly followed by Israel (X tons) and Oman (X tons), together constituting a 33% share of total exports. Turkey (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude coconut oil exports from the United Arab Emirates stood at -5.7%. At the same time, Turkey (+69.3%) and Israel (+30.3%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +69.3% from 2012-2022. Oman experienced a relatively flat trend pattern. From 2012 to 2022, the share of Israel, Oman and Turkey increased by +16, +6.7 and +4.3 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest crude coconut oil supplier in the Middle East, comprising 58% of total exports. The second position in the ranking was held by Israel ($X), with an 18% share of total exports. It was followed by Turkey, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +2.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+25.0% per year) and Turkey (+79.4% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, shrinking by -4.4% against the previous year. In general, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2017 an increase of 45%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then reduced slightly in the following year.

Prices varied noticeably by country of origin: 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 (+8.6%), while the other leaders experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports in the Middle East

After two years of growth, purchases abroad of crude coconut (copra) oil decreased by -18.6% to X tons in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 86% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, crude coconut oil imports contracted to $X in 2022. In general, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 73% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then fell in the following year.

Imports by Country

Yemen (X tons) and Saudi Arabia (X tons) represented roughly 39% of total imports in 2022. It was distantly followed by Iran (X tons), Syrian Arab Republic (X tons), Qatar (X tons), the United Arab Emirates (X tons) and Turkey (X tons), together mixing up a 49% share of total imports. Israel (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Syrian Arab Republic (with a CAGR of +25.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude coconut oil importing markets in the Middle East were the United Arab Emirates ($X), Saudi Arabia ($X) and Yemen ($X), together comprising 47% of total imports. Qatar, Iran, Syrian Arab Republic, Turkey and Israel lagged somewhat behind, together comprising a further 38%.

Syrian Arab Republic, with a CAGR of +30.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, growing by 7.9% against the previous year. Overall, the import price showed buoyant growth. The most prominent rate of growth was recorded in 2014 when the import price increased by 61% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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