Ghana: Chocolate Market 2024

Chocolate Market Size in Ghana

The Ghanian chocolate market stood at $X in 2022, increasing by 2.3% against the previous year. The market value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Chocolate consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Ghana

In value terms, chocolate production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 30% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Chocolate Exports

Exports from Ghana

After two years of decline, shipments abroad of chocolate and other food preparations containing cocoa increased by 13% to X tons in 2022. Overall, exports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2014 with an increase of 151% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, chocolate exports rose sharply to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2014 when exports increased by 129%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Ghana, with a 81% share of total exports. Moreover, chocolate exports to the United States exceeded the volume sent to the second major destination, Ukraine (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +56.0%.

In value terms, the United States ($X) emerged as the key foreign market for chocolate and other food preparations containing cocoa exports from Ghana, comprising 80% of total exports. The second position in the ranking was taken by Ukraine ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +46.7%.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, falling by -1.8% against the previous year. In general, the export price showed a slight slump. The growth pace was the most rapid in 2020 when the average export price increased by 44%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Ukraine totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+2.5%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Ghana

In 2022, the amount of chocolate and other food preparations containing cocoa imported into Ghana skyrocketed to X tons, picking up by 25% on the previous year. In general, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 617%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, chocolate imports surged to $X in 2022. Overall, imports showed a significant expansion. The growth pace was the most rapid in 2017 with an increase of 530%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of chocolate to Ghana, accounting for a 33% share of total imports. Moreover, chocolate imports from Belgium exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. The third position in this ranking was held by Turkey (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium amounted to +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+16.0% per year) and Turkey (+61.2% per year).

In value terms, Belgium ($X), Turkey ($X) and South Africa ($X) constituted the largest chocolate suppliers to Ghana, with a combined 59% share of total imports.

In terms of the main suppliers, Turkey, with a CAGR of +119.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, dropping by -6.4% against the previous year. Overall, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate import price increased by +5.3% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by 60% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a 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 Hungary ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+36.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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