Nigeria: Cocoa Butter Market 2025

Cocoa Butter Market Size in Nigeria

The Nigerien cocoa butter market declined to $X in 2022, shrinking by -6.2% against the previous year. In general, consumption showed a perceptible downturn. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Cocoa Butter Production in Nigeria

In value terms, cocoa butter production reached $X in 2022 estimated in export price. In general, production, however, saw a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 42%. Cocoa butter production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Cocoa Butter Exports

Exports from Nigeria

In 2022, the amount of cocoa butter exported from Nigeria surged to X tons, increasing by 53% against the previous year's figure. Overall, exports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 94%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, cocoa butter exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by 67%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (X tons), Barbados (X tons) and Antigua and Barbuda (X tons) were the main destinations of cocoa butter exports from Nigeria, together comprising 67% of total exports. Japan, Switzerland, the Netherlands, Estonia, France, Spain, the UK, China and the United States lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +33.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Barbados ($X) remains the key foreign market for cocoa butter exports from Nigeria, comprising 61% of total exports. The second position in the ranking was taken by Germany ($X), with a 15% share of total exports. It was followed by Antigua and Barbuda, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Barbados amounted to +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+3.4% per year) and Antigua and Barbuda (+5.2% per year).

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2022, declining by -5.5% against the previous year. Over the period under review, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2015 an increase of 64% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Barbados ($X per ton), while the average price for exports to Spain ($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 Barbados (-0.6%), while the prices for the other major destinations experienced a decline.

Cocoa Butter Imports

Imports into Nigeria

In 2022, supplies from abroad of cocoa butter was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of 335% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, cocoa butter imports skyrocketed to $X in 2022. Overall, imports saw a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 292% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of cocoa butter imports to Nigeria, with a combined 98% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +86.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of cocoa butter to Nigeria, comprising 86% of total imports. The second position in the ranking was held by Indonesia ($X), with a 3.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +73.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+88.4% per year) and China (+81.8% per year).

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, reducing by -5.5% against the previous year. Over the period under review, the import price, however, saw a strong expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 89% against the previous year. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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 United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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