ECOWAS: Cocoa Paste Market 2024

Cocoa Paste Market Size in ECOWAS

After two years of growth, the ECOWAS cocoa paste market decreased by -7.4% to $X in 2021. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Cocoa Paste Production in ECOWAS

In value terms, cocoa paste production shrank slightly to $X in 2021 estimated in export price. The total production indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +41.7% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Cocoa Paste Exports

Exports in ECOWAS

In 2021, approx. X tons of cocoa paste were exported in ECOWAS; jumping by 40% compared with the year before. Total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% 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 +86.9% against 2015 indices. As a result, the exports attained 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 prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 +93.6% against 2017 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire represented the key exporter of cocoa paste in ECOWAS, with the volume of exports amounting to X tons, which was approx. 66% of total exports in 2021. It was distantly followed by Ghana (X tons), committing a 33% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +7.5%).

In value terms, the largest cocoa paste supplying countries in ECOWAS were Cote d'Ivoire ($X) and Ghana ($X).

Cote d'Ivoire, with a CAGR of +6.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 5.2% against the previous year. In general, the export price, however, recorded 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 failed to regain momentum.

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 Cote d'Ivoire totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.8%).

Cocoa Paste Imports

Imports in ECOWAS

In 2021, supplies from abroad of cocoa paste decreased by -27.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 297% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, cocoa paste imports stood at $X in 2021. In general, imports, however, saw a noticeable increase. The pace of growth appeared the most rapid in 2013 with an increase of 364%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The purchases of the four major importers of cocoa paste, namely Senegal, Cote d'Ivoire, Nigeria and Ghana, represented more than two-thirds of total import. It was distantly followed by Gambia (X tons), committing a 7% share of total imports. The following importers - Togo (X tons) and Sierra Leone (X tons) - each amounted to a 3.5% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Gambia (with a CAGR of +52.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 66% of total imports. These countries were followed by Nigeria, Gambia, Sierra Leone and Togo, which together accounted for a further 30%.

Gambia, with a CAGR of +75.2%, saw the highest growth rate of the value of imports, in terms of 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

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 49% against the previous year. Overall, the import price showed a significant expansion. The most prominent rate of growth was recorded in 2013 when the import price increased by 937% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 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 Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+41.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform