Western Africa: Cocoa Paste Market 2024

Cocoa Paste Market Size in Western Africa

In 2021, the West African cocoa paste market decreased by -7.4% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Cocoa Paste Production in Western Africa

In value terms, cocoa paste production dropped slightly to $X in 2021 estimated in export price. The total production indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.1% 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 +41.8% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 29%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Cocoa Paste Exports

Exports in Western Africa

In 2021, the amount of cocoa paste exported in Western Africa surged to X tons, jumping by 40% against the previous year. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +86.9% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa paste exports soared to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +93.6% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of about X tons, which accounted for 66% of total exports. It was distantly followed by Ghana (X tons), committing a 33% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +7.5%).

In value terms, Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of exports in 2021.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +6.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, growing by 5.2% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 12% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.8%).

Cocoa Paste Imports

Imports in Western Africa

In 2021, overseas purchases of cocoa paste decreased by -27.7% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 297% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, cocoa paste imports expanded significantly to $X in 2021. Overall, imports, however, continue to indicate a pronounced increase. The most prominent rate of growth was recorded in 2013 when imports increased by 351% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Senegal (X tons), Cote d'Ivoire (X tons), Nigeria (X tons) and Ghana (X tons) represented roughly 85% of total imports in 2021. It was distantly followed by Gambia (X tons), making up a 6.9% share of total imports. The following importers - Togo (X tons) and Sierra Leone (X tons) - each amounted to a 3.5% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Gambia (with a CAGR of +52.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa paste importing markets in Western Africa were Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X), together comprising 65% of total imports. Nigeria, Gambia, Sierra Leone and Togo lagged somewhat behind, together comprising a further 29%.

In terms of the main importing countries, Gambia, with a CAGR of +75.2%, 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 2021, growing by 47% against the previous year. Over the period under review, the import price recorded a significant expansion. The growth pace was the most rapid in 2013 an increase of 910% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 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 Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+41.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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