Africa: Cocoa Butter Market 2024

Cocoa Butter Market Size in Africa

The African cocoa butter market expanded modestly to $X in 2022, with an increase of 3.6% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Cocoa Butter Production in Africa

In value terms, cocoa butter production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% 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 2020 with an increase of 16% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Cocoa Butter Exports

Exports in Africa

In 2022, overseas shipments of cocoa butter decreased by -5.4% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, saw a strong increase. The growth pace was the most rapid in 2013 with an increase of 69% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, cocoa butter exports amounted to $X in 2022. Over the period under review, exports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2013 with an increase of 80%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) represented roughly 83% of total exports in 2022. It was distantly followed by Cameroon (X tons), comprising a 13% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +21.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Cameroon ($X) were the countries with the highest levels of exports in 2022, together accounting for 96% of total exports.

Ghana, with a CAGR of +26.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, picking up by 6.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2014 when the export price increased by 15%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Ghana ($X per ton) and Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) and Cameroon ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+4.7%), while the other leaders experienced more modest paces of growth.

Cocoa Butter Imports

Imports in Africa

In 2022, imports of cocoa butter in Africa dropped slightly to X tons, flattening at 2021. The total import volume increased at an average annual rate of +1.7% 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 2018 when imports increased by 35% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, cocoa butter imports contracted to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -29.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 62% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Africa (X tons) and Egypt (X tons) represented the key importers of cocoa butter in Africa, together making up 69% of total imports. Algeria (X tons) held the next position in the ranking, distantly followed by Morocco (X tons) and Ghana (X tons). All these countries together took approx. 25% share of total imports. Botswana (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Botswana (with a CAGR of +44.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X), Egypt ($X) and Algeria ($X) were the countries with the highest levels of imports in 2022, together comprising 87% of total imports.

Among the main importing countries, Algeria, with a CAGR of +15.2%, recorded the highest growth rate of 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

The import price in Africa stood at $X per ton in 2022, reducing by -10.4% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -18.9% against 2016 indices. The growth pace was the most rapid in 2014 when the import price increased by 50%. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Algeria ($X per ton), while Botswana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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