Western Africa: Cocoa Powder Market 2024

Cocoa Powder Market Size in Western Africa

The West African cocoa powder market stood at $X in 2022, picking up by 1.9% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 10% against the previous year. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Western Africa

In value terms, cocoa powder production expanded rapidly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 25% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Cocoa Powder Exports

Exports in Western Africa

In 2022, after two years of growth, there was significant decline in shipments abroad of cocoa powder (not sweetened), when their volume decreased by -7.1% to X tons. Overall, exports, however, continue to indicate a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of 51%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell in the following year.

In value terms, cocoa powder exports shrank to $X in 2022. In general, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 67%. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Ghana was the key exporter of cocoa powder (not sweetened) in Western Africa, with the volume of exports recording X tons, which was approx. 69% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), mixing up a 31% share of total exports.

Ghana was also the fastest-growing in terms of the cocoa powder (not sweetened) exports, with a CAGR of +13.6% from 2012 to 2022. At the same time, Cote d'Ivoire (+2.0%) displayed positive paces of growth. Ghana (+26 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -25.7% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest cocoa powder supplier in Western Africa, comprising 68% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 32% share of total exports.

In Ghana, cocoa powder exports increased at an average annual rate of +14.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, reducing by -7.1% against the previous year. Overall, the export price recorded a noticeable descent. The growth pace was the most rapid in 2021 an increase of 18%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%).

Cocoa Powder Imports

Imports in Western Africa

In 2022, cocoa powder imports in Western Africa contracted to X tons, waning by -10.3% compared with 2021 figures. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 64% against the previous year. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, cocoa powder imports dropped markedly to $X in 2022. Over the period under review, imports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 61% against the previous year. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Senegal dominates imports structure, recording X tons, which was approx. 74% of total imports in 2022. Niger (X tons) held the second position in the ranking, followed by Mauritania (X tons). All these countries together held near 15% share of total imports. The following importers - Gambia (X tons), Cabo Verde (X tons) and Togo (X tons) - each finished at a 5.6% share of total imports.

Imports into Senegal increased at an average annual rate of +7.7% from 2012 to 2022. At the same time, Niger (+91.0%), Mauritania (+18.0%), Gambia (+4.8%) and Cabo Verde (+2.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +91.0% from 2012-2022. By contrast, Togo (-3.7%) illustrated a downward trend over the same period. While the share of Niger (+9.3 p.p.), Senegal (+6.1 p.p.) and Mauritania (+3.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Togo (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported cocoa powder (not sweetened) in Western Africa, comprising 72% of total imports. The second position in the ranking was held by Niger ($X), with a 7% share of total imports. It was followed by Cabo Verde, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal totaled +5.9%. The remaining importing countries recorded the following average annual rates of imports growth: Niger (+76.4% per year) and Cabo Verde (+4.9% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, reducing by -7.3% against the previous year. Over the period under review, the import price continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2016 an increase of 22%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 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 Cabo Verde ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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