Western Africa: Market for Cocoa Powder (Containing Added Sugar) 2024

Market Size for Cocoa Powder (Containing Added Sugar) in Western Africa

The West African cocoa powder with sugar market reduced to $X in 2021, which is down by -2% against the previous year. In general, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Cocoa Powder (Containing Added Sugar) in Western Africa

In value terms, cocoa powder with sugar production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Cocoa Powder (Containing Added Sugar)

Exports in Western Africa

In 2021, overseas shipments of cocoa powder (containing added sugar) decreased by -19.2% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 288%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cocoa powder with sugar exports reduced remarkably to $X in 2021. Over the period under review, exports saw a deep slump. The pace of growth was the most pronounced in 2018 when exports increased by 240% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ghana dominates exports structure, resulting at X tons, which was approx. 88% of total exports in 2021. It was distantly followed by Nigeria (X tons), making up an 8% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the cocoa powder (containing added sugar) exports, with a CAGR of +64.4% from 2012 to 2021. At the same time, Nigeria (+3.2%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-34.9%) illustrated a downward trend over the same period. Ghana (+88 p.p.) and Nigeria (+4.5 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -92.3% from 2012 to 2021, respectively.

In value terms, Ghana ($X) remains the largest cocoa powder with sugar supplier in Western Africa, comprising 93% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 3.8% share of total exports.

In Ghana, cocoa powder with sugar exports increased at an average annual rate of +74.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-36.6% per year) and Nigeria (-19.0% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, falling by -7.4% against the previous year. Overall, the export price recorded a perceptible downturn. The growth pace was the most rapid in 2020 when the export price increased by 27%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+5.8%), while the other leaders experienced a decline in the export price figures.

Imports of Cocoa Powder (Containing Added Sugar)

Imports in Western Africa

After three years of growth, supplies from abroad of cocoa powder (containing added sugar) decreased by -26.1% to X tons in 2021. Overall, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 81% against the previous year. The volume of import peaked at X tons in 2020, and then contracted markedly in the following year.

In value terms, cocoa powder with sugar imports contracted rapidly to $X in 2021. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 86% against the previous year. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

In 2021, Nigeria (X tons) was the key importer of cocoa powder (containing added sugar), achieving 77% of total imports. It was distantly followed by Togo (X tons), constituting a 16% share of total imports.

Nigeria was also the fastest-growing in terms of the cocoa powder (containing added sugar) imports, with a CAGR of +76.4% from 2012 to 2021. Togo (-2.0%) illustrated a downward trend over the same period. While the share of Nigeria (+76 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Togo (-43.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported cocoa powder (containing added sugar) in Western Africa, comprising 87% of total imports. The second position in the ranking was taken by Togo ($X), with a 4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +84.9%.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 4.5% against the previous year. In general, the import price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2017 an increase of 90%. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Togo totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+6.8%).

Source: IndexBox Platform

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