Western Africa: Chocolate Market 2024

Chocolate Market Size in Western Africa

The West African chocolate market stood at $X in 2023, growing by X% against the previous year. The total consumption indicated noticeable 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 hit record highs at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Chocolate Production in Western Africa

In value terms, chocolate production rose slightly to $X in 2023 estimated in export price. The total production indicated a pronounced increase 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, production decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Chocolate Exports

Exports in Western Africa

In 2023, approx. X tons of chocolate and cocoa products were exported in Western Africa; remaining stable against 2022. In general, exports enjoyed a prominent increase. 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 years to come.

In value terms, chocolate exports totaled $X in 2023. Over the period under review, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. The level of export peaked in 2023 and is likely to continue growth in years to come.

Exports by Country

Cote d'Ivoire was the main exporter of chocolate and cocoa products in Western Africa, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2023. It was distantly followed by Nigeria (X tons) and Ghana (X tons), together mixing up a X% share of total exports. Senegal (X tons) followed a long way behind the leaders.

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 Western Africa, with a CAGR of X% from 2012-2023. Senegal experienced a relatively flat trend pattern. Nigeria (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2023, respectively.

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

In Cote d'Ivoire, chocolate exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, surging by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.

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 Western Africa

In 2023, imports of chocolate and cocoa products in Western Africa amounted to X tons, with an increase of X% on 2022 figures. Total imports indicated a tangible increase 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 pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2023 and are expected to retain growth in years to come.

In value terms, chocolate imports reached $X in 2023. Overall, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. The level of import peaked in 2023 and is likely to continue growth in the immediate term.

Imports by Country

In 2023, Nigeria (X tons) represented the major importer of chocolate and cocoa products, generating X% of total imports. It was distantly followed by Senegal (X tons), Mali (X tons), Mauritania (X tons), Guinea (X tons), Cote d'Ivoire (X tons), Togo (X tons) and Niger (X tons), together comprising a 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%), Mauritania (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Mali (X p.p.) and Niger (X p.p.) significantly strengthened its position in terms of the total imports, while Guinea and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Mauritania (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, picking up by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 when the import price increased by X% against the previous year. The level of import peaked in 2023 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, 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