Colombia: Chocolate Market 2024

Chocolate Market Size in Colombia

The Colombian chocolate market reduced modestly to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Chocolate Production in Colombia

In value terms, chocolate production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 31%. Chocolate production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Colombia

Chocolate exports from Colombia shrank to X tons in 2022, reducing by -12.6% on 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 40%. Over the period under review, the exports attained the maximum at X tons in 2021, and then declined in the following year.

In value terms, chocolate exports dropped to $X in 2022. Overall, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% 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 +18.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 67% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ecuador (X tons), the United States (X tons) and Chile (X tons) were the main destinations of chocolate exports from Colombia, with a combined 47% share of total exports. Peru, Venezuela, Panama, the UK, Costa Rica, Mexico, Mozambique and South Africa lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +61.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Colombia were Ecuador ($X), the United States ($X) and Chile ($X), with a combined 51% share of total exports. Panama, Peru, Venezuela, the UK, Costa Rica, Mexico, Mozambique and South Africa lagged somewhat behind, together accounting for a further 31%.

In terms of the main countries of destination, the UK, with a CAGR of +56.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, flattening at the previous year. In general, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate export price increased by +1.1% against 2020 indices. The growth pace was the most rapid in 2013 when the average export price increased by 58% against the previous year. Over the period under review, the average export prices attained the maximum 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to South Africa ($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 Costa Rica (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Colombia

In 2022, approx. X tons of chocolate and cocoa products were imported into Colombia; falling by -2.6% compared with the previous year's figure. Overall, imports saw a mild decline. The pace of growth was the most pronounced in 2018 when imports increased by 23% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports fell to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 19%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of chocolate to Colombia, with a 32% share of total imports. Moreover, chocolate imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Turkey (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+31.9% per year) and Turkey (-0.9% per year).

In value terms, the United States ($X) constituted the largest supplier of chocolate and cocoa products to Colombia, comprising 30% of total imports. The second position in the ranking was held by Ecuador ($X), with a 12% share of total imports. It was followed by Brazil, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+9.4% per year) and Brazil (-5.8% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, which is down by -5.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2013 an increase of 18%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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