Middle East: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in the Middle East

The Middle Eastern refined coconut oil market totaled $X in 2022, almost unchanged from the previous year. Overall, consumption recorded a mild increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in the Middle East

In value terms, refined coconut oil production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 11%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Refined Coconut Oil Exports

Exports in the Middle East

Refined coconut oil exports skyrocketed to X tons in 2022, with an increase of 156% compared with the year before. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2014 with an increase of 203% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined coconut oil exports skyrocketed to $X in 2022. In general, exports recorded a significant increase. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey was the key exporting country with an export of around X tons, which recorded 60% of total exports. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Oman (X tons). All these countries together took near 37% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +62.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) emerged as the largest refined coconut oil supplier in the Middle East, comprising 68% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 27% share of total exports.

In Turkey, refined coconut oil exports expanded at an average annual rate of +79.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+25.5% per year) and Oman (+6.4% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, picking up by 47% against the previous year. In general, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 an increase of 130%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, 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 ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+10.4%), while the other leaders experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports in the Middle East

In 2022, approx. X tons of refined coconut (copra) oil were imported in the Middle East; with an increase of 3.8% compared with 2021 figures. Total imports indicated a strong increase 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 +88.2% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 41%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, refined coconut oil imports rose to $X in 2022. Overall, imports showed prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 66%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Turkey (X tons) was the largest importer of refined coconut (copra) oil, achieving 41% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with an 18% share, followed by Iran (16%), Kuwait (6.7%) and Iraq (4.8%). The following importers - Lebanon (X tons) and Israel (X tons) - each recorded a 5.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined coconut oil imports into Turkey stood at +8.0%. At the same time, Iraq (+47.1%), Kuwait (+22.5%), the United Arab Emirates (+9.4%), Israel (+8.6%) and Iran (+5.4%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +47.1% from 2012-2022. By contrast, Lebanon (-1.2%) illustrated a downward trend over the same period. Kuwait (+5 p.p.), Iraq (+4.6 p.p.), Turkey (+4.1 p.p.) and the United Arab Emirates (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Iran and Lebanon saw its share reduced by -2.4% and -3.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported refined coconut (copra) oil in the Middle East, comprising 43% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 18% share of total imports. It was followed by Iran, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +12.2%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+9.8% per year) and Iran (+2.9% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, falling by -1.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2021 an increase of 24%. 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 Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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