Western Africa: Cocoa Bean Market 2025

Cocoa Bean Market Size in Western Africa

The West African cocoa bean market stood at $X in 2022, increasing by 14% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Cocoa Bean Production in Western Africa

In value terms, cocoa bean production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2014 with an increase of 18%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Nigeria (X tons), Cote d'Ivoire (X tons) and Ghana (X tons), together accounting for 98% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Nigeria (with a CAGR of +6.5%), while production for the other leaders experienced more modest paces of growth.

The average cocoa bean yield expanded slightly to X kg per ha in 2022, with an increase of 2.8% on the previous year. The yield figure increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, the cocoa bean yield reached the peak level in 2022 and is likely to see gradual growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the cocoa bean harvested area in Western Africa expanded significantly to X ha, rising by 7.6% against 2021 figures. The harvested area increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 15%. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Cocoa Bean Exports

Exports in Western Africa

In 2022, exports of cocoa beans in Western Africa shrank to X tons, which is down by -8% against 2021 figures. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 31% against the previous year. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, cocoa bean exports contracted to $X in 2022. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 30%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the largest exporter of cocoa beans, mixing up 57% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 28% share, followed by Nigeria (12%).

Cote d'Ivoire was also the fastest-growing in terms of the cocoa beans exports, with a CAGR of +4.9% from 2012 to 2022. At the same time, Ghana (+3.1%) displayed positive paces of growth. By contrast, Nigeria (-13.1%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+23 p.p.) and Ghana (+8.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-33.5 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2022, with a combined 96% share of total exports.

Cote d'Ivoire, with a CAGR of +5.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, shrinking by -1.7% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 18%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($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 (+0.6%), while the other leaders experienced a decline in the export price figures.

Cocoa Bean Imports

Imports in Western Africa

In 2022, approx. X tons of cocoa beans were imported in Western Africa; shrinking by -7.7% compared with 2021. In general, imports recorded a pronounced curtailment. The pace of growth was the most pronounced in 2017 with an increase of 1,026% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports dropped to $X in 2022. Overall, imports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 824%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Ghana dominates imports structure, recording X tons, which was approx. 98% of total imports in 2022. Nigeria (X tons) held a minor share of total imports.

Ghana was also the fastest-growing in terms of the cocoa beans imports, with a CAGR of -3.7% from 2012 to 2022. Nigeria (-9.8%) illustrated a downward trend over the same period. Ghana (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -1.9% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported cocoa beans in Western Africa, comprising 99% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 0.4% share of total imports.

In Ghana, cocoa bean imports decreased by an average annual rate of -3.7% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, almost unchanged from the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 88%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-0.1%).

Source: IndexBox Platform

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