Western Africa: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Western Africa

The West African chocolate and confectionery market rose slightly to $X in 2022, picking up by 3.4% against the previous year. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Chocolate And Confectionery Production in Western Africa

In value terms, chocolate and confectionery production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the production volume increased by 25% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Chocolate And Confectionery Exports

Exports in Western Africa

In 2022, shipments abroad of chocolate and confectionery increased by 10% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 32%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, chocolate and confectionery exports expanded significantly to $X in 2022. Overall, exports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 34%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports by Country

Cote d'Ivoire was the major exporter of chocolate and confectionery in Western Africa, with the volume of exports finishing at X tons, which was near 66% of total exports in 2022. It was distantly followed by Ghana (X tons), generating a 31% share of total exports. Nigeria (X tons) took a little share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Ghana (+10.5%) and Nigeria (+3.1%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +10.5% from 2012-2022. Ghana (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest chocolate and confectionery supplier in Western Africa, comprising 66% of total exports. The second position in the ranking was taken by Ghana ($X), with a 31% share of total exports.

In Cote d'Ivoire, chocolate and confectionery exports expanded at an average annual rate of +10.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+10.7% per year) and Nigeria (-4.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, declining by -2% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the export price increased by 11% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+0.3%), while the other leaders experienced mixed trends in the export price figures.

Chocolate And Confectionery Imports

Imports in Western Africa

In 2022, chocolate and confectionery imports in Western Africa totaled X tons, picking up by 2.9% on 2021 figures. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.6% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 23%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, chocolate and confectionery imports soared to $X in 2022. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 50% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Nigeria represented the main importer of chocolate and confectionery in Western Africa, with the volume of imports finishing at X tons, which was near 37% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with a 14% share, followed by Ghana (9.5%), Cote d'Ivoire (8.3%) and Mauritania (6.6%). Mali (X tons), Togo (X tons), Guinea (X tons), Sierra Leone (X tons), Benin (X tons) and Cabo Verde (X tons) took a minor share of total imports.

Nigeria was also the fastest-growing in terms of the chocolate and confectionery imports, with a CAGR of +16.6% from 2012 to 2022. At the same time, Cabo Verde (+11.7%), Mali (+10.8%), Cote d'Ivoire (+9.6%), Mauritania (+5.9%), Sierra Leone (+5.8%), Senegal (+1.7%) and Ghana (+1.4%) displayed positive paces of growth. Togo experienced a relatively flat trend pattern. By contrast, Guinea (-4.5%) and Benin (-7.8%) illustrated a downward trend over the same period. While the share of Nigeria (+24 p.p.), Cote d'Ivoire (+2.7 p.p.) and Mali (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Togo (-2.4 p.p.), Ghana (-4.4 p.p.), Guinea (-5.6 p.p.), Senegal (-5.9 p.p.) and Benin (-6.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate and confectionery in Western Africa, comprising 39% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 12% share of total imports. It was followed by Senegal, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +21.8%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+11.8% per year) and Senegal (+8.6% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, increasing by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2013 an increase of 25%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

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 Cabo Verde ($X per ton), while Togo ($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 (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :