Central Asia: Cocoa Butter Market 2024

Cocoa Butter Market Size in Central Asia

In 2022, the Central Asian cocoa butter market decreased by -0.8% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption showed a resilient expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Cocoa Butter Production in Central Asia

In value terms, cocoa butter production rose rapidly to $X in 2022 estimated in export price. In general, production posted resilient growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 155% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Butter Exports

Exports in Central Asia

Cocoa butter exports dropped notably to X kg in 2022, with a decrease of -84.6% against the previous year's figure. Over the period under review, exports showed a sharp downturn. The most prominent rate of growth was recorded in 2013 with an increase of 524% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, cocoa butter exports fell significantly to $X in 2022. In general, exports showed a sharp descent. The most prominent rate of growth was recorded in 2013 with an increase of 214% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the one major exporters of cocoa butter, namely Kazakhstan, represented more than two-thirds of total export.

Kazakhstan was also the fastest-growing in terms of the cocoa butter exports, with a CAGR of -32.4% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest cocoa butter supplier in Central Asia.

In Kazakhstan, cocoa butter exports shrank by an average annual rate of -22.8% over the period from 2012-2022.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2022, with an increase of 114% against the previous year. In general, the export price recorded a significant increase. The most prominent rate of growth was recorded in 2018 when the export price increased by 114%. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Kazakhstan amounted to +14.2% per year.

Cocoa Butter Imports

Imports in Central Asia

In 2022, overseas purchases of cocoa butter decreased by -15.6% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 2,458% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cocoa butter imports declined to $X in 2022. Overall, imports, however, recorded a pronounced expansion. The pace of growth was the most pronounced in 2015 with an increase of 3,108% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Uzbekistan (X tons) represented the major importer of cocoa butter, making up 73% of total imports. Turkmenistan (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Kazakhstan (11%). Tajikistan (X tons) held a little share of total imports.

Uzbekistan was also the fastest-growing in terms of the cocoa butter imports, with a CAGR of +42.1% from 2012 to 2022. At the same time, Turkmenistan (+28.0%) displayed positive paces of growth. By contrast, Tajikistan (-12.7%) and Kazakhstan (-18.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Uzbekistan and Turkmenistan increased by +73 and +13 percentage points, respectively.

In value terms, Uzbekistan ($X) constitutes the largest market for imported cocoa butter in Central Asia, comprising 69% of total imports. The second position in the ranking was taken by Kazakhstan ($X), with a 15% share of total imports. It was followed by Turkmenistan, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Uzbekistan amounted to +63.4%. The remaining importing countries recorded the following average annual rates of imports growth: Kazakhstan (-14.1% per year) and Turkmenistan (+33.4% per year).

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2022, increasing by 4.1% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price increased by +20.6% against 2017 indices. The most prominent rate of growth was recorded in 2015 an increase of 25%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kazakhstan ($X per ton), while Tajikistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+15.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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