South Africa: Cocoa Powder Market 2024

Cocoa Powder Market Size in South Africa

The South African cocoa powder market reduced to $X in 2022, waning by -11.9% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2021, and then fell in the following year.

Cocoa Powder Production in South Africa

In value terms, cocoa powder production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 40%. Cocoa powder production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Cocoa Powder Exports

Exports from South Africa

In 2022, shipments abroad of cocoa powder (not sweetened) decreased by -6.6% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% 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 +88.6% against 2016 indices. The growth pace was the most rapid in 2017 when exports increased by 39%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, cocoa powder exports rose remarkably to $X in 2022. In general, exports, however, showed notable growth. The most prominent rate of growth was recorded in 2017 with an increase of 72% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Zambia (X tons), Zimbabwe (X tons) and Mozambique (X tons) were the main destinations of cocoa powder exports from South Africa, together accounting for 80% of total exports. Namibia, Swaziland and Malawi lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Namibia (with a CAGR of +17.1%), while the other leaders experienced more modest paces of growth.

In value terms, Zambia ($X), Mozambique ($X) and Zimbabwe ($X) appeared to be the largest markets for cocoa powder exported from South Africa worldwide, with a combined 82% share of total exports. Namibia, Swaziland and Malawi lagged somewhat behind, together accounting for a further 12%.

Among the main countries of destination, Namibia, with a CAGR of +25.4%, 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, rising by 19% against the previous year. Over the period under review, the export price, however, continues to indicate a slight decrease. The growth pace was the most rapid in 2017 an increase of 24% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Mozambique ($X per ton), while the average price for exports to Zimbabwe ($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 Namibia (+7.1%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Powder Imports

Imports into South Africa

In 2022, after three years of growth, there was significant decline in overseas purchases of cocoa powder (not sweetened), when their volume decreased by -30.2% to X tons. In general, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.7% 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 21%. Imports peaked at X tons in 2021, and then reduced remarkably in the following year.

In value terms, cocoa powder imports fell rapidly to $X in 2022. Overall, imports saw a pronounced descent. The most prominent rate of growth was recorded in 2021 when imports increased by 30% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest cocoa powder supplier to South Africa, accounting for a 41% share of total imports. Moreover, cocoa powder imports from Malaysia exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. Indonesia (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+3.5% per year) and Indonesia (-5.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of cocoa powder (not sweetened) to South Africa, comprising 39% of total imports. The second position in the ranking was taken by Spain ($X), with an 18% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-0.9% per year) and the Netherlands (+1.7% per year).

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, rising by 10% against the previous year. Overall, the import price, however, continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2016 an increase of 17%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Singapore ($X per ton), while the price for China ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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