ECOWAS: Cocoa Powder Market 2024

Cocoa Powder Market Size in ECOWAS

The ECOWAS cocoa powder market rose slightly to $X in 2022, growing by 1.9% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Cocoa Powder Production in ECOWAS

In value terms, cocoa powder production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 25%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Cocoa Powder Exports

Exports in ECOWAS

In 2022, overseas shipments of cocoa powder (not sweetened) decreased by -7.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 51%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, cocoa powder exports contracted to $X in 2022. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 67% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

Ghana was the main exporting country with an export of around X tons, which amounted to 69% of total exports. It was distantly followed by Cote d'Ivoire (X tons), generating a 31% share of total exports.

Ghana was also the fastest-growing in terms of the cocoa powder (not sweetened) exports, with a CAGR of +13.6% from 2012 to 2022. At the same time, Cote d'Ivoire (+2.0%) displayed positive paces of growth. Ghana (+26 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -25.7% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest cocoa powder supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 32% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled +14.8%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, which is down by -7.1% against the previous year. In general, the export price saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 when the export price increased by 18% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%).

Cocoa Powder Imports

Imports in ECOWAS

Cocoa powder imports contracted to X tons in 2022, declining by -11.5% on the previous year's figure. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +26.6% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 65% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, cocoa powder imports shrank significantly to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2021 when imports increased by 66%. As a result, imports attained the peak of $X, and then dropped sharply in the following year.

Imports by Country

Senegal dominates imports structure, amounting to X tons, which was approx. 78% of total imports in 2022. It was distantly followed by Niger (X tons), achieving a 9.8% share of total imports. The following importers - Gambia (X tons), Cabo Verde (X tons), Togo (X tons) and Guinea (X tons) - each accounted for a 7.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to cocoa powder imports into Senegal stood at +7.7%. At the same time, Niger (+91.0%), Guinea (+24.8%), Gambia (+4.8%) and Cabo Verde (+2.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +91.0% from 2012-2022. By contrast, Togo (-3.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Niger and Senegal increased by +9.8 and +9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported cocoa powder (not sweetened) in ECOWAS, comprising 75% of total imports. The second position in the ranking was held by Niger ($X), with a 7.3% share of total imports. It was followed by Cabo Verde, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in Senegal stood at +5.9%. The remaining importing countries recorded the following average annual rates of imports growth: Niger (+76.4% per year) and Cabo Verde (+4.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, waning by -7% against the previous year. Over the period under review, the import price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2016 when the import price increased by 22% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform