Uganda: Cocoa Butter Market 2024

Cocoa Butter Market Size in Uganda

The Ugandan cocoa butter market expanded sharply to $X in 2022, growing by 9.3% against the previous year. Over the period under review, consumption, however, showed a abrupt slump. Cocoa butter consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cocoa Butter Production in Uganda

In value terms, cocoa butter production rose notably to $X in 2022 estimated in export price. In general, production, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 60%. Cocoa butter production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Cocoa Butter Exports

Exports from Uganda

Cocoa butter exports from Uganda reduced dramatically to X kg in 2022, which is down by -44.2% on the previous year. In general, exports saw a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 745%. 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, cocoa butter exports reduced remarkably to $X in 2022. Overall, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 662%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for cocoa butter exports from Uganda, accounting for a 50% share of total exports. Moreover, cocoa butter exports to the United States exceeded the volume sent to the second major destination, Democratic Republic of the Congo (X kg), fourfold. Tanzania (X kg) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Democratic Republic of the Congo (-9.0% per year) and Tanzania (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for cocoa butter exports from Uganda, comprising 39% of total exports. The second position in the ranking was taken by Germany ($X), with a 7.7% share of total exports. It was followed by Tanzania, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-6.5% per year) and Tanzania (0.0% per year).

Export Prices by Country

In 2022, the average cocoa butter export price amounted to $X per ton, remaining constant against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter export price decreased by -8.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 53%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+18.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Butter Imports

Imports into Uganda

In 2022, overseas purchases of cocoa butter decreased by -10.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports showed a abrupt curtailment. The pace of growth was the most pronounced in 2017 when imports increased by 55%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa butter imports surged to $X in 2022. In general, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 118%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X kg), Kenya (X kg) and China (X kg) were the main suppliers of cocoa butter imports to Uganda, with a combined 80% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kenya (with a CAGR of +49.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, South Africa ($X), the UK ($X) and the United Arab Emirates ($X) appeared to be the largest cocoa butter suppliers to Uganda, with a combined 83% share of total imports. China, Kenya and India lagged somewhat behind, together comprising a further 17%.

Kenya, with a CAGR of +41.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, surging by 28% against the previous year. In general, the import price recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 140%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Kenya ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform