Cocoa butter market in Western Asia

Earlier Report Observations

The cocoa butter market in Western Asia grew steadily from 66 755 t in 2018 to 91 540 t in 2021. This expansion was supported by rising global demand for cocoa butter in food, pharmaceutical, and cosmetic applications, alongside strong annual growth of around 11% in the worldwide chocolate market from 2020 onward, which increased demand for value-added products containing cocoa butter.

Market volume then dropped to 76 107 t in 2022 before recovering to 86 703 t in 2023. The sharp price increase for cocoa in 2023, caused by poor harvests in major West African producing countries due to extreme weather and crop diseases, drove the market value up by 35.2% that year despite the modest volume gain, highlighting the region's exposure to global supply shocks.

By 2024, supply-side pressures intensified, with cocoa futures prices reaching record levels and global cocoa supply falling by 12.9% in the 2023/2024 season. These conditions led chocolate manufacturers to adjust recipes by substituting cocoa butter with cheaper vegetable oil alternatives, signaling potential shifts in market structure.

Production cocoa butter in Western Asia

In kind, 2017-2020, t

Top producers of cocoa butter, 2017-2020

World map of production of cocoa butter, 2017-2020

Cocoa butter production in Western Asia grew for the second consecutive year. In 2020, output reached 63 228 tonnes, marking a significant 19.9% increase from 2019. Over the 2017-2020 period, production rose by 30.3%, with an average annual growth rate of 9.2%. The lowest production level was recorded in 2018 at 47 668 tonnes, which also saw the largest decline of 1.8%.

Annual dynamics of production in Western Asia in kind, 2017-2020, t

In value, 2017-2020, M $ US

Cocoa butter production in Western Asia increased for the third consecutive year. In 2020, the value of production amounted to 379.7 million US dollars, representing a 29.4% rise compared to 2019. Between 2017 and 2020, production value grew by 37.1%, equivalent to an annualized rate of 11.1%.

Annual dynamics of production in Western Asia in value, 2017-2020, M $ US

Exports cocoa butter from Western Asia

Exports in kind, t

Export volumes of cocoa butter from Western Asia showed noticeable fluctuations during the period. The lowest point was in 2017, while volumes peaked in 2018 at 7 582 tonnes, representing a 93.7% increase that year. In 2020, exports dropped sharply to 4 437 tonnes, a 40.0% decrease from 2019. Overall, there was a 1.9-fold difference between the minimum and maximum levels.

Annual dynamics of product's exports from Western Asia in kind, 2017-2020, t

From 2017 to 2020, three key markets—Iran, Russia, and Ukraine—collectively accounted for 55.1% of Western Asia's total cocoa butter exports in volume terms.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Western Asia in kind, 2017-2020

Exports in value, M $ US

Export values of cocoa butter from Western Asia exhibited volatility over the observed period. The lowest value was recorded in 2017, while the peak occurred in 2018 at 44.9 million US dollars, marking a 100.8% increase that year. In 2020, export value declined to 26.6 million US dollars, down 35.3% from 2019. The difference between the trough and peak was twofold.

Annual dynamics of product's exports from Western Asia in value, 2017-2020, M $ US

During 2017-2020, Iran (26.4% of export value), Russia (16.0%), and Ukraine (13.0%) formed the core group of markets for Western Asia's cocoa butter exports in value terms, together representing 55.4% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Western Asia in value, 2017-2020

Imports cocoa butter to Western Asia

Imports in kind, t

Western Asia imported 29 261 tonnes of cocoa butter in 2020, a gradual decline of 4.4% from the previous year. Over the 2017-2020 period, imports decreased by 8%, with an annualized rate of 2.7%. The lowest import volume was in 2018 at 26 669 tonnes, which saw the largest decline of 16.2%. In contrast, 2019 recorded the largest increase of 14.8%.

Annual dynamics of product's imports to Western Asia in kind, 2017-2020, t

From 2017 to 2020, Malaysia (31.9% of import volume), the Netherlands (24.6%), and Singapore (14.4%) were the main sources for Western Asia's cocoa butter imports in volume terms, together accounting for 70.8% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Western Asia in kind, 2017-2020

Imports in value, M $ US

In 2020, Western Asia's cocoa butter imports were valued at 166.9 million US dollars, down 6.8% from the previous year. Over the 2017-2020 period, import value decreased by 8.6%, with a compound annual growth rate of -2.9%. The lowest value was recorded in 2018 at 149.6 million US dollars, which experienced the largest decline of 18.1%. The largest increase occurred in 2019, with a 19.7% rise.

Annual dynamics of product's imports to Western Asia in value, 2017-2020, M $ US

During 2017-2020, Malaysia (29.9% of import value), the Netherlands (25.8%), and Singapore (14.6%) accounted for the largest share of Western Asia's cocoa butter imports in value terms, together comprising 70.4% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Western Asia in value, 2017-2020