Ghana: Cocoa Powder Market 2024

Cocoa Powder Market Size in Ghana

In 2022, the Ghanian cocoa powder market was finally on the rise to reach $X after two years of decline. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 -22.0% against 2019 indices. Cocoa powder consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Cocoa Powder Production in Ghana

In value terms, cocoa powder production stood at $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2020 with an increase of 75%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Cocoa Powder Exports

Exports from Ghana

In 2022, after two years of growth, there was decline in shipments abroad of cocoa powder (not sweetened), when their volume decreased by -3.7% to X tons. Over the period under review, exports, however, recorded resilient growth. The growth pace was the most rapid in 2020 with an increase of 82%. The exports peaked at X tons in 2021, and then contracted modestly in the following year.

In value terms, cocoa powder exports reduced to $X in 2022. Overall, exports, however, recorded resilient growth. The growth pace was the most rapid in 2020 when exports increased by 108% against the previous year. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for cocoa powder exports from Ghana, with a 32% share of total exports. Moreover, cocoa powder exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was held by China (X tons), with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.5% per year) and China (+23.0% per year).

In value terms, the Netherlands ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Ghana, comprising 32% of total exports. The second position in the ranking was held by the United States ($X), with a 9.9% share of total exports. It was followed by China, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+4.6% per year) and China (+19.1% per year).

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, which is down by -8.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 21%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 Uzbekistan (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Ghana

After two years of decline, purchases abroad of cocoa powder (not sweetened) increased by 113% to X tons in 2022. Over the period under review, imports, however, faced a precipitous decrease. The most prominent rate of growth was recorded in 2019 with an increase of 811%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cocoa powder imports expanded rapidly to $X in 2022. In general, imports, however, recorded a deep setback. The growth pace was the most rapid in 2019 with an increase of 291% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest cocoa powder supplier to Ghana, with a 23% share of total imports. Moreover, cocoa powder imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X kg), more than tenfold. The third position in this ranking was held by Turkey (X kg), with a 0.5% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +48.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-24.0% per year) and Turkey (-10.8% per year).

In value terms, Germany ($X) constituted the largest supplier of cocoa powder (not sweetened) to Ghana, comprising 27% of total imports. The second position in the ranking was taken by Italy ($X), with a 3.1% share of total imports. It was followed by Turkey, with a 0.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +36.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-14.3% per year) and Turkey (-17.8% per year).

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, reducing by -48.8% against the previous year. Overall, the import price, however, recorded prominent growth. The pace of growth was the most pronounced in 2021 an increase of 152% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :