Costa Rica: Cocoa Powder Market 2024

Cocoa Powder Market Size in Costa Rica

The Costa Rican cocoa powder market stood at $X in 2022, with an increase of 1.9% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Cocoa powder consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Cocoa Powder Production in Costa Rica

In value terms, cocoa powder production expanded slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 43% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports from Costa Rica

In 2022, approx. X tons of cocoa powder (not sweetened) were exported from Costa Rica; jumping by 30% on the previous year. Overall, exports recorded strong growth. The pace of growth was the most pronounced in 2020 with an increase of 382%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cocoa powder exports skyrocketed to $X in 2022. Over the period under review, exports recorded a modest increase. The most prominent rate of growth was recorded in 2020 with an increase of 303% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nicaragua (X tons) was the main destination for cocoa powder exports from Costa Rica, accounting for a 65% share of total exports. Moreover, cocoa powder exports to Nicaragua exceeded the volume sent to the second major destination, Panama (X tons), fourfold. The third position in this ranking was held by the Dominican Republic (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nicaragua totaled +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+38.0% per year) and the Dominican Republic (+18.6% per year).

In value terms, Nicaragua ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Costa Rica, comprising 56% of total exports. The second position in the ranking was taken by Panama ($X), with a 17% share of total exports. It was followed by the Dominican Republic, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua totaled -4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+39.8% per year) and the Dominican Republic (+24.1% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, shrinking by -9.9% against the previous year. In general, the export price showed a abrupt setback. The growth pace was the most rapid in 2021 when the average export price increased by 18% 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 foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Dominican Republic ($X per ton) and Panama ($X per ton), while the average price for exports to Guatemala ($X per ton) and Nicaragua ($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 Dominican Republic (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Costa Rica

In 2022, imports of cocoa powder (not sweetened) into Costa Rica dropped modestly to X tons, approximately reflecting the previous year's figure. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.6% against 2015 indices. The pace of growth was the most pronounced in 2015 with an increase of 23%. Over the period under review, imports attained the peak figure at X tons in 2021, and then fell modestly in the following year.

In value terms, cocoa powder imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 17%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), Colombia (X tons) and the United States (X tons) were the main suppliers of cocoa powder imports to Costa Rica, with a combined 84% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +48.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), the United States ($X) and Colombia ($X) constituted the largest cocoa powder suppliers to Costa Rica, with a combined 59% share of total imports.

In terms of the main suppliers, Colombia, with a CAGR of +35.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, increasing by 13% against the previous year. Overall, the import price, however, continues to indicate a perceptible setback. The most prominent rate of growth was recorded in 2014 an increase of 21%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat 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 the United States ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-5.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform