The cocoa beans market in Africa has witnessed significant growth from 2014 to 2023. Starting at 3.0 thousand metric tons in 2014, the market saw fluctuating trends, with a notable dip in 2015 followed by steep increases, particularly from 2016 onward. By 2023, the market size reached 33.0 thousand metric tons, indicating a year-on-year increase of 6.45% from 2022 and a 3.34% CAGR over the last five years.
From 2020 to 2023, the market showed steady growth with year-on-year variations of 7.41%, 6.9%, and 6.45%. The projected values for 2024 indicate continued growth with an expected size of 35.0 thousand metric tons and a forecasted CAGR of 3.71% over the next five years, implying a 20% growth rate by 2028. Trends suggest robust market expansion in the upcoming years.
Future trends to watch for include:
- Technological advancements in cocoa farming to enhance yield.
- Increasing demand for organic and sustainably sourced cocoa beans.
- Potential impacts of climate change on cocoa bean production.
- Government policies and support for the local cocoa industry.
- Shifts in global demand for chocolate and cocoa-based products.
