Middle East: Coconut Market 2024

Coconut Market Size in the Middle East

In 2022, after ten years of growth, there was significant decline in the Middle Eastern coconut market, when its value decreased by -17.7% to $X. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +107.5% against 2012 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then declined remarkably in the following year.

Coconut Production in the Middle East

In value terms, coconut production surged to $X in 2022 estimated in export price. Overall, production posted a significant increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Saudi Arabia (X tons) constituted the country with the largest volume of coconut production, comprising approx. 97% of total volume. It was followed by Jordan (X tons), with a 2.6% share of total production.

In Saudi Arabia, coconut production remained relatively stable over the period from 2012-2022.

Coconut Exports

Exports in the Middle East

In 2022, the amount of coconuts exported in the Middle East reduced sharply to X tons, which is down by -20.2% compared with 2021. Overall, exports showed a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 121%. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, coconut exports contracted notably to $X in 2022. Over the period under review, exports continue to indicate a perceptible decline. The pace of growth was the most pronounced in 2017 with an increase of 119%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the main exporter of coconuts, mixing up 54% of total exports. It was distantly followed by Palestine (X tons) and Iran (X tons), together creating a 32% share of total exports. The following exporters - Oman (X tons), Bahrain (X tons), Kuwait (X tons) and Turkey (X tons) - together made up 11% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Iran (with a CAGR of +27.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest coconut supplier in the Middle East, comprising 63% of total exports. The second position in the ranking was taken by Palestine ($X), with a 16% share of total exports. It was followed by Kuwait, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +4.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Palestine (+16.2% per year) and Kuwait (-4.4% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, surging by 3% against the previous year. Export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut export price increased by +98.1% against 2015 indices. The growth pace was the most rapid in 2016 an increase of 42% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.3%), while the other leaders experienced more modest paces of growth.

Coconut Imports

Imports in the Middle East

In 2022, supplies from abroad of coconuts decreased by -7.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.9% 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 +50.0% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, coconut imports shrank sharply to $X in 2022. Overall, imports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2014 with an increase of 38%. The level of import peaked at $X in 2021, and then fell significantly in the following year.

Imports by Country

The United Arab Emirates dominates imports structure, reaching X tons, which was approx. 73% of total imports in 2022. Iran (X tons) held the second position in the ranking, followed by Qatar (X tons). All these countries together took approx. 12% share of total imports. Bahrain (X tons), Oman (X tons), Kuwait (X tons) and Turkey (X tons) took a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +8.1% from 2012 to 2022. At the same time, Qatar (+56.8%), Iran (+23.6%), Bahrain (+11.2%), Oman (+6.3%) and Turkey (+5.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +56.8% from 2012-2022. By contrast, Kuwait (-4.2%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+7.5 p.p.), Iran (+5.5 p.p.) and Qatar (+4.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kuwait (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported coconuts in the Middle East, comprising 68% of total imports. The second position in the ranking was taken by Iran ($X), with an 8.8% share of total imports. It was followed by Qatar, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +10.3%. The remaining importing countries recorded the following average annual rates of imports growth: Iran (+23.5% per year) and Qatar (+29.3% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, falling by -20% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 23% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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