Ghana: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Ghana

The Ghanian chocolate and confectionery market skyrocketed to $X in 2022, rising by 104% against the previous year. In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -17.8% against 2018 indices. Chocolate and confectionery consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Chocolate And Confectionery Production in Ghana

In value terms, chocolate and confectionery production rose sharply to $X in 2022 estimated in export price. Overall, production continues to indicate a strong increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 61% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate And Confectionery Exports

Exports from Ghana

In 2022, after four years of growth, there was significant decline in shipments abroad of chocolate and confectionery, when their volume decreased by -11% to X tons. Over the period under review, exports, however, posted a prominent expansion. The growth pace was the most rapid in 2018 when exports increased by 67%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, chocolate and confectionery exports dropped sharply to $X in 2022. In general, exports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2018 with an increase of 62%. The exports peaked at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

The Netherlands (X tons), the United States (X tons) and France (X tons) were the main destinations of chocolate and confectionery exports from Ghana, together comprising 33% of total exports. Poland, Spain, Germany, China, Japan, Estonia, Turkey, India and Italy lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +49.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the United States ($X) and France ($X) were the largest markets for chocolate and confectionery exported from Ghana worldwide, together comprising 35% of total exports. Poland, Germany, Spain, Japan, China, Turkey, Italy, India and Estonia lagged somewhat behind, together comprising a further 16%.

Among the main countries of destination, Italy, with a CAGR of +50.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate and confectionery export price amounted to $X per ton, waning by -4.9% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 16%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into Ghana

In 2022, after three years of growth, there was significant decline in overseas purchases of chocolate and confectionery, when their volume decreased by -20.3% to X tons. Over the period under review, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.4% 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 +78.3% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 39%. Imports peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, chocolate and confectionery imports shrank significantly to $X in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +70.2% against 2016 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 40%. Over the period under review, imports attained the peak figure at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of chocolate and confectionery to Ghana, with a 49% share of total imports. Moreover, chocolate and confectionery imports from Turkey exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by India (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.5% per year) and India (+69.8% per year).

In value terms, Turkey ($X) constituted the largest supplier of chocolate and confectionery to Ghana, comprising 42% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Italy, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from Turkey stood at +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.8% per year) and Italy (+28.7% per year).

Import Prices by Country

The average chocolate and confectionery import price stood at $X per ton in 2022, rising by 5.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2015 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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