Morocco: Cocoa Butter Market 2024

Cocoa Butter Market Size in Morocco

The Moroccan cocoa butter market was estimated at $X in 2022, approximately reflecting the previous year. Over the period under review, consumption showed a resilient increase. Cocoa butter consumption peaked in 2022 and is likely to see gradual growth in years to come.

Cocoa Butter Production in Morocco

In value terms, cocoa butter production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production showed a strong increase. The growth pace was the most rapid in 2018 with an increase of 53% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Cocoa Butter Exports

Exports from Morocco

In 2022, shipments abroad of cocoa butter decreased by -16.7% to X kg, falling for the second year in a row after three years of growth. In general, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2020 with an increase of 7,067%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, cocoa butter exports dropped notably to $X in 2022. Overall, exports faced a significant contraction. The pace of growth was the most pronounced in 2020 when exports increased by 4,408% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for cocoa butter exports from Morocco, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +11.1%.

In value terms, the United Arab Emirates ($X) also remains the key foreign market for cocoa butter exports from Morocco.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled -25.3%.

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2022, with a decrease of -21.3% against the previous year. In general, the export price, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2021 an increase of 38% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to +1.0% per year.

Cocoa Butter Imports

Imports into Morocco

In 2022, cocoa butter imports into Morocco fell modestly to X tons, stabilizing at the year before. Over the period under review, imports showed a slight decline. The pace of growth appeared the most rapid in 2021 when imports increased by 114%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, cocoa butter imports contracted to $X in 2022. Overall, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 89%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest cocoa butter supplier to Morocco, accounting for a 76% share of total imports. Moreover, cocoa butter imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Cote d'Ivoire (X tons), eightfold. The third position in this ranking was held by France (X tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+27.7% per year) and France (+29.8% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cocoa butter to Morocco, comprising 75% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 8.2% share of total imports. It was followed by France, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+33.6% per year) and France (+19.3% per year).

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, dropping by -12.6% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -23.1% against 2020 indices. The growth pace was the most rapid in 2013 an increase of 50% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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