Home » News: AFREXIMBANK Projects Global Chocolate Market To Reach US$81.8 Billion By 2030, with production from Africa reaching 73.4% 2022/2023, as Côte d’Ivoire, Ghana leads

News: AFREXIMBANK Projects Global Chocolate Market To Reach US$81.8 Billion By 2030, with production from Africa reaching 73.4% 2022/2023, as Côte d’Ivoire, Ghana leads

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African Export–Import Bank, also referred to as Afreximbank, has projected the global industrial chocolate market to reach US$81.8 billion by 2030, with the demand for cocoa beans expected to increase.

The bank in its recently published research said, the performance of the cocoa market is fundamentally linked to the fortunes of the global chocolate industry. With the global market for industrial chocolate estimated at US$57.8 billion in 2022.

According to the financial organization, cocoa, the basic ingredient for chocolate and chocolate confections, is an important export commodity and foreign exchange earner for West Africa. The cash crop also promotes the livelihood of farmers in various farming communities, supports food security and assists economic growth in various parts of the region.

It said although lower compared to the 77% share recorded in 2021, data from the International Cocoa Organization shows that Africa produced 73.4% of global cocoa output in the 2022/2023 season with Côte d’Ivoire (the world’s largest cocoa producer) and Ghana individually accounting for about 44% and 14% of global cocoa production, respectively.

READ: News: 4 West African Countries of Cote D’Ivoire, Ghana, Nigeria and Cameroon produce 70% of Global Cocoa beans used by the Chocolate Industry

The major destination for cocoa exports has traditionally been Europe and the United States but a few countries in Asia have recently been experienced a rising demand for the commodity. In 2022, the top five largest importers include The Netherlands (US$1.54 billion), Malaysia (US$1.07 billion), United States (US$943 million), Germany (US$749 million) and Indonesia (US$547 million).

Estimates further show that Europe accounts for 56% of global imports of cocoa beans with about 79% of this import sourced from cocoa-producing countries, especially Ghana and Cote d’Ivoire. Europe’s import of cocoa beans is fueled by growing local demand and exports of chocolates and other products derived from cocoa.

READ: Africa: Ayade expresses excitement as Cross River cocoa processing factory begins chocolate production in Nigeria

The document effectively underscores the crucial role of cocoa in West Africa’s economic landscape, providing precise figures to highlight its impact on farmers and regional economic growth.

“The performance of the cocoa market is fundamentally linked to the fortunes of the global chocolate industry. With the global market for industrial chocolate estimated at US$57.8 billion in 2022, and a projection to reach US$81.8 billion by 2030, the demand for cocoa beans is expected to increase. While the global average consumption of chocolate is estimated at 0.9 kg per capita per annum, European countries show a much higher consumption rate – Switzerland (8.8 kg per person), Germany (8.4 kg), Ireland (8.3 kg) and the United Kingdom (8.2 kg), suggesting a huge domestic market for chocolates. Export, on the other hand, continues to increase as global demand improves.

READ: Tourism: Uganda Chocolate Firm To Tap Into Growing Regional Demand In East Africa With Cheaper Pricing

The export of chocolate and other food preparations containing cocoa was valued at US$36.7 billion in 2022, with an average growth of 4% in the last five years. Germany, Belgium, Italy, Poland and Netherlands collectively accounted for 53% of total exports of chocolate and other food preparations containing cocoa in 2022″.

It said in the last five years, there has been significant export growth in countries such as Turkey, Bulgaria, Croatia, Serbia and New Zealand, following an increase in investment in the cocoa-processing industry to meet the growing demand for chocolate and other related products. This presents tremendous opportunities for cocoa-producing and exporting countries in the medium term, especially those in Africa.

Closely following the lead of Africa in global cocoa production is the Americas with a combined output of 21.2% dominated by production in Ecuador and Brazil. Asia-Pacific produces the remaining 5.4% of world cocoa output, with the largest producers in the region being Indonesia and Papua New Guinea. The major destination for cocoa exports has traditionally been Europe and the United States but a few countries in Asia have recently been experienced a rising demand for the commodity. In 2022, the top five largest importers include The Netherlands (US$1.54 billion), Malaysia (US$1.07 billion), United States (US$943 million), Germany (US$749 million) and Indonesia (US$547 million).

Estimates further show that Europe accounts for 56% of global imports of cocoa beans with about 79% of this import sourced from cocoa-producing countries, especially Ghana and Cote d’Ivoire. Europe’s import of cocoa beans is fueled by growing local demand and exports of chocolates and other products derived from cocoa. The document effectively underscores the crucial role of cocoa in West Africa’s economic landscape, providing precise figures to highlight its impact on farmers and regional economic growth.

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