Canada: Chocolate Market 2024

Chocolate Market Size in Canada

In 2022, after two years of decline, there was growth in the Canadian chocolate market, when its value increased by 2.5% to $X. The market value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Chocolate Production in Canada

In value terms, chocolate production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 17%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Canada

For the eleventh consecutive year, Canada recorded growth in shipments abroad of chocolate and cocoa products, which increased by 1.7% to X tons in 2022. The total export volume increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 7.6%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, chocolate exports expanded notably to $X in 2022. In general, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.5% against 2018 indices. The pace of growth was the most pronounced in 2015 when exports increased by 13%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Canada, accounting for a 97% share of total exports. It was followed by Mexico (X tons), with a 1.9% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +4.1%.

In value terms, the United States ($X) remains the key foreign market for chocolate and cocoa products exports from Canada, comprising 97% of total exports. The second position in the ranking was taken by Mexico ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +7.0%.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, with an increase of 9.5% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mexico totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.8%).

Chocolate Imports

Imports into Canada

In 2022, purchases abroad of chocolate and cocoa products increased by 10% to X tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 30% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, chocolate imports rose notably to $X in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 14% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of chocolate to Canada, with a 64% share of total imports. Moreover, chocolate imports from the United States exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. Switzerland (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+5.1% per year) and Switzerland (+5.1% per year).

In value terms, the United States ($X) constituted the largest supplier of chocolate and cocoa products to Canada, comprising 56% of total imports. The second position in the ranking was held by Switzerland ($X), with a 6.6% share of total imports. It was followed by Belgium, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+4.1% per year) and Belgium (+3.9% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, which is down by -2.7% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 8.6%. The import price peaked at $X per ton in 2021, and then contracted modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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