ECOWAS: Chocolate Market 2024

Chocolate Market Size in ECOWAS

The ECOWAS chocolate market stood at $X in 2022, with an increase of 3.5% against the previous year. The total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.3% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate Production in ECOWAS

In value terms, chocolate production expanded slightly to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.1% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 31%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in ECOWAS

After eight years of growth, overseas shipments of chocolate and cocoa products decreased by -8.4% to X tons in 2022. In general, exports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 82% against the previous year. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, chocolate exports reduced to $X in 2022. Over the period under review, exports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 115% against the previous year. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Cote d'Ivoire prevails in exports structure, reaching X tons, which was near 80% of total exports in 2022. Ghana (X tons) took the second position in the ranking, followed by Nigeria (X tons). All these countries together held approx. 15% share of total exports. Senegal (X tons) took a minor share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +8.4% from 2012 to 2022. At the same time, Nigeria (+38.5%), Ghana (+14.3%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +38.5% from 2012-2022. From 2012 to 2022, the share of Nigeria and Ghana increased by +5.7 and +3.3 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest chocolate supplier in ECOWAS, comprising 86% of total exports. The second position in the ranking was held by Ghana ($X), with a 7.1% share of total exports. It was followed by Nigeria, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire stood at +9.7%. In the other countries, the average annual rates were as follows: Ghana (+11.3% per year) and Nigeria (+10.3% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by -6% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 18%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in ECOWAS

In 2022, overseas purchases of chocolate and cocoa products increased by 6.6% to X tons, rising for the sixth consecutive year after two years of decline. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2019 when imports increased by 24%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, chocolate imports amounted to $X in 2022. Overall, imports enjoyed a strong increase. The growth pace was the most rapid in 2014 when imports increased by 33% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Nigeria represented the key importing country with an import of about X tons, which accounted for 28% of total imports. Senegal (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons), Burkina Faso (X tons), Ghana (X tons), Mali (X tons), Guinea (X tons) and Gambia (X tons). All these countries together took near 57% share of total imports. Togo (X tons) took a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +17.5% from 2012 to 2022. At the same time, Burkina Faso (+27.1%), Mali (+18.2%), Senegal (+9.2%), Gambia (+7.3%), Cote d'Ivoire (+3.8%), Guinea (+3.4%) and Ghana (+2.1%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +27.1% from 2012-2022. Togo experienced a relatively flat trend pattern. From 2012 to 2022, the share of Nigeria, Burkina Faso and Mali increased by +16, +6.6 and +4.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Senegal ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 62% of total imports. Ghana, Mali, Guinea, Gambia, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 25%.

Mali, with a CAGR of +18.5%, recorded the highest growth rate of the value of imports, among 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

The import price in ECOWAS stood at $X per ton in 2022, with a decrease of -3.3% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 12% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform