Western Africa: Chocolate Market 2024

Chocolate Market Size in Western Africa

The West African chocolate market stood at $X in 2022, surging by 3.5% against the previous year. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 -3.2% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chocolate Production in Western Africa

In value terms, chocolate production rose slightly to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value 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. Based on 2022 figures, production decreased by -3.1% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 30% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate Exports

Exports in Western Africa

In 2022, after eight years of growth, there was significant decline in shipments abroad of chocolate and cocoa products, when their volume decreased by -8.4% to X tons. Over the period under review, exports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2014 when exports increased by 82% against the previous year. The volume of export peaked at X tons in 2021, and then reduced in the following year.

In value terms, chocolate exports declined to $X in 2022. Overall, exports, however, posted a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 115% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

Cote d'Ivoire dominates exports structure, recording X tons, which was approx. 80% of total exports in 2022. Ghana (X tons) took the second position in the ranking, followed by Nigeria (X tons). All these countries together held approx. 15% share of total exports. Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Cote d'Ivoire stood at +8.4%. At the same time, Nigeria (+38.5%), Ghana (+14.3%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +38.5% from 2012-2022. Nigeria (+5.7 p.p.) and Ghana (+3.3 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Cote d'Ivoire saw its share reduced by -4.3% and -5.4% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest chocolate supplier in Western Africa, comprising 86% of total exports. The second position in the ranking was held by Ghana ($X), with a 7.1% share of total exports. It was followed by Nigeria, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire totaled +9.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+11.3% per year) and Nigeria (+10.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, declining by -6% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the export price increased by 18% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in Western Africa

In 2022, supplies from abroad of chocolate and cocoa products increased by 10% to X tons, rising for the sixth year in a row after two years of decline. Over the period under review, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of 23% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate imports rose to $X in 2022. Overall, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 33% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Mauritania (X tons), Senegal (X tons), Cote d'Ivoire (X tons), Burkina Faso (X tons), Ghana (X tons), Mali (X tons), Guinea (X tons) and Gambia (X tons) represented the largest importers of chocolate and cocoa products, together comprising 87% of total imports. Togo (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +27.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 56% of total imports. Mauritania, Ghana, Mali, Guinea, Gambia, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 32%.

Mali, with a CAGR of +18.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, shrinking by -6.7% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 9.4% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2021, and then contracted in the following year.

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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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