Colombia: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Colombia

In 2022, the Colombian chocolate and confectionery market increased by 1.1% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Chocolate And Confectionery Production in Colombia

In value terms, chocolate and confectionery production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when the production volume increased by 34% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Chocolate And Confectionery Exports

Exports from Colombia

In 2022, approx. X tons of chocolate and confectionery were exported from Colombia; which is down by -33.3% against the previous year. In general, exports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2014 with an increase of 31%. The exports peaked at X tons in 2021, and then declined sharply in the following year.

In value terms, chocolate and confectionery exports shrank sharply to $X in 2022. Overall, total exports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 68% 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

The United States (X tons), Ecuador (X tons) and Peru (X tons) were the main destinations of chocolate and confectionery exports from Colombia, with a combined 43% share of total exports. Mexico, Chile, South Africa, Costa Rica, the Netherlands, Venezuela, Trinidad and Tobago, the UK, Panama and Mozambique lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mozambique (with a CAGR of +46.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Ecuador ($X) and Peru ($X) appeared to be the largest markets for chocolate and confectionery exported from Colombia worldwide, together comprising 46% of total exports. The Netherlands, Mexico, Chile, Costa Rica, the UK, Trinidad and Tobago, Venezuela, South Africa, Panama and Mozambique lagged somewhat behind, together accounting for a further 35%.

Among the main countries of destination, Mozambique, with a CAGR of +47.8%, saw 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 and confectionery export price amounted to $X per ton, surging by 14% against the previous year. In general, export price indicated pronounced 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. The most prominent rate of growth was recorded in 2013 when the average export price increased by 43%. 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 external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to South Africa ($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 the Netherlands (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into Colombia

Chocolate and confectionery imports into Colombia contracted markedly to X tons in 2022, which is down by -19.6% against the previous year. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 26% against the previous year. As a result, imports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, chocolate and confectionery imports contracted rapidly to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 43% against the previous year. As a result, imports attained the peak of $X, and then dropped markedly in the following year.

Imports by Country

The United States (X tons), Ecuador (X tons) and Germany (X tons) were the main suppliers of chocolate and confectionery imports to Colombia, with a combined 48% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +36.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate and confectionery suppliers to Colombia were the United States ($X), Ecuador ($X) and Brazil ($X), together comprising 48% of total imports. Germany, Sri Lanka, Italy, Mexico, Peru, Turkey, Spain, Aruba, China and Panama lagged somewhat behind, together accounting for a further 39%.

Germany, with a CAGR of +28.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate and confectionery import price amounted to $X per ton, approximately mirroring the previous year. Overall, the import price, however, continues to indicate a mild decrease. The pace of growth was the most pronounced in 2021 an increase of 14%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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