Western Africa: Chocolate Market 2024

Chocolate Market Size in Western Africa

The West African chocolate market dropped to $X in 2022, waning by X% against the previous year. The total consumption indicated slight 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 2020 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Chocolate Production in Western Africa

In value terms, chocolate production amounted to $X in 2022 estimated in export price. 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 decreased by X% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Chocolate Exports

Exports in Western Africa

Chocolate exports skyrocketed to X tons in 2022, rising by X% against 2021 figures. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2014 when exports increased by X%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports rose rapidly to $X in 2022. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded 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 largest exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Nigeria (X tons), making up a X% share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by X% from 2012 to 2022, respectively.

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

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price continues to indicate a pronounced setback. The growth pace was 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 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 Western Africa

After three years of growth, purchases abroad of chocolate and other food preparations containing cocoa decreased by X% to X tons in 2022. In general, imports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted significantly in the following year.

In value terms, chocolate imports declined to $X in 2022. Overall, imports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly X% of total imports in 2022. Mauritania (X tons) took the next position in the ranking, followed by Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons). All these countries together held approx. 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 Western Africa were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Mali, Senegal, Guinea and Mauritania lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Guinea, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Western Africa amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Mali ($X per ton), while Mauritania ($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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