Nigeria: Chocolate Market 2024

Chocolate Market Size in Nigeria

The Nigerien chocolate market reached $X in 2022, growing by 3.6% against the previous year. In general, consumption recorded a tangible expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate Production in Nigeria

In value terms, chocolate production expanded slightly to $X in 2022 estimated in export price. Overall, production enjoyed a notable increase. The pace of growth appeared the most rapid in 2016 with an increase of 50% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Nigeria

In 2022, overseas shipments of chocolate and cocoa products increased by 69% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 10,381% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, chocolate exports skyrocketed to $X in 2022. Overall, exports saw strong growth. The growth pace was the most rapid in 2018 with an increase of 2,720% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The Netherlands (X tons), Spain (X tons) and the United Arab Emirates (X tons) were the main destinations of chocolate exports from Nigeria.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +140.2%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) emerged as the key foreign market for chocolate and cocoa products exports from Nigeria, comprising 70% of total exports. The second position in the ranking was held by Spain ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at +56.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+38.5% per year) and the United Arab Emirates (+168.7% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, with an increase of 181% against the previous year. Over the period under review, the export price, however, showed a precipitous curtailment. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United Arab Emirates (+11.9%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Nigeria

In 2022, approx. X tons of chocolate and cocoa products were imported into Nigeria; picking up by 56% on the previous year's figure. Overall, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 when imports increased by 101% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, chocolate imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Ghana (X tons) constituted the largest supplier of chocolate to Nigeria, accounting for a 60% share of total imports. Moreover, chocolate imports from Ghana exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. India (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ghana stood at +43.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.8% per year) and India (+19.8% per year).

In value terms, Ghana ($X) constituted the largest supplier of chocolate and cocoa products to Nigeria, comprising 72% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 8% share of total imports. It was followed by China, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from Ghana totaled +43.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+10.8% per year) and China (+1.0% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, surging by 25% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 34%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

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 the Netherlands ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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