Ghana: Market for Cocoa Powder (Containing Added Sugar) 2024

Market Size for Cocoa Powder (Containing Added Sugar) in Ghana

In 2021, the Ghanian cocoa powder with sugar market increased by 1.3% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +9.8% against 2019 indices. Cocoa powder with sugar consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Cocoa Powder (Containing Added Sugar) in Ghana

In value terms, cocoa powder with sugar production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, saw a resilient increase. The pace of growth was the most pronounced in 2014 with an increase of 88%. Cocoa powder with sugar production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Exports of Cocoa Powder (Containing Added Sugar)

Exports from Ghana

In 2021, shipments abroad of cocoa powder (containing added sugar) decreased by -24.7% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 694%. Over the period under review, the exports hit record highs at X tons in 2020, and then fell markedly in the following year.

In value terms, cocoa powder with sugar exports reduced sharply to $X in 2021. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 693% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then reduced sharply in the following year.

Exports by Country

Nigeria (X tons), Togo (X tons) and Angola (X tons) were the main destinations of cocoa powder with sugar exports from Ghana, together comprising 73% of total exports.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +131.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the key foreign market for cocoa powder (containing added sugar) exports from Ghana, comprising 52% of total exports. The second position in the ranking was held by Angola ($X), with a 12% share of total exports. It was followed by Togo, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value to Nigeria totaled +65.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (0.0% per year) and Togo (+117.2% per year).

Export Prices by Country

The average cocoa powder with sugar export price stood at $X per ton in 2021, shrinking by -3.5% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa powder with sugar export price increased by +26.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 31%. As a result, the export price reached the peak level of $X per ton, and then fell slightly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Burkina Faso ($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 (+40.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cocoa Powder (Containing Added Sugar)

Imports into Ghana

In 2021, the amount of cocoa powder (containing added sugar) imported into Ghana declined markedly to X tons, which is down by -72.8% on the previous year. In general, imports saw a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 521% against the previous year. As a result, imports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, cocoa powder with sugar imports dropped notably to $X in 2021. Over the period under review, imports recorded a abrupt descent. The pace of growth appeared the most rapid in 2020 when imports increased by 456%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Nigeria (X tons) constituted the largest cocoa powder with sugar supplier to Ghana, accounting for a 58% share of total imports. Moreover, cocoa powder with sugar imports from Nigeria exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Indonesia (X tons) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Nigeria totaled +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-18.0% per year) and Indonesia (0.0% per year).

In value terms, Nigeria ($X) constituted the largest supplier of cocoa powder (containing added sugar) to Ghana, comprising 40% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Indonesia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Nigeria totaled -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-31.4% per year) and Indonesia (0.0% per year).

Import Prices by Country

In 2021, the average cocoa powder with sugar import price amounted to $X per ton, picking up by 78% against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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