Africa: Chocolate Market 2024

Chocolate Market Size in Africa

The African chocolate market expanded significantly to $X in 2023, increasing by X% against the previous year. Overall, consumption posted buoyant growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Chocolate Production in Africa

In value terms, chocolate production stood at $X in 2023 estimated in export price. Over the period under review, production showed a resilient expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2021; afterwards, it flattened through to 2023.

Chocolate Exports

Exports in Africa

In 2023, approx. X tons of chocolate and other food preparations containing cocoa were exported in Africa; increasing by X% on 2022 figures. Overall, exports showed buoyant growth. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports hit record highs in 2023 and are likely to see gradual growth in the immediate term.

In value terms, chocolate exports amounted to $X in 2023. Over the period under review, exports showed resilient growth. The pace of growth appeared the most rapid in 2014 when exports increased by X%. The level of export peaked in 2023 and is likely to see gradual growth in years to come.

Exports by Country

In 2023, Cote d'Ivoire (X tons) was the major exporter of chocolate and other food preparations containing cocoa, constituting X% of total exports. Nigeria (X tons) held the second position in the ranking, distantly followed by South Africa (X tons). All these countries together took near X% share of total exports. Egypt (X tons) held a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to chocolate exports from Cote d'Ivoire stood at X%. At the same time, Nigeria (X%), Egypt (X%) and South Africa (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Africa, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.) and Egypt (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of South Africa (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and South Africa (X% per year).

Export Prices by Country

In 2023, the export price in Africa amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price continues to indicate a slight decline. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

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

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

Chocolate Imports

Imports in Africa

Chocolate imports declined slightly to X tons in 2023, which is down by X% against the previous year's figure. Total imports indicated a moderate 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 decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, chocolate imports reached $X in 2023. Total imports indicated a strong expansion 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, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, South Africa (X tons), distantly followed by Egypt (X tons), Morocco (X tons), Libya (X tons), Namibia (X tons) and Botswana (X tons) represented the largest importers of chocolate and other food preparations containing cocoa, together achieving X% of total imports. The following importers - Algeria (X tons), Swaziland (X tons), Tunisia (X tons) and Kenya (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Morocco (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in Africa were South Africa ($X), Egypt ($X) and Morocco ($X), together comprising X% of total imports.

Morocco, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Africa amounted to $X per ton, surging 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 2021 an increase of X% against the previous year. The level of import peaked in 2023 and is likely to see gradual growth in the near future.

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 Botswana ($X per ton), while Kenya ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform