Nigeria: Chocolate Market 2024

Chocolate Market Size in Nigeria

The Nigerien chocolate market totaled $X in 2022, flattening at the previous year. Over the period under review, consumption showed a buoyant increase. Chocolate consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate Production in Nigeria

In value terms, chocolate production contracted modestly to $X in 2022 estimated in export price. Overall, production posted strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 98%. Chocolate production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Nigeria

Chocolate exports from Nigeria declined markedly to X tons in 2022, with a decrease of -30.8% on the previous year. Overall, exports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2018 when exports increased by 13,348% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports rose notably to $X in 2022. In general, exports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 10,102%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Nigeria, accounting for a 92% share of total exports. Moreover, chocolate exports to the United States exceeded the volume sent to the second major destination, Niger (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +34.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+56.7% per year) and Canada (+67.3% per year).

In value terms, the United States ($X) remains the key foreign market for chocolate and other food preparations containing cocoa exports from Nigeria, comprising 98% of total exports. The second position in the ranking was held by Canada ($X), with a 1.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +38.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+51.7% per year) and Niger (+21.5% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, with an increase of 58% against the previous year. Overall, the export price saw a modest increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 159% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Niger ($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 States (+3.0%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Nigeria

In 2022, imports of chocolate and other food preparations containing cocoa into Nigeria contracted sharply to X tons, declining by -31.3% against the previous year. Over the period under review, imports continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2019 when imports increased by 310% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then declined dramatically in the following year.

In value terms, chocolate imports shrank sharply to $X in 2022. Overall, imports showed a noticeable decline. The most prominent rate of growth was recorded in 2019 with an increase of 537%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest chocolate supplier to Nigeria, accounting for a 86% share of total imports. Moreover, chocolate imports from India exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. Turkey (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +184.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+11.7% per year) and Turkey (-24.8% per year).

In value terms, India ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to Nigeria, comprising 74% of total imports. The second position in the ranking was taken by Belgium ($X), with a 9.5% share of total imports. It was followed by Turkey, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +261.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+17.6% per year) and Turkey (-23.5% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, which is down by -2.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average import price increased by 55% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average 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 the UK ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+86.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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