GCC: Coconut Oil Market 2024

Coconut Oil Market Size in GCC

In 2022, after two years of growth, there was decline in the GCC coconut oil market, when its value decreased by X% to $X. In general, consumption, however, showed prominent growth. As a result, consumption attained the peak level of $X, and then shrank slightly in the following year.

Coconut Oil Production in GCC

In value terms, coconut oil production totaled $X in 2022 estimated in export price. Overall, production recorded a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of X,900%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Coconut Oil Exports

Exports in GCC

In 2022, overseas shipments of coconut (copra) oil decreased by X% to X tons, falling for the third year in a row after two years of growth. In general, exports showed a mild reduction. The most prominent rate of growth was recorded in 2014 with an increase of X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, coconut oil exports dropped markedly to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of X%. The level of export peaked at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was near X% of total exports in 2022. Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the coconut (copra) oil exports, with a CAGR of X% from 2012 to 2022. Oman (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Oman (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest coconut oil supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports.

In the United Arab Emirates, coconut oil exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the export price, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2013 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then shrank in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%).

Coconut Oil Imports

Imports in GCC

In 2022, imports of coconut (copra) oil in GCC reduced dramatically to X tons, which is down by X% on the previous year's figure. Overall, imports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, coconut oil imports contracted markedly to $X in 2022. In general, imports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2021, and then declined significantly in the following year.

Imports by Country

The United Arab Emirates was the largest importing country with an import of about X tons, which accounted for X% of total imports. Kuwait (X tons) ranks second in terms of the total imports with a X% share, followed by Saudi Arabia (X%) and Oman (X%). The following importers - Qatar (X tons) and Bahrain (X tons) - each finished at an X% share of total imports.

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

In value terms, the United Arab Emirates ($X), Kuwait ($X) and Saudi Arabia ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Among the main importing countries, Kuwait, with a CAGR of X%, 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 import price in GCC amounted to $X per ton, jumping by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2015 when the import price increased by X%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Qatar ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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