SADC: Cocoa Powder Market 2024

Cocoa Powder Market Size in SADC

In 2022, the SADC cocoa powder market decreased by -1.1% to $X, falling for the second consecutive year after five years of growth. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in SADC

In value terms, cocoa powder production reached $X in 2022 estimated in export price. The total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 -0.9% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 16% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports in SADC

After three years of growth, shipments abroad of cocoa powder (not sweetened) decreased by -6.6% to X tons in 2022. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% 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 +90.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 39% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, cocoa powder exports amounted to $X in 2022. In general, exports, however, posted noticeable growth. The most prominent rate of growth was recorded in 2017 with an increase of 72%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

South Africa (X tons) represented roughly 98% of total exports in 2022.

South Africa was also the fastest-growing in terms of the cocoa powder (not sweetened) exports, with a CAGR of +6.0% from 2012 to 2022. From 2012 to 2022, the share of South Africa increased by +3.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

In South Africa, cocoa powder exports increased at an average annual rate of +4.5% over the period from 2012-2022.

Export Prices by Country

The export price in SADC stood at $X per ton in 2022, rising by 19% against the previous year. Overall, the export price, however, continues to indicate a slight descent. The growth pace was the most rapid in 2017 an increase of 24% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 -1.4% per year.

Cocoa Powder Imports

Imports in SADC

In 2022, supplies from abroad of cocoa powder (not sweetened) decreased by -27.8% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 23% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined sharply in the following year.

In value terms, cocoa powder imports reduced dramatically to $X in 2022. Overall, imports continue to indicate a mild slump. The growth pace was the most rapid in 2021 with an increase of 30% against the previous year. As a result, imports attained the peak of $X, and then fell notably in the following year.

Imports by Country

South Africa prevails in imports structure, recording X tons, which was near 80% of total imports in 2022. Madagascar (X tons), Zambia (X tons), Angola (X tons), Zimbabwe (X tons), Mozambique (X tons) and Democratic Republic of the Congo (X tons) took a little share of total imports.

Imports into South Africa increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Democratic Republic of the Congo (+23.8%), Madagascar (+13.6%), Angola (+9.2%), Zambia (+5.2%) and Zimbabwe (+3.8%) displayed positive paces of growth. Moreover, Democratic Republic of the Congo emerged as the fastest-growing importer imported in SADC, with a CAGR of +23.8% from 2012-2022. By contrast, Mozambique (-3.6%) illustrated a downward trend over the same period. Madagascar (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while South Africa saw its share reduced by -5.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported cocoa powder (not sweetened) in SADC, comprising 77% of total imports. The second position in the ranking was taken by Zambia ($X), with a 4.3% share of total imports. It was followed by Mozambique, with a 4.2% share.

In South Africa, cocoa powder imports plunged by an average annual rate of -2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Zambia (+4.4% per year) and Mozambique (+5.4% per year).

Import Prices by Country

In 2022, the import price in SADC amounted to $X per ton, picking up by 11% against the previous year. In general, the import price, however, showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2016 an increase of 16% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mozambique ($X per ton), while Democratic Republic of the Congo ($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 (+9.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform