Ghana: Cocoa Butter Market 2024

Cocoa Butter Market Size in Ghana

The Ghanian cocoa butter market soared to $X in 2022, jumping by 17% against the previous year. Over the period under review, consumption recorded modest growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Cocoa Butter Production in Ghana

In value terms, cocoa butter production expanded remarkably to $X in 2022 estimated in export price. Overall, production, however, saw a prominent expansion. The growth pace was the most rapid in 2013 when the production volume increased by 78%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Butter Exports

Exports from Ghana

After three years of growth, overseas shipments of cocoa butter decreased by -10.2% to X tons in 2022. Over the period under review, exports, however, showed significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 152% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, cocoa butter exports shrank slightly to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2013 when exports increased by 167% against the previous year. The exports peaked at $X in 2021, and then fell slightly in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for cocoa butter exports from Ghana, with a 47% share of total exports. Moreover, cocoa butter exports to the Netherlands exceeded the volume sent to the second major destination, France (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to +29.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+70.2% per year) and Germany (+6.8% per year).

In value terms, the Netherlands ($X) remains the key foreign market for cocoa butter exports from Ghana, comprising 47% of total exports. The second position in the ranking was taken by France ($X), with a 22% share of total exports. It was followed by Germany, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at +35.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+70.2% per year) and Germany (+11.8% per year).

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2022, increasing by 8% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter export price decreased by -8.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 62% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Estonia ($X per ton), while the average price for exports to Spain ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Butter Imports

Imports into Ghana

In 2022, overseas purchases of cocoa butter decreased by -7.2% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 181%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, cocoa butter imports contracted to $X in 2022. Overall, imports saw a deep setback. The most prominent rate of growth was recorded in 2015 with an increase of 182% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) constituted the largest cocoa butter supplier to Ghana, with a 76% share of total imports. Moreover, cocoa butter imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Nigeria (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Cote d'Ivoire totaled -5.9%.

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of cocoa butter to Ghana, comprising 75% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Cote d'Ivoire amounted to -9.0%.

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, with an increase of 6.6% against the previous year. In general, the import price, however, showed a pronounced decline. The pace of growth appeared the most rapid in 2016 when the average import price increased by 23% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while the price for Cote d'Ivoire totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-3.4%).

Source: IndexBox Platform

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