Azerbaijan: Chocolate Market 2024

Chocolate Market Size in Azerbaijan

After six years of growth, the Azerbaijani chocolate market decreased by -1% to $X in 2022. Over the period under review, consumption, however, posted strong growth. Chocolate consumption peaked at $X in 2021, and then fell in the following year.

Chocolate Production in Azerbaijan

In value terms, chocolate production amounted to $X in 2022 estimated in export price. In general, production, however, saw a mild slump. The pace of growth was the most pronounced in 2016 when the production volume increased by 9.1% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Azerbaijan

In 2022, approx. X tons of chocolate and cocoa products were exported from Azerbaijan; rising by 79% compared with the previous year's figure. Overall, exports continue to indicate a mild expansion. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports surged to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Georgia (X tons), Russia (X tons) and Saudi Arabia (X tons) were the main destinations of chocolate exports from Azerbaijan, together comprising 41% of total exports. The United Arab Emirates, Turkey, China, Uzbekistan, Kazakhstan, Belarus, Qatar, Iraq, Jordan and Oman lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +650.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Azerbaijan were Georgia ($X), Russia ($X) and Saudi Arabia ($X), with a combined 43% share of total exports. The United Arab Emirates, Turkey, China, Uzbekistan, Kazakhstan, Qatar, Belarus, Iraq, Oman and Jordan lagged somewhat behind, together accounting for a further 43%.

Qatar, with a CAGR of +586.8%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, jumping by 17% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Uzbekistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+27.8%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Azerbaijan

In 2022, purchases abroad of chocolate and cocoa products decreased by -5.2% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.0% against 2016 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 22% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, chocolate imports expanded significantly to $X in 2022. Overall, imports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 34%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of chocolate to Azerbaijan, accounting for a 61% share of total imports. Moreover, chocolate imports from Russia exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fivefold. The third position in this ranking was held by Ukraine (X tons), with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+2.7% per year) and Ukraine (-12.2% per year).

In value terms, Russia ($X) constituted the largest supplier of chocolate and cocoa products to Azerbaijan, comprising 53% of total imports. The second position in the ranking was taken by Turkey ($X), with a 15% share of total imports. It was followed by Ukraine, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia stood at +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+14.5% per year) and Ukraine (-7.7% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, increasing by 15% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate import price increased by +25.9% against 2018 indices. The growth pace was the most rapid in 2016 when the average import price increased by 57%. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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