ECOWAS: Chocolate Market 2024

Chocolate Market Size in ECOWAS

The ECOWAS chocolate market declined to $X in 2022, waning by X% against the previous year. The total consumption indicated a mild 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, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Chocolate Production in ECOWAS

In value terms, chocolate production rose slightly to $X in 2022 estimated in export price. The total production indicated tangible 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, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Chocolate Exports

Exports in ECOWAS

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were exported in ECOWAS; with an increase of X% against the previous year's figure. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports amounted to $X in 2022. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the main exporter of chocolate and other food preparations containing cocoa in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Nigeria (X tons), mixing up a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Cote d'Ivoire stood at X%. At the same time, Nigeria (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. While the share of Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (X p.p.) displayed negative dynamics.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire stood at X%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, waning by X% against the previous year. In general, the export price recorded a pronounced decline. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices 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 Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%).

Chocolate Imports

Imports in ECOWAS

After three years of growth, purchases abroad of chocolate and other food preparations containing cocoa decreased by X% to X tons in 2022. Overall, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined slightly in the following year.

In value terms, chocolate imports fell slightly to $X in 2022. In general, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

In 2022, Nigeria (X tons) and Ghana (X tons) were the main importers of chocolate and other food preparations containing cocoa in ECOWAS, together generating X% of total imports. Cote d'Ivoire (X tons) took the next position in the ranking, distantly followed by Senegal (X tons) and Mali (X tons). All these countries together held near X% share of total imports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Mali, Senegal and Guinea lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Guinea, with a CAGR of X%, saw the highest growth rate of 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 ECOWAS stood at $X per ton in 2022, picking up by X% against the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price 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, chocolate import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2013 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Senegal ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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