Sierra Leone: Cocoa Market and the Impact of COVID-19 on It in the Medium Term
The cocoa market in Sierra Leone was equal to 3.70 million USD (calculated in retail prices) in 2015. Until 2025, the cocoa market in Sierra Leone is forecast to reach 17.15 million USD (in retail prices), thus increasing at a CAGR of 15.91% per annum for the period 2020-2025. This is a decrease, compared to the growth of about 17.28% per year, registered in 2015-2019.
The average consumption per capita in value terms reached 0.52 USD per capita (in retail prices) in 2015. In the next five years, it grew at a CAGR of 14.70% per annum. In the medium term (by 2025), the indicator is forecast to slow down its growth and increase at a CAGR of 13.30% per annum.
The overall cocoa market has been shaped by several main aspects in the last few years. Some of the most important are premiumization, health and wellness, and sustainability. Demand for premium and high-quality fine flavor cocoa has been growing in recent years. In fact, it is the fastest growing segment, propelled by the proliferation of specialty and premium chocolate products. In addition, consumption of high-quality cocoa is further encouraged by its high content of flavonoids, which are known to have beneficial effects on health. Higher demand for specialty cocoa in Europe can be found in countries such as Belgium, France and Germany, where the standard of living and the level of incomes are high. As for production, most of the cocoa is traditionally produced in Africa, but in recent years, competition from companies in Asia Pacific and Latin America is intensifying.
Consumers are increasingly paying attention on factors such as provenance and sustainability, as well as on the quality and diversity of different origins. In order to respond to the growing expectations of customers, companies are trying to highlight not only the origin of the cocoa, but also the story behind the brand and the place where the end-product was manufactured. In accordance with the advancement of consumers’ environmental and ethical consciousness, certified cocoa and chocolate products are also gaining popularity over the last few years.
Another important development on the market is the introduction of a new type of chocolate, which, according to its creators, is the forth type after white, dark and milk. The new type, developed by Barry Callebaut, is called ruby chocolate and is made by ruby cocoa beans. It has been commercially available since 2017 and is extensively promoted as chocolate without any additional flavorings or colorings, which serves the growing demand for clean label products.
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This report presents a strategic analysis of the Sierra Leonean cocoa market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it. It provides a comprehensive overview of the market volume and value, dynamics, segmentation, characteristics, main players, prices, international trade, trends and insights, growth and demand drivers, challenges, etc. This is one of the most comprehensive reports about the Sierra Leonean cocoa market, offering unmatched value, accuracy and expert insights.
The purpose of the report is to describe the state of the Sierra Leonean cocoa market and to present real and expert-verified information about the volumes, values, dynamics, segmentation and characteristics of consumption, prices, imports, and exports. The report also presents a forecast for the market development in the short and medium term and the impact COVID-19 has and will have on it. In addition, the report presents an elaborate analysis of the main market participants, industry trends and insights, growth and demand drivers and challenges and all other factors, influencing the market development.
Questions This Report Answers
The report on the Sierra Leonean cocoa market covers:
• Market volume, value and dynamics for the last five years;
• Analysis of the factors, influencing the market development (market trends and insights, drivers and challenges) and the impact COVID-19 has and will have on the market in both the short and the medium term;
• Value chain analysis and structure of price formation;
• Analysis of retail price levels and their dynamics for the last five years;
• Analysis of the major international trade flows;
• Volume, value, dynamics, and analysis of imports for the last five years;
• Volume, value, dynamics, and analysis of exports for the last five years;
• Volume and dynamics of the average import and export prices for the last five years;
• Volume, value, dynamics, and analysis of per capita consumption for the last five years;
• Forecast for market development in the medium term;
• Characteristics of the main players on the market;
• Analysis of the competitive landscape;
• Importance of the HoReCa channel (on-trade vs. off-trade consumption);
• Market shares of the main market players;
• Distribution channels for retail sales;
• Five Forces analysis;
• Analysis and forecast for the global economy and demographics.
How Can You Benefit from This Report?
With the help of this report you can:
• Discover reliable and expert-verified market data, with which you can confidently make smarter business decisions and drive your business forward;
• Track market data, including volume, value, forecasts, dynamics and structure – past, present and future;
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• Track and identify key market trends and insights and key drivers behind recent market changes and see the impact COVID-19 has and will have on the market in both the short and the medium term;
• Strategically assess growth potential, opportunities, demand drivers and challenges on the market;
• Strategically assess the importance of the HoReCa channel on the market;
• Discover the importance of each distribution channel for the retail market;
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What Kind of Data Is Presented in This Report?
This report presents data, which is:
• Reliable (the report is prepared using a proven methodology, including both primary and secondary research);
• Expert-verified (the data is cross-checked and confirmed by more than 10 local experts, representatives of the main market players);
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This report presents reliable and real market data, providing valuable support to make important strategic decisions regarding:
• Strategic planning;
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• Regional and country evaluation and opportunity analysis;
• Market entry;
• Market growth;
• Pricing and promotion;
• New product development;
• Sourcing and supply chain management;
• Company evaluation;
• Mergers and acquisitions.
Who Is This Report for?
This report is for people who already are actively working on this market, representatives of producers, distributors, importers, exporters, wholesalers, retailers, suppliers:
• Industry C Level executives;
• Industry strategists;
• Marketing professionals;
• Business development professionals;
• Product developers;
• Product marketers and strategists;
• Product managers;
• Project managers;
This report is also for people, not directly or actively involved in the market, representatives of investors, consultants, advisors and financial institutions:
• Management consultants;
• Investment managers;
• Financial professionals;
• Bank managers;
• M&A managers.
This research report has been prepared using the proven WMStrategy’s methodology, including a blend of qualitative and quantitative data. The information comes from official sources and insights from market experts (representatives of the main market participants), gathered by semi-structured interviews. For this particular report, more than 10 market expert interviews have been conducted with experts from the leading market companies (producers, distributors, retailers, suppliers, etc.). The full list of interviewed experts and a detailed methodology are available upon request.
This report covers the following product groups:
• Cocoa (including cocoa powder and drinking chocolate; excluding chocolate products (except for drinking chocolate) or ready-to-drink chocolate drinks (RTD chocolate drinks).
This is the most valuable, detailed (COVID-19 updated) and comprehensive report about the Sierra Leonean cocoa market currently available! We also offer similar reports, covering every global country and region separately and offer special terms for bundle purchases. So, if you are interested in the Sierra Leonean cocoa market, this research report will provide you with reliable, expert-verified and real market data you can safely and confidently base your decisions on. In a quick and hassle-free way, it will provide you with a strategic analysis of the market, its recent and future development. In addition, this solution will save you time and money while presenting you all the necessary information, empowering you to make informed commercial decisions and move your business forward!
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