Nigeria: Chocolate Market 2024

Chocolate Market Size in Nigeria

The Nigerien chocolate market contracted slightly to $X in 2022, waning by X% against the previous year. In general, the total consumption indicated notable 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 increased by X% against 2018 indices. Chocolate consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Nigeria

In value terms, chocolate production declined to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate 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, production increased by X% against 2018 indices. The growth pace was the most rapid in 2016 when the production volume increased by X% against the previous year. Chocolate production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Nigeria

In 2022, chocolate exports from Nigeria skyrocketed to X tons, picking up by X% on 2021. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, chocolate exports soared to $X in 2022. Overall, exports recorded prominent growth. The pace of growth was the most pronounced in 2018 with an increase of X%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

The Netherlands (X tons), Germany (X tons) and the United States (X tons) were the main destinations of chocolate exports from Nigeria, with a combined X% share of total exports. The UK, Spain, Ghana, India and Belgium lagged somewhat behind, together accounting for a further X%.

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

In value terms, the Netherlands ($X), Germany ($X) and the United States ($X) constituted the largest markets for chocolate exported from Nigeria worldwide, with a combined X% share of total exports. Spain, the UK, India, Belgium and Ghana lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, the UK, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the export price, however, continues to indicate a abrupt descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Nigeria

In 2022, the amount of chocolate and cocoa products imported into Nigeria surged to X tons, picking up by X% compared with the previous year's figure. Overall, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, chocolate imports surged to $X in 2022. Over the period under review, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Ghana (X tons) constituted the largest chocolate supplier to Nigeria, accounting for a X% share of total imports. Moreover, chocolate imports from Ghana exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Ghana totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and China (X% per year).

In value terms, Ghana ($X) constituted the largest supplier of chocolate and cocoa products to Nigeria, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ghana totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, saw a mild decline. The most prominent rate of growth was recorded in 2016 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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