Nigeria: Cocoa Paste Market 2025

Cocoa Paste Market Size in Nigeria

In 2021, the Nigerien cocoa paste market decreased by -9.1% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a relatively flat trend pattern. Cocoa paste consumption peaked at $X in 2020, and then contracted in the following year.

Cocoa Paste Production in Nigeria

In value terms, cocoa paste production shrank to $X in 2021 estimated in export price. In general, production showed a slight reduction. The most prominent rate of growth was recorded in 2019 when the production volume increased by 66%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Cocoa Paste Exports

Exports from Nigeria

In 2021, the amount of cocoa paste exported from Nigeria surged to X tons, with an increase of 27% against 2020 figures. In general, exports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 610%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, cocoa paste exports stood at $X in 2021. Over the period under review, exports, however, showed a abrupt curtailment. The pace of growth was the most pronounced in 2017 when exports increased by 488%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Spain (X tons) and China (X tons) were the main destinations of cocoa paste exports from Nigeria, with a combined 45% share of total exports. Germany, Malaysia, the United States, Estonia, Brazil, France, Mexico, Uruguay, Serbia and Russia lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +85.5%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), the Netherlands ($X) and China ($X) constituted the largest markets for cocoa paste exported from Nigeria worldwide, together accounting for 64% of total exports. These countries were followed by Spain, the United States, Estonia, Malaysia, Germany, Brazil, Russia, Mexico, Uruguay and Serbia, which together accounted for a further 19%.

Mexico, with a CAGR of +54.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cocoa paste export price amounted to $X per ton, falling by -15.2% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 30%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+43.9%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Paste Imports

Imports into Nigeria

In 2021, imports of cocoa paste into Nigeria fell modestly to X tons, stabilizing at the previous year's figure. Over the period under review, imports saw a dramatic setback. The most prominent rate of growth was recorded in 2014 when imports increased by 534%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, cocoa paste imports reduced to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 1,020% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of cocoa paste to Nigeria, accounting for a 74% share of total imports. Moreover, cocoa paste imports from India exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +48.5%.

In value terms, India ($X) constituted the largest supplier of cocoa paste to Nigeria, comprising 72% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 25% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from India totaled +59.4%.

Import Prices by Country

In 2021, the average cocoa paste import price amounted to $X per ton, approximately mirroring the previous year. In general, the import price, however, posted a significant expansion. The growth pace was the most rapid in 2013 when the average import price increased by 3,779% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+209.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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