ECOWAS: Chocolate Market 2024

Chocolate Market Size in ECOWAS

The ECOWAS chocolate market rose modestly to $X in 2023, increasing by X% against the previous year. The total consumption indicated tangible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Chocolate Production in ECOWAS

In value terms, chocolate production expanded to $X in 2023 estimated in export price. The total production indicated a tangible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Chocolate Exports

Exports in ECOWAS

In 2023, exports of chocolate and cocoa products in ECOWAS totaled X tons, remaining constant against the previous year. Over the period under review, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, chocolate exports totaled $X in 2023. Overall, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire was the largest exporter of chocolate and cocoa products in ECOWAS, with the volume of exports finishing at X tons, which was near X% of total exports in 2023. It was distantly followed by Nigeria (X tons) and Ghana (X tons), together achieving a X% share of total exports. Senegal (X tons) took a relatively small share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2023. At the same time, Nigeria (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Senegal experienced a relatively flat trend pattern. While the share of Nigeria (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Senegal (X p.p.) and Cote d'Ivoire (X p.p.) displayed negative dynamics.

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

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

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, surging by X% against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2016; however, from 2017 to 2023, 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 Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in ECOWAS

In 2023, imports of chocolate and cocoa products in ECOWAS expanded rapidly to X tons, surging by X% against the previous year. Total imports indicated a notable expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the near future.

In value terms, chocolate imports skyrocketed to $X in 2023. In general, imports showed a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of import peaked in 2023 and is likely to continue growth in years to come.

Imports by Country

Nigeria was the key importer of chocolate and cocoa products in ECOWAS, with the volume of imports reaching X tons, which was near X% of total imports in 2023. Senegal (X tons) held the second position in the ranking, followed by Mali (X tons), Guinea (X tons), Cote d'Ivoire (X tons), Togo (X tons) and Niger (X tons). All these countries together held approx. X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Mali (X%), Niger (X%), Senegal (X%), Togo (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Nigeria, Mali and Niger increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chocolate and cocoa products in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

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

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the last eleven-year period, 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. The level of import peaked in 2023 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform