Nigeria: Cocoa Powder Market 2024

Cocoa Powder Market Size in Nigeria

The Nigerien cocoa powder market rose markedly to $X in 2022, increasing by 5.6% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Cocoa powder consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Cocoa Powder Production in Nigeria

In value terms, cocoa powder production expanded rapidly to $X in 2022 estimated in export price. Overall, production, however, recorded a mild decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 27%. Cocoa powder production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports from Nigeria

Cocoa powder exports from Nigeria dropped to X tons in 2022, shrinking by -5.5% against the previous year's figure. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 911% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, cocoa powder exports dropped to $X in 2022. Over the period under review, exports saw a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 1,005% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), Niger (X tons) and Egypt (X tons) were the main destinations of cocoa powder exports from Nigeria, with a combined 64% share of total exports. South Africa and China lagged somewhat behind, together accounting for a further 2.9%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +77.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa powder exported from Nigeria were Niger ($X), the Netherlands ($X) and Egypt ($X), with a combined 66% share of total exports. South Africa and China lagged somewhat behind, together comprising a further 7.4%.

In terms of the main countries of destination, South Africa, with a CAGR of +83.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, falling by -5.6% against the previous year. Overall, the export price showed a abrupt slump. The most prominent rate of growth was recorded in 2016 an increase of 51% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to the Netherlands ($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 Spain (+48.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Nigeria

In 2022, approx. X tons of cocoa powder (not sweetened) were imported into Nigeria; shrinking by -50.8% against the previous year. Overall, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of 247%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, cocoa powder imports fell significantly to $X in 2022. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 177%. Over the period under review, imports reached the peak figure at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of cocoa powder to Nigeria, accounting for a 25% share of total imports. Moreover, cocoa powder imports from France exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. The Netherlands (X kg) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France stood at +141.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+111.3% per year) and the Netherlands (-18.5% per year).

In value terms, France ($X) constituted the largest supplier of cocoa powder (not sweetened) to Nigeria, comprising 41% of total imports. The second position in the ranking was taken by Turkey ($X), with a 9.5% share of total imports. It was followed by Belgium, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value from France stood at +133.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+108.2% per year) and Belgium (+17.2% per year).

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, with an increase of 45% against the previous year. In general, the import price showed a resilient increase. The growth pace was the most rapid in 2020 when the average import price increased by 140%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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