Not defatted cocoa paste market in ECOWAS

Earlier Report Observations

Between 2018 and 2020, production of not defatted cocoa paste in ECOWAS increased from 552 thousand tons to 769 thousand tons. The initial growth in 2018 was partly supported by rising international demand for high-cocoa content chocolate, which elevated needs for quality cocoa paste. However, domestic market volume fell to 309 thousand tons in 2018 as a large portion of output was exported. By 2020, market volume rebounded sharply to 434 thousand tons alongside a production surge.

From 2021 to 2022, production continued its upward trajectory, reaching 917 thousand tons in 2022, while the market volume expanded to 562 thousand tons. This period saw consistent growth in both output and domestic consumption, with export levels remaining high.

In 2023, production climbed further to 996 thousand tons and the market volume rose to 654 thousand tons. This increase occurred amid a tight global cocoa market, where record-high prices—doubling since August 2023—provided a strong incentive for West African producers to boost paste output, despite challenges such as the Cocoa Swollen Shoot Virus and adverse weather linked to El Niño.

Production not defatted cocoa paste in ECOWAS

In kind, 2017-2020, K t

Top producers of not defatted cocoa paste, 2017-2020

World map of production of not defatted cocoa paste, 2017-2020

ECOWAS has seen its production of not defatted cocoa paste rise for the second year in a row. In 2019, output reached its lowest point at 552.3 thousand tonnes, marking a 7.8% decline from the previous year. By 2020, production had rebounded significantly to 769.4 thousand tonnes, representing a 30.6% increase compared to 2019. Over the entire period from 2017 to 2020, production grew by 28.4%, which translates to an average annual growth rate of 8.7%.

Annual dynamics of production in ECOWAS in kind, 2017-2020, K t

In value, 2017-2020, M $ US

ECOWAS has experienced a second consecutive year of growth in the value of its not defatted cocoa paste production. In 2018, the value hit a low of 1,550 million US dollars, reflecting a 16.8% drop from the year before. By 2020, the output value had surged to 2,536 million US dollars, up 54.3% from 2019. From 2017 to 2020, the overall increase in production value was 36.1%, averaging an annual growth rate of 10.8%.

Annual dynamics of production in ECOWAS in value, 2017-2020, M $ US

Exports not defatted cocoa paste from ECOWAS

Exports in kind, K t

ECOWAS has recorded a second straight year of growth in its exports of not defatted cocoa paste. In 2018, exports fell to 243.3 thousand tonnes, a slight decrease of 1.2%. The following year, 2019, saw a substantial rebound with a 26.0% increase. By 2020, exports reached 335.7 thousand tonnes, showing a modest year-on-year rise of 9.5%. Over the 2017-2020 period, exports expanded by 36.3%, with a compound annual growth rate of 10.9%.

Annual dynamics of product's exports from ECOWAS in kind, 2017-2020, K t

From 2017 to 2020, the Netherlands, France, and the United States were the key export partners for ECOWAS in terms of not defatted cocoa paste volume. The Netherlands led with 34.3% of exports, followed by France at 14.2%, and the United States at 11.4%. Together, these three countries accounted for 59.9% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ECOWAS in kind, 2017-2020

Exports in value, M $ US

ECOWAS has achieved a second consecutive year of growth in the value of its not defatted cocoa paste exports. In 2018, export value dropped to 683 million US dollars, a decline of 10.9%. By 2020, exports had climbed to 1,107 million US dollars, representing a 29.3% increase from the previous year. Between 2017 and 2020, export value rose by 44.4%, with an average annual growth rate of 13.0%.

Annual dynamics of product's exports from ECOWAS in value, 2017-2020, M $ US

Between 2017 and 2020, the top destinations for ECOWAS's not defatted cocoa paste exports by value were the Netherlands, France, and the United States. The Netherlands accounted for 34.0% of export value, France for 15.1%, and the United States for 11.6%. Collectively, these three countries made up 60.6% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ECOWAS in value, 2017-2020

Imports not defatted cocoa paste to ECOWAS

Imports in kind, K t

ECOWAS's imports of not defatted cocoa paste have shown significant growth. In 2020, import volumes reached 0.0 thousand tonnes, a sharp increase of 173.5% compared to 2019. Over the period from 2017 to 2020, imports surged by 5,857.7%, translating to an average annual growth rate of 290.6%.

Annual dynamics of product's imports to ECOWAS in kind, 2017-2020, K t

From 2017 to 2020, Turkey was the dominant source for ECOWAS's imports of not defatted cocoa paste by volume, accounting for 73.9% of total imports. The remaining imports were distributed among a variety of smaller countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ECOWAS in kind, 2017-2020

Imports in value, M $ US

ECOWAS has seen a dramatic rise in the value of its not defatted cocoa paste imports. In 2020, import value stood at 0.0 million US dollars, marking a substantial increase of 406.4% from 2019. Between 2017 and 2020, import value grew by 2,607.1%, with an average annual growth rate of 200.3%.

Annual dynamics of product's imports to ECOWAS in value, 2017-2020, M $ US

During the 2017-2020 period, the United Arab Emirates and Turkey together represented 81.0% of ECOWAS's total import value for not defatted cocoa paste. Other countries contributed to a diverse but smaller share of imports.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ECOWAS in value, 2017-2020