Nigeria Cocoa Processing Market

Market Overview:

The Nigeria cocoa processing market size is expected to exhibit a growth rate (CAGR) of 6.27% during 2024-2032.

Cocoa processing refers to the conversion of cocoa beans into different forms, such as cocoa liquor, cocoa butter, and cocoa powder. Cocoa-based products are rich in theobromine, polyphenols, magnesium, zinc, iron, vitamins, etc. They offer numerous health benefits in controlling high blood pressure levels, improving cognitive health, enhancing metabolism, reducing chronic fatigue, etc. As a result, cocoa-based products find extensive applications across diverse industries, such as food and beverages, cosmetics, pharmaceuticals, etc.

In Nigeria, the presence of favorable climatic conditions and extensive land use for the sustainable production of cocoa is propelling the market for cocoa processing. In line with this, the Federal Government of Nigeria has launched numerous schemes and subsidies for cocoa farmers to ensure improved productivity and high-grade bean quality. Moreover, the Nigerian Export Promotion Council (NEPC) is focusing on expanding the trade activities for cocoa beans by establishing specialized units, such as the Cocoa Association of Nigeria (CAN). Besides this, the increasing penetration of western food trends in Nigeria is also driving the demand for cocoa-based baked goods, beverages, confectioneries, etc. Additionally, the growing awareness towards numerous anti-aging, moisturizing, and anti-inflammatory properties of cocoa beans is further catalyzing their usage in the cosmetics sector. The rising popularity of cocoa-infused grooming products, including soap bars, lotions, creams, lip balms, etc., is also bolstering the market growth. Moreover, cocoa products are extensively utilized as flavoring agents and coatings on medicines and supplements in the pharmaceutical industry. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the Nigeria cocoa processing market report, along with forecasts for the period 2024-2032. Our report has categorized the market based on bean type, product type and application.

Breakup by Bean Type:

• Forastero
• Criollo
• Trinitario
   

Breakup by Product Type:

• Cocoa Butter
• Cocoa Liquor
• Cocoa Powder
• Others
   

Breakup by Application:

• Confectionary
• Bakery
• Beverages
• Pharmaceuticals
• Others
   

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Cocoa (Ile-Oluji) Limited, FTN Cocoa Processors Plc, Mondelez International, Olam International and Saroafrica International Limited.

Report Coverage:

Key Questions Answered in This Report:

• How has the Nigeria cocoa processing market performed so far and how will it perform in the coming years?
• What is the impact of COVID-19 on the Nigeria cocoa processing market?
• What is the breakup of the market based on the bean type?
• What is the breakup of the market based on the product type?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the Nigeria cocoa processing market and who are the key players?
• What is the degree of competition in the market?