Western Africa: Market for Chocolate Bars With Fillings 2024

Market Size for Chocolate Bars With Fillings in Western Africa

In 2021, after two years of growth, there was decline in the West African chocolate bar with filling market, when its value decreased by -4.5% to $X. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.7% against 2016 indices. The level of consumption peaked at $X in 2020, and then contracted slightly in the following year.

Production of Chocolate Bars With Fillings in Western Africa

In value terms, chocolate bar with filling production declined slightly to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +57.4% against 2016 indices. The pace of growth appeared the most rapid in 2019 with an increase of 32%. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Exports of Chocolate Bars With Fillings

Exports in Western Africa

In 2021, the amount of chocolate bars with fillings exported in Western Africa soared to X tons, jumping by 17% compared with the previous year's figure. Overall, exports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2017 when exports increased by 95%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, chocolate bar with filling exports expanded sharply to $X in 2021. In general, exports enjoyed prominent growth. The growth pace was the most rapid in 2017 when exports increased by 106% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Cabo Verde was the main exporting country with an export of around X tons, which resulted at 52% of total exports. It was distantly followed by Togo (X tons), Niger (X tons), Senegal (X tons), Mauritania (X tons) and Nigeria (X tons), together generating a 45% share of total exports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to chocolate bar with filling exports from Cabo Verde stood at +17.9%. At the same time, Niger (+82.9%), Nigeria (+25.2%), Togo (+14.7%) and Mauritania (+14.3%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +82.9% from 2012-2021. By contrast, Senegal (-4.4%) and Ghana (-9.6%) illustrated a downward trend over the same period. While the share of Cabo Verde (+22 p.p.), Niger (+8.6 p.p.), Togo (+4 p.p.), Nigeria (+3.3 p.p.) and Mauritania (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-13.1 p.p.) and Senegal (-23.2 p.p.) displayed negative dynamics.

In value terms, Cabo Verde ($X) remains the largest chocolate bar with filling supplier in Western Africa, comprising 76% of total exports. The second position in the ranking was held by Senegal ($X), with an 8.3% share of total exports. It was followed by Togo, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Cabo Verde stood at +25.2%. In the other countries, the average annual rates were as follows: Senegal (-4.2% per year) and Togo (+34.8% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, falling by -5.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.7%. The most prominent rate of growth was recorded in 2013 an increase of 29% against the previous year. The level of export peaked at $X per ton in 2020, and then fell in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+17.5%), while the other leaders experienced more modest paces of growth.

Imports of Chocolate Bars With Fillings

Imports in Western Africa

In 2021, approx. X tons of chocolate bars with fillings were imported in Western Africa; increasing by 26% on 2020. Overall, imports saw buoyant growth. The pace of growth appeared the most rapid in 2016 when imports increased by 79% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, chocolate bar with filling imports surged to $X in 2021. In general, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 52% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Imports by Country

Nigeria represented the largest importing country with an import of around X tons, which resulted at 41% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 15% share, followed by Mauritania (9.5%), Niger (5.6%) and Mali (5.1%). Benin (X tons), Guinea (X tons), Liberia (X tons), Sierra Leone (X tons), Cote d'Ivoire (X tons), Senegal (X tons) and Gambia (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +9.0% from 2012 to 2021. At the same time, Mali (+66.8%), Guinea (+45.3%), Liberia (+23.0%), Sierra Leone (+15.6%), Mauritania (+15.4%), Gambia (+13.9%), Ghana (+12.7%), Cote d'Ivoire (+9.8%), Niger (+3.2%), Benin (+3.1%) and Senegal (+2.6%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +66.8% from 2012-2021. From 2012 to 2021, the share of Mali, Guinea, Mauritania, Ghana and Liberia increased by +5, +3.3, +3.1, +2.5 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate bars with fillings in Western Africa, comprising 37% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 16% share of total imports. It was followed by Ghana, with a 12% share.

In Nigeria, chocolate bar with filling imports increased at an average annual rate of +7.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mauritania (+24.5% per year) and Ghana (+10.7% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, surging by 4.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the import price increased by 32% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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