Western Africa: Market for Chocolate Bars with Cereals, Fruit or Nuts 2024

Market Size for Chocolate Bars with Cereals, Fruit or Nuts in Western Africa

The West African market for chocolate bars with cereals, fruit or nuts totaled $X in 2022, with an increase of 4.5% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.2% against 2013 indices. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Production of Chocolate Bars with Cereals, Fruit or Nuts in Western Africa

In value terms, production of chocolate bars with cereals, fruit or nuts stood at $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 -0.5% against 2020 indices. The growth pace was the most rapid in 2019 when the production volume increased by 22% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Chocolate Bars with Cereals, Fruit or Nuts

Exports in Western Africa

Exports of chocolate bars with cereals, fruit or nuts declined remarkably to X tons in 2022, waning by -80.5% against the previous year's figure. Over the period under review, exports showed a dramatic curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 264%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of chocolate bars with cereals, fruit or nuts declined sharply to $X in 2022. Overall, exports saw a significant decline. The pace of growth was the most pronounced in 2018 with an increase of 208% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana was the main exporter of chocolate bars with cereals, fruit or nuts in Western Africa, with the volume of exports amounting to X tons, which was near 49% of total exports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 29% share, followed by Nigeria (12%) and Togo (6.5%). Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Gambia (with a CAGR of +23.2%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest cereal, fruit or nut chocolate bar supplier in Western Africa, comprising 56% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 28% share of total exports. It was followed by Nigeria, with a 9.2% share.

In Ghana, exports of chocolate bars with cereals, fruit or nuts increased at an average annual rate of +20.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-34.5% per year) and Nigeria (-19.2% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, approximately mirroring the previous year. Overall, the export price recorded a mild decline. The pace of growth was the most pronounced in 2017 when the export price increased by 113% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Chocolate Bars with Cereals, Fruit or Nuts

Imports in Western Africa

For the fifth year in a row, Western Africa recorded growth in overseas purchases of chocolate bars with cereals, fruit or nuts, which increased by 61% to X tons in 2022. Overall, imports enjoyed resilient growth. The growth pace was the most rapid in 2018 when imports increased by 74%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, imports of chocolate bars with cereals, fruit or nuts soared to $X in 2022. In general, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 44%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, Senegal (X tons), distantly followed by Nigeria (X tons), Burkina Faso (X tons), Togo (X tons) and Cote d'Ivoire (X tons) were the largest importers of chocolate bars with cereals, fruit or nuts, together making up 90% of total imports. Ghana (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 main importing countries, was attained by Nigeria (with a CAGR of +44.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate bars with cereals, fruit or nuts in Western Africa, comprising 47% of total imports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +46.5%. In the other countries, the average annual rates were as follows: Senegal (+26.2% per year) and Cote d'Ivoire (+14.2% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, with a decrease of -18% against the previous year. Over the period under review, the import price recorded a mild shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 27%. Over the period under review, import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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