With an impressive 234,000 tons, Morocco dominates the cobalt consumption landscape in the Middle East and North Africa (MENA) region, accounting for a staggering 91% of the total. According to the latest IndexBox report, Morocco's market share is substantial, valued at 1.9 billion dollars (approximately 17.02 billion dirhams). Oman trails behind, holding the second spot with a market value of 525 million dollars. On a per capita basis, the disparity between Morocco and other regional countries is also notable. The study highlights that «the highest per capita consumption levels» are observed in Morocco, where individuals consume 6.1 kilograms each. Oman is next, with 4.2 kilograms per person. The report further underscores the stark contrast between regional production and exports. In 2024, production hit 256,000 tons, yet only 6.7 tons were exported, including 201 kilograms from Morocco. Israel was responsible for 61% of these exports, while the United Arab Emirates contributed 36%. Despite its relatively small export volume, the report notes that «Morocco recorded the highest relative increase in its exports, with an average growth rate of +86.1% between 2013 and 2024». Regarding regional imports, they amounted to 1,400 tons in 2024, marking a 5.6% decline from the previous year. Morocco accounted for 86% of these imports, bringing in 1,200 tons valued at 4 million dollars. The United Arab Emirates followed, importing 195 tons at a cost of 1.8 million dollars. Looking ahead, forecasts suggest that the demand for cobalt in the MENA region will continue to rise steadily, reaching 321,000 tons by 2035, with an estimated market value of 3.3 billion dollars.
