ECOWAS: Chocolate Market 2024

Chocolate Market Size in ECOWAS

The ECOWAS chocolate market declined to $X in 2022, falling by X% against the previous year. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in ECOWAS

In value terms, chocolate production reduced modestly to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in ECOWAS

In 2022, shipments abroad of chocolate and cocoa products increased by X% to X tons, rising for the second consecutive year after three years of decline. Overall, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, chocolate exports expanded rapidly to $X in 2022. In general, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire dominates exports structure, accounting for X tons, which was approx. X% of total exports in 2022. Ghana (X tons) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (X%). Senegal (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal experienced a relatively flat trend pattern. From 2012 to 2022, the share of Nigeria and Ghana increased by X and X percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest chocolate supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

In Cote d'Ivoire, chocolate exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Nigeria ($X per ton), while Senegal ($X per ton) and Ghana ($X per ton) were amongst the lowest.

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

Chocolate Imports

Imports in ECOWAS

In 2022, purchases abroad of chocolate and cocoa products decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, chocolate imports dropped to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Nigeria (X tons) was the key importer of chocolate and cocoa products, generating X% of total imports. It was distantly followed by Ghana (X tons), Senegal (X tons), Mali (X tons), Guinea (X tons) and Gambia (X tons), together mixing up a X% share of total imports. The following importers - Togo (X tons), Sierra Leone (X tons), Cote d'Ivoire (X tons), Burkina Faso (X tons), Liberia (X tons), Benin (X tons) and Niger (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to chocolate imports into Nigeria stood at X%. At the same time, Mali (X%), Niger (X%), Burkina Faso (X%), Gambia (X%), Sierra Leone (X%), Liberia (X%), Guinea (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Togo and Senegal experienced a relatively flat trend pattern. By contrast, Benin (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Mali and Gambia increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate and cocoa products in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Mali, with a X% share.

In Nigeria, chocolate imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Mali (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by X%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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