SADC: Chocolate Market 2024

Chocolate Market Size in SADC

The SADC chocolate market totaled $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the market value increased by 8.1% against the previous year. Over the period under review, the market reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Chocolate Production in SADC

In value terms, chocolate production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 8.3%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Chocolate Exports

Exports in SADC

Chocolate exports expanded modestly to X tons in 2022, picking up by 3.5% against 2021. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 11% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports rose slightly to $X in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 24% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

South Africa represented the main exporter of chocolate and cocoa products in SADC, with the volume of exports recording X tons, which was near 83% of total exports in 2022. It was distantly followed by Zambia (X tons), constituting an 11% share of total exports. Swaziland (X tons) took a relatively small share of total exports.

South Africa experienced a relatively flat trend pattern with regard to volume of exports of chocolate and cocoa products. At the same time, Zambia (+16.5%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing exporter exported in SADC, with a CAGR of +16.5% from 2012-2022. By contrast, Swaziland (-11.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Zambia and South Africa increased by +8.6 and +7.7 percentage points, respectively.

In value terms, South Africa ($X) remains the largest chocolate supplier in SADC, comprising 91% of total exports. The second position in the ranking was held by Zambia ($X), with a 3.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in South Africa totaled +3.5%. In the other countries, the average annual rates were as follows: Zambia (+10.3% per year) and Swaziland (-12.9% per year).

Export Prices by Country

The export price in SADC stood at $X per ton in 2022, standing approx. at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2017 an increase of 12%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Zambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+2.6%), while the other leaders experienced a decline in the export price figures.

Chocolate Imports

Imports in SADC

In 2022, approx. X tons of chocolate and cocoa products were imported in SADC; reducing by -6.3% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 30% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, chocolate imports dropped to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 25%. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

South Africa dominates imports structure, finishing at X tons, which was approx. 58% of total imports in 2022. It was distantly followed by Democratic Republic of the Congo (X tons), Mauritius (X tons) and Angola (X tons), together comprising a 19% share of total imports. Namibia (X tons), Tanzania (X tons), Botswana (X tons), Mozambique (X tons), Zimbabwe (X tons), Zambia (X tons) and Madagascar (X tons) followed a long way behind the leaders.

Imports into South Africa increased at an average annual rate of +4.7% from 2012 to 2022. At the same time, Democratic Republic of the Congo (+16.8%), Madagascar (+6.3%), Namibia (+3.4%), Mauritius (+3.3%) and Botswana (+1.1%) displayed positive paces of growth. Moreover, Democratic Republic of the Congo emerged as the fastest-growing importer imported in SADC, with a CAGR of +16.8% from 2012-2022. Tanzania and Zambia experienced a relatively flat trend pattern. By contrast, Zimbabwe (-1.9%), Mozambique (-2.0%) and Angola (-9.3%) illustrated a downward trend over the same period. South Africa (+9.5 p.p.) and Democratic Republic of the Congo (+6.8 p.p.) significantly strengthened its position in terms of the total imports, while Mozambique and Angola saw its share reduced by -1.6% and -11.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported chocolate and cocoa products in SADC, comprising 52% of total imports. The second position in the ranking was taken by Mauritius ($X), with a 10% share of total imports. It was followed by Democratic Republic of the Congo, with an 8.1% share.

In South Africa, chocolate imports expanded at an average annual rate of +1.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mauritius (+2.7% per year) and Democratic Republic of the Congo (+16.7% per year).

Import Prices by Country

The import price in SADC stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price, however, showed a slight descent. The growth pace was the most rapid in 2018 an increase of 8.9%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mauritius ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mozambique (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform