Dominican Republic: Chocolate Market 2024

Chocolate Market Size in the Dominican Republic

The Dominican chocolate market amounted to $X in 2022, with an increase of 4.3% against the previous year. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +12.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.9% against 2020 indices. Chocolate consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chocolate Production in the Dominican Republic

In value terms, chocolate production expanded remarkably to $X in 2022 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +13.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 130% against the previous year. Chocolate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from the Dominican Republic

In 2022, shipments abroad of chocolate and other food preparations containing cocoa increased by 21% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 43%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports soared to $X in 2022. Overall, exports saw resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 118%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X tons) was the main destination for chocolate exports from the Dominican Republic, with a 41% share of total exports. Moreover, chocolate exports to Colombia exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Antigua and Barbuda (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia totaled +41.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-12.0% per year) and Antigua and Barbuda (+49.3% per year).

In value terms, the largest markets for chocolate exported from the Dominican Republic were Colombia ($X), the United States ($X) and Germany ($X), with a combined 52% share of total exports. Jamaica, Antigua and Barbuda, Austria and Haiti lagged somewhat behind, together accounting for a further 23%.

Antigua and Barbuda, with a CAGR of +56.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, approximately reflecting the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.5% 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 +20.6% against 2018 indices. The pace of growth was the most pronounced in 2013 an increase of 52% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while the average price for exports to Antigua and Barbuda ($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 Jamaica (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into the Dominican Republic

In 2022, chocolate imports into the Dominican Republic fell significantly to X tons, reducing by -27.3% on 2021 figures. Over the period under review, imports, however, recorded a measured expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 122%. As a result, imports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, chocolate imports fell markedly to $X in 2022. Overall, imports, however, enjoyed pronounced growth. The pace of growth appeared the most rapid in 2021 with an increase of 112% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of chocolate to the Dominican Republic, with a 59% share of total imports. Moreover, chocolate imports from the United States exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Belgium (X tons) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+12.2% per year) and Belgium (-3.5% per year).

In value terms, the United States ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to the Dominican Republic, comprising 59% of total imports. The second position in the ranking was held by Italy ($X), with a 16% share of total imports. It was followed by Belgium, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+9.7% per year) and Belgium (-2.6% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, remaining stable against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 9.4%. As a result, import price attained the peak level of $X per ton. From 2016 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 Spain ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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