Cocoa Butter Market Overview in Nigeria
In value terms, cocoa butter production amounted to $400M in 2010 estimated in export prices. The total output value increased at an average annual rate of +5.1% over the period from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2008 when production volume increased by 13% year-to-year. Over the period under review, cocoa butter production reached its peak figure level in 2010 and is expected to retain its growth in the near future.
The revenue of the cocoa butter market in Nigeria amounted to $323M in 2010, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +6.9% from 2007 to 2010; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2008 when the market value increased by 13% against the previous year. Over the period under review, the cocoa butter market attained its peak figure level in 2010 and is likely to continue its growth in the near future.