(Business in Cameroon) - The Cameroonian subsidiary of South African food giant Tiger Brands - Chocolateries confiseries du Cameroun (Chococam)- saw revenues grow by 3% in 2018, despite a 9% overall drop in the group’s turnover.
According to a memo on Cameroonian cocoa sector issued March 18 by Fitch Solutions, subsidiary of Fitch Group, “Small volume processing for the domestic market, mainly by Chococam […] should grow driven by higher local demand, for chocolate and other cocoa products. Demand is expected to gradually increase, reaching 63,000 tons in 2023, up from 53,000 tons in 2019.” Higher consumption was also observed in neighboring countries supplied by Chococam.
Increase in turnover can also be explained by the recent product diversification. In a statement dated November 10, 2014, the food company officially extended its corporate purpose, adding the activities of “manufacturing, importing, exporting and trading of personal and household care products and their derivatives.”
The move aligns with Tiger Brands' expansion strategy in Africa, thanks to a partnership with Haco Industries, a Kenya-based manufacturing company. This partnership now allows Chococam to distribute “Miadi” brand cosmetics and a rice brand called “Tastic”.
Chococam, whose performance had been described as “exceptional” by Tiger Brands at the end of 2014, is the group’s top performing unit in Central Africa.
Brice R. Mbodiam