ECOWAS: Market for Chocolate Bars With Fillings 2024

Market Size for Chocolate Bars With Fillings in ECOWAS

After two years of growth, the ECOWAS chocolate bar with filling market decreased by -4.5% to $X in 2021. The total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.3% against 2016 indices. The level of consumption peaked at $X in 2020, and then reduced slightly in the following year.

Production of Chocolate Bars With Fillings in ECOWAS

In value terms, chocolate bar with filling production shrank modestly to $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +57.0% against 2016 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 32% against the previous year. The level of production peaked at $X in 2020, and then reduced in the following year.

Exports of Chocolate Bars With Fillings

Exports in ECOWAS

In 2021, approx. X tons of chocolate bars with fillings were exported in ECOWAS; surging by 8.2% against 2020. In general, exports posted buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 95% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, chocolate bar with filling exports expanded significantly to $X in 2021. Overall, exports saw a strong increase. The pace of growth appeared the most rapid in 2017 when exports increased by 106% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in years to come.

Exports by Country

Cabo Verde represented the major exporting country with an export of around X tons, which reached 56% of total exports. It was distantly followed by Togo (X tons), Niger (X tons), Senegal (X tons) and Nigeria (X tons), together mixing up a 41% share of total exports. Ghana (X tons) took a minor share of total exports.

Exports from Cabo Verde increased at an average annual rate of +17.9% from 2012 to 2021. At the same time, Niger (+82.9%), Nigeria (+25.2%) and Togo (+14.7%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +82.9% from 2012-2021. By contrast, Senegal (-4.4%) and Ghana (-9.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cabo Verde, Niger, Togo and Nigeria increased by +24, +9.3, +4.6 and +3.6 percentage points, respectively.

In value terms, Cabo Verde ($X) remains the largest chocolate bar with filling supplier in ECOWAS, comprising 77% of total exports. The second position in the ranking was held by Senegal ($X), with an 8.4% share of total exports. It was followed by Togo, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value in Cabo Verde totaled +25.2%. In the other countries, the average annual rates were as follows: Senegal (-4.2% per year) and Togo (+34.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, remaining constant against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.9%. The pace of growth appeared the most rapid in 2019 an increase of 24% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+17.5%), while the other leaders experienced more modest paces of growth.

Imports of Chocolate Bars With Fillings

Imports in ECOWAS

In 2021, supplies from abroad of chocolate bars with fillings increased by 22% to X tons, rising for the third year in a row after two years of decline. Overall, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2016 with an increase of 86%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, chocolate bar with filling imports soared to $X in 2021. In general, imports showed buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 55% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Nigeria (X tons) was the main importer of chocolate bars with fillings, creating 46% of total imports. Ghana (X tons) held the second position in the ranking, distantly followed by Niger (X tons), Mali (X tons) and Benin (X tons). All these countries together took near 33% share of total imports. Guinea (X tons), Liberia (X tons), Sierra Leone (X tons), Cote d'Ivoire (X tons), Senegal (X tons), Gambia (X tons) and Togo (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to chocolate bar with filling imports into Nigeria stood at +9.0%. At the same time, Mali (+66.8%), Guinea (+45.3%), Liberia (+23.0%), Togo (+15.8%), Sierra Leone (+15.6%), Gambia (+13.9%), Ghana (+12.7%), Cote d'Ivoire (+9.8%), Niger (+3.2%), Benin (+3.1%) and Senegal (+2.6%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +66.8% from 2012-2021. From 2012 to 2021, the share of Mali, Guinea, Ghana and Liberia increased by +5.5, +3.7, +3.1 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate bars with fillings in ECOWAS, comprising 45% of total imports. The second position in the ranking was taken by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +7.8%. In the other countries, the average annual rates were as follows: Ghana (+10.7% per year) and Cote d'Ivoire (+18.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the import price increased by 37%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($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 (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform