South Africa: Chocolate Market 2024

Chocolate Market Size in South Africa

The South African chocolate market dropped modestly to $X in 2022, reducing by -1.6% against the previous year. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chocolate Production in South Africa

In value terms, chocolate production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 13% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from South Africa

For the third consecutive year, South Africa recorded growth in overseas shipments of chocolate and cocoa products, which increased by 2.5% to X tons in 2022. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 19%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of +3.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by 31% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Namibia (X tons), Botswana (X tons) and Zambia (X tons) were the main destinations of chocolate exports from South Africa, together accounting for 36% of total exports. Malaysia, Mozambique, Zimbabwe, Swaziland, Angola, Kenya, Israel, Democratic Republic of the Congo, Malawi and Lesotho lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +83.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from South Africa were Namibia ($X), Botswana ($X) and Mozambique ($X), together accounting for 35% of total exports. Zambia, Israel, Kenya, Malaysia, Zimbabwe, Swaziland, Angola, Democratic Republic of the Congo, Lesotho and Malawi lagged somewhat behind, together comprising a further 44%.

Malaysia, with a CAGR of +77.4%, recorded the highest rates of growth with regard to the value of exports, among 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 2022, the average chocolate export price amounted to $X per ton, rising by 2.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2019 an increase of 13% against the previous year. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

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 Israel ($X per ton), while the average price for exports to Malaysia ($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 Malawi (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into South Africa

In 2022, the amount of chocolate and cocoa products imported into South Africa expanded to X tons, with an increase of 4.9% against the year before. Over the period under review, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +69.9% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 26% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate imports totaled $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2017 with an increase of 28% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

Turkey (X tons), Belgium (X tons) and Italy (X tons) were the main suppliers of chocolate imports to South Africa, with a combined 43% share of total imports. Germany, Poland, the UK, Colombia, Swaziland, Ireland, the Netherlands, Egypt, Brazil and France lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +26.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Italy ($X) and Germany ($X) appeared to be the largest chocolate suppliers to South Africa, together comprising 42% of total imports. The UK, Poland, Ireland, Egypt, France, the Netherlands, Swaziland, Turkey, Colombia and Brazil lagged somewhat behind, together accounting for a further 41%.

Among the main suppliers, Ireland, with a CAGR of +20.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, waning by -3% against the previous year. Overall, the import price recorded a noticeable setback. The most prominent rate of growth was recorded in 2018 when the average import price increased by 7.3%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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