Africa: Chocolate Market 2024

Chocolate Market Size in Africa

The African chocolate market rose slightly to $X in 2022, picking up by 1.7% against the previous year. The market value increased at an average annual rate of +1.7% 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 attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Africa

In value terms, chocolate production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by 15%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in Africa

In 2022, approx. X tons of chocolate and cocoa products were exported in Africa; leveling off at the previous year's figure. Total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +22.3% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 33%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, chocolate exports reduced slightly to $X in 2022. Over the period under review, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 45% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined in the following year.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of about X tons, which recorded 48% of total exports. Egypt (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by South Africa (11%) and Ghana (5.3%). Nigeria (X tons), Senegal (X tons) and Tunisia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Cote d'Ivoire stood at +8.4%. At the same time, Nigeria (+38.5%), Ghana (+14.3%), Egypt (+6.8%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Africa, with a CAGR of +38.5% from 2012-2022. South Africa experienced a relatively flat trend pattern. By contrast, Tunisia (-10.5%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+13 p.p.), Nigeria (+3.5 p.p.), Egypt (+3.5 p.p.) and Ghana (+3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Africa (-5.4 p.p.) and Tunisia (-8.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest chocolate supplying countries in Africa were Cote d'Ivoire ($X), Egypt ($X) and South Africa ($X), together accounting for 88% of total exports. Ghana, Nigeria, Tunisia and Senegal lagged somewhat behind, together accounting for a further 8.2%.

Among the main exporting countries, Ghana, with a CAGR of +11.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2013 when the export price increased by 10% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.7%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in Africa

In 2022, approx. X tons of chocolate and cocoa products were imported in Africa; leveling off at the previous year's figure. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 30%. The volume of import peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, chocolate imports contracted to $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.2% against 2017 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 34%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

South Africa (X tons) and Libya (X tons) represented the major importers of chocolate and cocoa products in 2022, amounting to approx. 16% and 14% of total imports, respectively. It was distantly followed by Morocco (X tons), Algeria (X tons), Egypt (X tons) and Nigeria (X tons), together constituting a 29% share of total imports. Mauritania (X tons), Democratic Republic of the Congo (X tons), Senegal (X tons), Cote d'Ivoire (X tons), Burkina Faso (X tons), Kenya (X tons) and Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Burkina Faso (with a CAGR of +27.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in Africa were Libya ($X), South Africa ($X) and Morocco ($X), with a combined 43% share of total imports. Algeria, Egypt, Nigeria, Senegal, Democratic Republic of the Congo, Cote d'Ivoire, Kenya, Mauritania, Ghana and Burkina Faso lagged somewhat behind, together comprising a further 33%.

Democratic Republic of the Congo, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 Africa amounted to $X per ton, falling by -3.9% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 6.6%. Over the period under review, import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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