Saudi Arabia's import of cocoa butter, fat, and oil showcased fluctuating trends over the past decade, peaking in 2014 with a 72.28% year-on-year increase after a dip in 2013. Post-2014, imports varied moderately, with slight declines in some years, such as 2016 and 2018, contrasted by growth in 2017 and consecutive annual increases from 2019 to 2023. As of 2023, the import volume stood at 2.4421 million kilograms. The last five years witnessed a modest Compound Annual Growth Rate (CAGR) of 3.1%, while future forecasts suggest continued stable growth with a forecasted 5-year CAGR of 1.42%, culminating at 2.6726 million kilograms by 2028.
Future trends to watch for:
- Changes in global cocoa market prices impacting import volumes.
- Saudi Arabia’s domestic consumption and production capacity for cocoa-derived products.
- Shifts in trade policies or tariffs affecting cocoa butter, fat, and oil imports.
- Increasing demand for health and wellness products incorporating cocoa ingredients.
- Technological advancements in food processing impacting import needs.
