ECOWAS: Market for Chocolate Bars with Cereals, Fruit or Nuts 2024

Market Size for Chocolate Bars with Cereals, Fruit or Nuts in ECOWAS

The ECOWAS market for chocolate bars with cereals, fruit or nuts expanded modestly to $X in 2022, surging by 4.6% against the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.7% against 2013 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Production of Chocolate Bars with Cereals, Fruit or Nuts in ECOWAS

In value terms, production of chocolate bars with cereals, fruit or nuts totaled $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 +4.5% 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 -0.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 22%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Chocolate Bars with Cereals, Fruit or Nuts

Exports in ECOWAS

In 2022, approx. X tons of chocolate bars with cereals, fruit or nuts were exported in ECOWAS; waning by -80.5% against the previous year. Overall, exports showed a sharp setback. The growth pace was the most rapid in 2018 when exports increased by 265%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of chocolate bars with cereals, fruit or nuts dropped significantly to $X in 2022. In general, exports saw a precipitous curtailment. The pace of growth was the most pronounced in 2018 with an increase of 209%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Ghana (X tons) was the key exporter of chocolate bars with cereals, fruit or nuts, committing 49% of total exports. Cote d'Ivoire (X tons) took a 29% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (12%) and Togo (6.5%). Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Gambia (with a CAGR of +23.2%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest cereal, fruit or nut chocolate bar supplier in ECOWAS, comprising 56% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 28% share of total exports. It was followed by Nigeria, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled +20.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-34.5% per year) and Nigeria (-19.2% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, approximately mirroring the previous year. In general, the export price recorded a mild decline. The most prominent rate of growth was recorded in 2017 when the export price increased by 115% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Chocolate Bars with Cereals, Fruit or Nuts

Imports in ECOWAS

In 2022, imports of chocolate bars with cereals, fruit or nuts in ECOWAS skyrocketed to X tons, surging by 64% against 2021. Over the period under review, imports showed resilient growth. The growth pace was the most rapid in 2018 when imports increased by 78%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, imports of chocolate bars with cereals, fruit or nuts skyrocketed to $X in 2022. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 50% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports by Country

Senegal was the major importer of chocolate bars with cereals, fruit or nuts in ECOWAS, with the volume of imports amounting to X tons, which was near 45% of total imports in 2022. It was distantly followed by Nigeria (X tons), Burkina Faso (X tons), Togo (X tons) and Cote d'Ivoire (X tons), together committing a 48% share of total imports. 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 main importing countries, was attained by Nigeria (with a CAGR of +44.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate bars with cereals, fruit or nuts in ECOWAS, comprising 50% of total imports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +46.5%. In the other countries, the average annual rates were as follows: Senegal (+26.2% per year) and Cote d'Ivoire (+14.2% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, shrinking by -17% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 24% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2020; however, from 2021 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 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 (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform