SADC: Chocolate Market 2024

Chocolate Market Size in SADC

The SADC chocolate market dropped slightly to $X in 2022, stabilizing at the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.2% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in SADC

In value terms, chocolate production contracted to $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +1.0% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 25%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Chocolate Exports

Exports in SADC

For the fourth consecutive year, SADC recorded growth in overseas shipments of chocolate and other food preparations containing cocoa, which increased by 22% to X tons in 2022. Over the period under review, exports recorded strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 33% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, chocolate exports soared to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +96.1% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 36% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

The biggest shipments were from South Africa (X tons), together resulting at 98% of total export.

South Africa was also the fastest-growing in terms of the chocolate and other food preparations containing cocoa exports, with a CAGR of +7.9% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) also remains the largest chocolate supplier in SADC.

From 2012 to 2022, the average annual rate of growth in terms of value in South Africa totaled +7.0%.

Export Prices by Country

The export price in SADC stood at $X per ton in 2022, falling by -3.2% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 16% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to -0.8% per year.

Chocolate Imports

Imports in SADC

In 2022, overseas purchases of chocolate and other food preparations containing cocoa increased by 11% to X tons, rising for the sixth consecutive year after two years of decline. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +98.6% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 29% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, chocolate imports stood at $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 44%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

South Africa was the main importing country with an import of around X tons, which resulted at 58% of total imports. Namibia (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Botswana (11%) and Swaziland (5.8%). The following importers - Mauritius (X tons) and Angola (X tons) - together made up 5.7% of total imports.

From 2012 to 2022, average annual rates of growth with regard to chocolate imports into South Africa stood at +7.8%. At the same time, Swaziland (+9.4%), Mauritius (+8.7%), Namibia (+7.4%), Angola (+6.4%) and Botswana (+5.0%) displayed positive paces of growth. Moreover, Swaziland emerged as the fastest-growing importer imported in SADC, with a CAGR of +9.4% from 2012-2022. While the share of South Africa (+6.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Botswana (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in SADC, comprising 54% of total imports. The second position in the ranking was taken by Botswana ($X), with an 18% share of total imports. It was followed by Namibia, with an 11% share.

In South Africa, chocolate imports expanded at an average annual rate of +7.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Botswana (+4.3% per year) and Namibia (+9.5% per year).

Import Prices by Country

The import price in SADC stood at $X per ton in 2022, with a decrease of -5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 12%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 Botswana ($X per ton), while Angola ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Namibia (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform