ECOWAS: Cocoa Bean Market 2024

Cocoa Bean Market Size in ECOWAS

The ECOWAS cocoa bean market stood at $X in 2022, growing by X% against the previous year. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Cocoa Bean Production in ECOWAS

In value terms, cocoa bean production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Cote d'Ivoire (X tons) constituted the country with the largest volume of cocoa bean production, comprising approx. X% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Cote d'Ivoire totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Nigeria (X% per year).

In 2022, the average cocoa bean yield in ECOWAS contracted to X kg per ha, reducing by X% compared with the previous year. Overall, the yield continues to indicate a mild contraction. The pace of growth was the most pronounced in 2021 when the yield increased by X% against the previous year. Over the period under review, the cocoa bean yield attained the maximum level at X kg per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cocoa bean harvested area reached X ha in 2022, growing by X% on the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Cocoa Bean Exports

Exports in ECOWAS

In 2022, approx. X tons of cocoa beans were exported in ECOWAS; waning by X% compared with 2021. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, cocoa bean exports shrank sharply to $X in 2022. Overall, exports saw a mild setback. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then dropped notably in the following year.

Exports by Country

Cote d'Ivoire was the major exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by Ghana (X tons) and Nigeria (X tons), together committing a X% share of total exports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Guinea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa bean supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X), together comprising X% of total exports. These countries were followed by Guinea, which accounted for a further X%.

Guinea, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Overall, the export price showed a perceptible shrinkage. The growth pace was the most rapid in 2020 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

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

Cocoa Bean Imports

Imports in ECOWAS

In 2022, supplies from abroad of cocoa beans was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, continue to indicate a noticeable descent. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports shrank to $X in 2022. Overall, imports, however, showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Ghana (X tons) represented roughly X% of total imports in 2022.

Ghana was also the fastest-growing in terms of the cocoa beans imports, with a CAGR of X% from 2012 to 2022. While the share of Ghana (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported cocoa beans in ECOWAS.

In Ghana, cocoa bean imports decreased by an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Ghana.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to X% per year.

Source: IndexBox Platform

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