Dominican Republic: Cocoa Butter Market 2024

Cocoa Butter Market Size in the Dominican Republic

The Dominican cocoa butter market shrank modestly to $X in 2022, approximately equating the previous year. In general, consumption, however, showed resilient growth. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Cocoa Butter Production in the Dominican Republic

In value terms, cocoa butter production contracted to $X in 2022 estimated in export price. Overall, production, however, posted a strong expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 37% against the previous year. Cocoa butter production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Cocoa Butter Exports

Exports from the Dominican Republic

Cocoa butter exports from the Dominican Republic declined dramatically to X tons in 2022, waning by -38.4% on 2021. Over the period under review, exports recorded a mild reduction. The most prominent rate of growth was recorded in 2021 with an increase of 54% against the previous year. As a result, the exports reached the peak of X tons, and then contracted dramatically in the following year.

In value terms, cocoa butter exports declined significantly to $X in 2022. In general, exports, however, continue to indicate a perceptible increase. The pace of growth was the most pronounced in 2014 with an increase of 99% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cocoa butter exports from the Dominican Republic, accounting for a 60% share of total exports. Moreover, cocoa butter exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+9.2% per year) and the Netherlands (-3.8% per year).

In value terms, the largest markets for cocoa butter exported from the Dominican Republic were the United States ($X), Germany ($X) and the Netherlands ($X), with a combined 92% share of total exports. France, Belgium and the UK lagged somewhat behind, together comprising a further 6%.

Belgium, with a CAGR of +1,728.3%, saw the highest rates of growth with regard to 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

In 2022, the average cocoa butter export price amounted to $X per ton, picking up by 8.2% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter export price increased by +9.5% against 2017 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 61% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the UK ($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 Belgium (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Butter Imports

Imports into the Dominican Republic

In 2022, imports of cocoa butter into the Dominican Republic skyrocketed to X tons, with an increase of 4,606% compared with the previous year. Overall, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa butter imports skyrocketed to $X in 2022. In general, imports showed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) was the main supplier of cocoa butter to the Dominican Republic, accounting for a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +33.6%.

In value terms, the United States ($X) constituted the largest supplier of cocoa butter to the Dominican Republic.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +43.5%.

Import Prices by Country

In 2022, the average cocoa butter import price amounted to $X per ton, with a decrease of -25.9% against the previous year. Overall, the import price, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 an increase of 107%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +7.4% per year.

Source: IndexBox Platform

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