Ghana: Cocoa Paste Market 2024

Cocoa Paste Market Size in Ghana

In 2021, the Ghanian cocoa paste market decreased by -11.2% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, saw a mild shrinkage. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Cocoa Paste Production in Ghana

In value terms, cocoa paste production reached $X in 2021 estimated in export price. Over the period under review, production saw a slight expansion. The pace of growth appeared the most rapid in 2016 with an increase of 171% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Cocoa Paste Exports

Exports from Ghana

In 2021, overseas shipments of cocoa paste increased by 48% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 197% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, cocoa paste exports soared to $X in 2021. In general, exports posted a resilient expansion. The pace of growth was the most pronounced in 2016 when exports increased by 285%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Spain (X tons), the Netherlands (X tons) and Poland (X tons) were the main destinations of cocoa paste exports from Ghana, with a combined 28% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +34.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa paste exported from Ghana were the Netherlands ($X), Spain ($X) and the United States ($X), together accounting for 26% of total exports.

The Netherlands, with a CAGR of +34.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cocoa paste export price amounted to $X per ton, surging by 12% against the previous year. Over the period under review, the export price, however, saw a slight descent. The pace of growth was the most pronounced in 2016 an increase of 30%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Paste Imports

Imports into Ghana

In 2021, supplies from abroad of cocoa paste increased by 43% to X tons, rising for the third year in a row after four years of decline. Over the period under review, imports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2013 when imports increased by 157% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, cocoa paste imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2013 with an increase of 186%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Spain (X tons) constituted the largest cocoa paste supplier to Ghana, with a 76% share of total imports. Moreover, cocoa paste imports from Spain exceeded the figures recorded by the second-largest supplier, Singapore (X tons), sevenfold. Lebanon (X kg) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain stood at -24.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (0.0% per year) and Lebanon (0.0% per year).

In value terms, Spain ($X) constituted the largest supplier of cocoa paste to Ghana, comprising 51% of total imports. The second position in the ranking was held by Singapore ($X), with a 20% share of total imports. It was followed by Lebanon, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value from Spain totaled -26.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (0.0% per year) and Lebanon (0.0% per year).

Import Prices by Country

The average cocoa paste import price stood at $X per ton in 2021, dropping by -5.9% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa paste import price decreased by -8.9% against 2019 indices. The pace of growth was the most pronounced in 2016 an increase of 21%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Lebanon ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+46.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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