Saudi Arabia: Cocoa Powder Market 2024

Cocoa Powder Market Size in Saudi Arabia

The Saudi cocoa powder market reduced to $X in 2022, with a decrease of -3.2% against the previous year. The market value increased at an average annual rate of +5.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Cocoa Powder Production in Saudi Arabia

In value terms, cocoa powder production fell slightly to $X in 2022 estimated in export price. Overall, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +2.1% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 47% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Cocoa Powder Exports

Exports from Saudi Arabia

In 2022, approx. X tons of cocoa powder (not sweetened) were exported from Saudi Arabia; rising by 29% against 2021. In general, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 337% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, cocoa powder exports surged to $X in 2022. Over the period under review, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 when exports increased by 164%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons), Iraq (X tons) and Bahrain (X tons) were the main destinations of cocoa powder exports from Saudi Arabia, with a combined 89% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +103.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Saudi Arabia, comprising 55% of total exports. The second position in the ranking was held by Iraq ($X), with a 24% share of total exports. It was followed by Bahrain, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +56.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-1.2% per year) and Bahrain (+9.7% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, growing by 5% against the previous year. In general, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 40% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sudan ($X per ton), while the average price for exports to Somalia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sudan (+28.8%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Powder Imports

Imports into Saudi Arabia

In 2022, after three years of growth, there was significant decline in purchases abroad of cocoa powder (not sweetened), when their volume decreased by -7.7% to X tons. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 18%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, cocoa powder imports dropped to $X in 2022. Over the period under review, imports continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2021 with an increase of 42% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Malaysia (X tons) and the Netherlands (X tons) were the main suppliers of cocoa powder imports to Saudi Arabia, together comprising 53% of total imports. Turkey, Singapore, Germany, France and the United States lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +17.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder suppliers to Saudi Arabia were Spain ($X), Germany ($X) and the Netherlands ($X), together accounting for 50% of total imports. Malaysia, Singapore, Turkey, France and the United States lagged somewhat behind, together comprising a further 44%.

Among the main suppliers, the United States, with a CAGR of +13.1%, saw 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 average cocoa powder import price amounted to $X per ton, shrinking by -7.6% against the previous year. In general, the import price showed a perceptible decline. The most prominent rate of growth was recorded in 2021 an increase of 20%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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