Cuba: Cocoa Butter Market 2024

Cocoa Butter Market Size in Cuba

The Cuban cocoa butter market shrank to $X in 2021, waning by -7.6% against the previous year. In general, consumption, however, continues to indicate a significant expansion. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Cocoa Butter Production in Cuba

In value terms, cocoa butter production shrank modestly to $X in 2021 estimated in export price. Overall, production, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 179% against the previous year. Cocoa butter production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Cocoa Butter Exports

Exports from Cuba

Cocoa butter exports from Cuba surged to X tons in 2021, with an increase of 46% against 2020. Overall, exports continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2013 with an increase of 336%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, cocoa butter exports surged to $X in 2021. In general, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 456%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons), the Netherlands (X tons) and Spain (X tons) were the main destinations of cocoa butter exports from Cuba, together accounting for 84% of total exports. These countries were followed by Russia and the UK, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were in Russia (with a CAGR of +52.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for cocoa butter exports from Cuba, comprising 76% of total exports. The second position in the ranking was taken by Russia ($X), with an 8.4% share of total exports. It was followed by the Netherlands, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+58.5% per year) and the Netherlands (-9.1% per year).

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2021, shrinking by -15.8% against the previous year. Overall, export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa butter export price decreased by -36.6% against 2014 indices. The pace of growth appeared the most rapid in 2014 an increase of 52% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+8.7%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Butter Imports

Imports into Cuba

In 2021, the amount of cocoa butter imported into Cuba stood at X tons, picking up by 4.9% compared with the year before. Overall, imports posted notable growth. The most prominent rate of growth was recorded in 2014 with an increase of 1,859% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, cocoa butter imports expanded rapidly to $X in 2021. Over the period under review, imports recorded buoyant growth. The growth pace was the most rapid in 2014 with an increase of 3,339% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Spain (X tons) was the main supplier of cocoa butter to Cuba, with a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Spain amounted to +69.3%.

In value terms, Spain ($X) constituted the largest supplier of cocoa butter to Cuba.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at +65.1%.

Import Prices by Country

In 2021, the average cocoa butter import price amounted to $X per ton, growing by 7.4% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa butter import price increased by +32.9% against 2017 indices. The pace of growth appeared the most rapid in 2014 when the average import price increased by 76% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Spain.

From 2012 to 2021, the rate of growth in terms of prices for Malaysia amounted to +7.4% per year.

Source: IndexBox Platform

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