Western Africa: Cocoa Paste Market 2024

Cocoa Paste Market Size in Western Africa

The West African cocoa paste market surged to $X in 2022, rising by X% against the previous year. The total consumption indicated a measured expansion 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. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Cocoa Paste Production in Western Africa

In value terms, cocoa paste production rose to $X in 2022 estimated in export price. The total production indicated a temperate 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 2019 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Cocoa Paste Exports

Exports in Western Africa

Cocoa paste exports contracted remarkably to X tons in 2022, with a decrease of X% compared with 2021. Total exports indicated a moderate expansion from 2012 to 2022: its volume 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. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021, and then dropped notably in the following year.

In value terms, cocoa paste exports fell significantly to $X in 2022. Total exports indicated measured 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. The growth pace was the most rapid in 2013 when exports increased by X%. The level of export peaked at $X in 2021, and then dropped sharply in the following year.

Exports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together achieving X% of total exports. Nigeria (X tons) held a little 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 a decline in the exports figures.

In value terms, the largest cocoa paste supplying countries in Western Africa were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined X% share 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 a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a somewhat lower figure.

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 Cote d'Ivoire (X%), while the other leaders experienced a decline in the export price figures.

Cocoa Paste Imports

Imports in Western Africa

In 2022, supplies from abroad of cocoa paste decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2019 when imports increased by X%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cocoa paste imports declined to $X in 2022. In general, imports saw a deep slump. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Ghana (X tons) and Nigeria (X tons) prevails in imports structure, together committing X% of total imports. Sierra Leone (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Ghana (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest cocoa paste importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Sierra Leone ($X), with a combined X% share of total imports.

Ghana, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, standing approx. at the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Nigeria ($X per ton), while Sierra Leone ($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 a decline in the import price figures.

Source: IndexBox Platform

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