ECOWAS: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in ECOWAS

The ECOWAS chocolate and confectionery market amounted to $X in 2022, with an increase of 3.4% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Chocolate And Confectionery Production in ECOWAS

In value terms, chocolate and confectionery production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% 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 2013 when the production volume increased by 25%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Chocolate And Confectionery Exports

Exports in ECOWAS

In 2022, overseas shipments of chocolate and confectionery increased by 10% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports posted a prominent increase. The pace of growth was the most pronounced in 2013 when exports increased by 32% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate and confectionery exports expanded notably to $X in 2022. Overall, exports recorded a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 34%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

Cote d'Ivoire represented the key exporter of chocolate and confectionery in ECOWAS, with the volume of exports reaching X tons, which was near 66% of total exports in 2022. It was distantly followed by Ghana (X tons), mixing up a 31% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Ghana (+10.5%) and Nigeria (+3.1%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +10.5% from 2012-2022. While the share of Ghana (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-2.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest chocolate and confectionery supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was taken by Ghana ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +10.4%. In the other countries, the average annual rates were as follows: Ghana (+10.7% per year) and Nigeria (-4.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -2% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 11% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+0.3%), while the other leaders experienced mixed trends in the export price figures.

Chocolate And Confectionery Imports

Imports in ECOWAS

Chocolate and confectionery imports rose modestly to X tons in 2022, surging by 4% against the previous year. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +67.3% against 2016 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 24% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, chocolate and confectionery imports skyrocketed to $X in 2022. Overall, imports posted prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 59% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

Nigeria represented the main importing country with an import of about X tons, which finished at 40% of total imports. Senegal (X tons) held the second position in the ranking, followed by Ghana (X tons) and Cote d'Ivoire (X tons). All these countries together took near 34% share of total imports. Mali (X tons), Togo (X tons), Guinea (X tons), Sierra Leone (X tons), Benin (X tons), Cabo Verde (X tons) and Burkina Faso (X tons) held a relatively small share of total imports.

Nigeria was also the fastest-growing in terms of the chocolate and confectionery imports, with a CAGR of +16.6% from 2012 to 2022. At the same time, Cabo Verde (+11.7%), Mali (+10.8%), Cote d'Ivoire (+9.6%), Burkina Faso (+7.0%), Sierra Leone (+5.8%), Senegal (+1.7%) and Ghana (+1.4%) displayed positive paces of growth. Togo experienced a relatively flat trend pattern. By contrast, Guinea (-4.5%) and Benin (-7.8%) illustrated a downward trend over the same period. Nigeria (+26 p.p.), Cote d'Ivoire (+2.9 p.p.) and Mali (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Togo, Ghana, Guinea, Senegal and Benin saw its share reduced by -2.7%, -4.9%, -6.1%, -6.5% and -6.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate and confectionery in ECOWAS, comprising 42% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 12% share of total imports. It was followed by Senegal, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +21.8%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+11.8% per year) and Senegal (+8.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by 30% against the previous year. Over the last decade, it increased at an average annual rate of +4.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Cabo Verde ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+10.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform