Western Africa: Chocolate Market 2024

Chocolate Market Size in Western Africa

The West African chocolate market totaled $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, consumption recorded a strong expansion. Over the period under review, the market attained the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Chocolate Production in Western Africa

In value terms, chocolate production dropped to $X in 2022 estimated in export price. In general, production, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 24% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Chocolate Exports

Exports in Western Africa

After two years of growth, overseas shipments of chocolate and other food preparations containing cocoa decreased by -22.2% to X tons in 2022. Overall, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 1,453%. The volume of export peaked at X tons in 2021, and then declined dramatically in the following year.

In value terms, chocolate exports plummeted to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 1,428% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell sharply in the following year.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the largest exporter of chocolate and other food preparations containing cocoa in Western Africa, achieving 100% of total export.

Cote d'Ivoire was also the fastest-growing in terms of the chocolate and other food preparations containing cocoa exports, with a CAGR of +24.7% from 2012 to 2022. Cote d'Ivoire (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest chocolate supplier in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +24.6%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, with a decrease of -3.9% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 15% 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 lower figure.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to -0.1% per year.

Chocolate Imports

Imports in Western Africa

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were imported in Western Africa; with a decrease of -18.4% on the previous year. In general, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 63% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted dramatically in the following year.

In value terms, chocolate imports declined remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of 114%. The level of import peaked at $X in 2021, and then fell sharply in the following year.

Imports by Country

Senegal (X tons), Nigeria (X tons), Ghana (X tons) and Cote d'Ivoire (X tons) represented roughly 85% of total imports in 2022. It was distantly followed by Mali (X tons), comprising a 4.6% share of total imports. Mauritania (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cote d'Ivoire (with a CAGR of +42.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of imports in 2022, together comprising 68% of total imports.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +43.5%, saw 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 import price in Western Africa stood at $X per ton in 2022, falling by -1.9% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price 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, chocolate import price increased by +37.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the import price increased by 32% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2021, and then shrank in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Mauritania ($X per ton) and Senegal ($X per ton), while Ghana ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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