Africa: Cocoa Bean Market 2024

Cocoa Bean Market Size in Africa

The African cocoa bean market amounted to $X.4B in 2023, surging by X% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X.4B in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Cocoa Bean Production in Africa

In value terms, cocoa bean production reached $X.8B in 2023 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, production reached the maximum level at $X.7B in 2021; however, from 2022 to 2023, production 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. Cameroon (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2023, the average annual growth rate of volume in Cote d'Ivoire amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cameroon (X% per year).

The average cocoa bean yield stood at X tons per ha in 2023, leveling off at the year before. Over the period under review, the yield showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the yield increased by X%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2023, the growth of the cocoa bean 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.

In 2023, the cocoa bean harvested area in Africa reduced modestly to X ha, stabilizing at the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to cocoa bean production reached the peak figure at X ha in 2022, and then fell slightly in the following year.

Cocoa Bean Exports

Exports in Africa

In 2023, the amount of cocoa beans exported in Africa amounted to X tons, approximately mirroring the previous year. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, cocoa bean exports rose markedly to $X in 2023. Over the period under review, exports, however, saw a mild decrease. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, Cote d'Ivoire (X tons) represented the main exporter of cocoa beans, making up X% of total exports. Ghana (X tons) took the second position in the ranking, followed by Nigeria (X tons) and Cameroon (X tons). All these countries together took approx. X% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the cocoa beans exports, with a CAGR of X% from 2012 to 2023. At the same time, Cameroon (X%) displayed positive paces of growth. By contrast, Ghana (X%) and Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Cote d'Ivoire increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest cocoa bean supplier in Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

In Cote d'Ivoire, cocoa bean exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2023, the export price in Africa amounted to $X per ton, with an increase of X% against the previous year. In general, the export price, however, recorded a noticeable decrease. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Ghana ($X per ton) and Cote d'Ivoire ($X per ton), while Cameroon ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2023, 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 Bean Imports

Imports in Africa

In 2023, approx. X tons of cocoa beans were imported in Africa; which is down by X% against the previous year's figure. Overall, imports showed a noticeable reduction. The most prominent rate of growth was recorded in 2022 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, cocoa bean imports fell remarkably to $X in 2023. Over the period under review, imports saw a perceptible downturn. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Tunisia represented the main importer of cocoa beans in Africa, with the volume of imports finishing at X tons, which was near X% of total imports in 2023. Algeria (X tons) held the second position in the ranking, distantly followed by Swaziland (X tons). All these countries together held approx. X% share of total imports. Uganda (X tons) and Togo (X tons) followed a long way behind the leaders.

Imports into Tunisia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Togo (X%), Uganda (X%) and Swaziland (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Africa, with a CAGR of X% from 2012-2023. By contrast, Algeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Swaziland, Tunisia, Uganda and Togo increased by X, X, X and X percentage points, respectively.

In value terms, Tunisia ($X) constitutes the largest market for imported cocoa beans in Africa, comprising X% of total imports. The second position in the ranking was held by Algeria ($X), with a X% share of total imports. It was followed by Swaziland, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Tunisia stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Algeria (X% per year) and Swaziland (X% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2023, approximately equating the previous year. Overall, the import price recorded a mild contraction. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Tunisia ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Tunisia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform