Western Africa: Cocoa Butter Market 2024

Cocoa Butter Market Size in Western Africa

The West African cocoa butter market contracted modestly to $X in 2022, approximately reflecting the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Cocoa Butter Production in Western Africa

In value terms, cocoa butter production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; afterwards, it flattened through to 2022.

Cocoa Butter Exports

Exports in Western Africa

Cocoa butter exports expanded notably to X tons in 2022, with an increase of X% on the year before. 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 growth pace was the most rapid in 2013 with an increase of X%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, cocoa butter exports expanded slightly to $X in 2022. Total exports 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, exports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of around X tons, which accounted for X% of total exports. Ghana (X tons) held the second position in the ranking, distantly followed by Nigeria (X tons). All these countries together held approx. X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) were the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Among the main exporting countries, Ghana, 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 mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, which is down by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Cocoa Butter Imports

Imports in Western Africa

In 2022, purchases abroad of cocoa butter decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, imports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cocoa butter imports dropped slightly to $X in 2022. Overall, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons) represented the largest importer of cocoa butter in Western Africa, comprising X% of total import.

Ghana was also the fastest-growing in terms of the cocoa butter imports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of Ghana increased by X percentage points, while 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 butter in Western Africa.

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

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by X% against the previous year. In general, the import price, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat 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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