Africa: Cocoa Paste Market 2024

Cocoa Paste Market Size in Africa

In 2021, after two years of growth, there was decline in the African cocoa paste market, when its value decreased by -4.4% to $X. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Cocoa Paste Production in Africa

In value terms, cocoa paste production fell modestly to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 27% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Cocoa Paste Exports

Exports in Africa

Cocoa paste exports soared to X tons in 2021, increasing by 43% compared with the previous year's figure. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +93.4% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa paste exports surged to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +97.4% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Cote d'Ivoire (X tons) represented the main exporter of cocoa paste, mixing up 61% of total exports. Ghana (X tons) took the second position in the ranking, distantly followed by Cameroon (X tons). All these countries together took approx. 38% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cameroon (with a CAGR of +12.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa paste supplying countries in Africa were Cote d'Ivoire ($X), Ghana ($X) and Cameroon ($X), with a combined 99% share of total exports.

Cameroon, with a CAGR of +8.7%, saw the highest rates of growth with regard to the value of exports, among 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

The export price in Africa stood at $X per ton in 2021, increasing by 5.4% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 12% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Cameroon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.8%), while the other leaders experienced a decline in the export price figures.

Cocoa Paste Imports

Imports in Africa

In 2021, approx. X tons of cocoa paste were imported in Africa; jumping by 38% on 2020 figures. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -0.7% against 2019 indices. The pace of growth was the most pronounced in 2018 when imports increased by 41% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, cocoa paste imports skyrocketed to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 47% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Imports by Country

Egypt (X tons) and South Africa (X tons) were the largest importers of cocoa paste in 2021, reaching near 36% and 34% of total imports, respectively. Algeria (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Morocco (8.5%).

From 2012 to 2021, the biggest increases were recorded for Algeria (with a CAGR of +23.7%), 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 2021, with a combined 89% share of total imports.

Among the main importing countries, Algeria, with a CAGR of +22.0%, recorded the highest rates of growth with regard to 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 2021, growing by 4.3% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 21%. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Africa ($X per ton) and Morocco ($X per ton), while Algeria ($X per ton) and Egypt ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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