Brazil: Cocoa Powder Market 2024

Cocoa Powder Market Size in Brazil

In 2022, the Brazilian cocoa powder market decreased by -5% to $X, falling for the second consecutive year after six years of growth. Overall, consumption, however, showed a measured expansion. Cocoa powder consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Brazil

In value terms, cocoa powder production rose to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.6% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 15%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports from Brazil

Cocoa powder exports from Brazil amounted to X tons in 2022, picking up by 5.9% on 2021 figures. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 8.3%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cocoa powder exports rose rapidly to $X in 2022. Over the period under review, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 28%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Argentina (X tons) was the main destination for cocoa powder exports from Brazil, accounting for a 44% share of total exports. Moreover, cocoa powder exports to Argentina exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold. The United States (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Argentina was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+6.9% per year) and the United States (-5.2% per year).

In value terms, Argentina ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Brazil, comprising 42% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 20% share of total exports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Argentina totaled -5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-0.5% per year) and the United States (-9.6% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, increasing by 8.5% against the previous year. Over the period under review, the export price, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 19% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Canada ($X per ton), while the average price for exports to Chile ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-4.7%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Brazil

In 2022, approx. X tons of cocoa powder (not sweetened) were imported into Brazil; shrinking by -41.6% compared with 2021 figures. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 80%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cocoa powder imports plummeted to $X in 2022. Overall, imports showed a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of 66% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced sharply in the following year.

Imports by Country

Uruguay (X tons), the Netherlands (X tons) and Canada (X tons) were the main suppliers of cocoa powder imports to Brazil, with a combined 59% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +14.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder suppliers to Brazil were Uruguay ($X), Canada ($X) and the Netherlands ($X), together accounting for 58% of total imports.

Canada, with a CAGR of +29.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, increasing by 22% against the previous year. In general, the import price, however, saw a pronounced reduction. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+12.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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