Western Africa: Cocoa Butter Market 2025

Cocoa Butter Market Size in Western Africa

The West African cocoa butter market rose slightly to $X in 2022, picking up by 3% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Cocoa Butter Production in Western Africa

In value terms, cocoa butter production expanded slightly to $X in 2022 estimated in export price. The total production indicated a prominent expansion from 2012 to 2022: its value 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, production decreased by -3.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 31%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Cocoa Butter Exports

Exports in Western Africa

In 2022, shipments abroad of cocoa butter decreased by -5.6% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, exports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 72%. Over the period under review, the exports attained the maximum at X tons in 2021, and then shrank in the following year.

In value terms, cocoa butter exports shrank slightly to $X in 2022. Over the period under review, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2013 when exports increased by 83%. The level of export peaked at $X in 2021, and then shrank slightly in the following year.

Exports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) dominates exports structure, together comprising 95% of total exports. It was distantly followed by Nigeria (X tons), achieving a 4.6% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +21.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 99.9% of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +26.9%, saw the highest growth rate of the value of exports, 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, picking up by 5.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2014 when the export price increased by 16% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, 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 (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Cocoa Butter Imports

Imports in Western Africa

After five years of growth, overseas purchases of cocoa butter decreased by -7.2% to X tons in 2022. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of 135%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, cocoa butter imports declined modestly to $X in 2022. Over the period under review, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 when imports increased by 152% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana prevails in imports structure, reaching X tons, which was approx. 94% of total imports in 2022. Nigeria (X tons) and Senegal (X tons) followed a long way behind the leaders.

Imports into Ghana decreased at an average annual rate of -3.9% from 2012 to 2022. At the same time, Senegal (+33.3%) and Nigeria (+14.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +33.3% from 2012-2022. From 2012 to 2022, the share of Ghana, Nigeria and Senegal increased by +22, +2.6 and +1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported cocoa butter in Western Africa, comprising 88% of total imports. The second position in the ranking was held by Nigeria ($X), with a 6.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Ghana amounted to -7.3%. In the other countries, the average annual rates were as follows: Nigeria (+24.7% per year) and Senegal (+28.3% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, surging by 5.6% against the previous year. Overall, the import price, however, saw a mild setback. The pace of growth appeared the most rapid in 2013 an increase of 23% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+9.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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