Dominican Republic: Cocoa Paste Market 2024

Cocoa Paste Market Size in the Dominican Republic

The Dominican cocoa paste market shrank to $X in 2021, waning by -4.7% against the previous year. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +65.9% against 2015 indices. Over the period under review, the market attained the peak level at $X in 2020, and then fell slightly in the following year.

Cocoa Paste Production in the Dominican Republic

In value terms, cocoa paste production fell slightly to $X in 2021 estimated in export price. In general, the total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +80.0% against 2015 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 30%. Cocoa paste production peaked at $X in 2020, and then contracted modestly in the following year.

Cocoa Paste Exports

Exports from the Dominican Republic

In 2021, overseas shipments of cocoa paste increased by 126% to X tons, rising for the third consecutive year after three years of decline. Overall, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, cocoa paste exports surged to $X in 2021. Over the period under review, exports recorded strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for cocoa paste exports from the Dominican Republic, with a 57% share of total exports. Moreover, cocoa paste exports to Germany exceeded the volume sent to the second major destination, France (X tons), twofold. Italy (X tons) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+202.1% per year) and Italy (+158.6% per year).

In value terms, Germany ($X) remains the key foreign market for cocoa paste exports from the Dominican Republic, comprising 54% of total exports. The second position in the ranking was taken by France ($X), with a 25% share of total exports. It was followed by Italy, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+242.0% per year) and Italy (+197.9% per year).

Export Prices by Country

In 2021, the average cocoa paste export price amounted to $X per ton, picking up by 4.8% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa paste export price increased by +109.5% against 2015 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 65% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the United States ($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 Italy (+15.7%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Paste Imports

Imports into the Dominican Republic

In 2021, supplies from abroad of cocoa paste decreased by -10.9% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports showed a sharp setback. The growth pace was the most rapid in 2017 with an increase of 202%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, cocoa paste imports dropped to $X in 2021. In general, imports showed a sharp curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 42%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Ecuador (X tons) constituted the largest cocoa paste supplier to the Dominican Republic, accounting for a 71% share of total imports. Moreover, cocoa paste imports from Ecuador exceeded the figures recorded by the second-largest supplier, Peru (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume from Ecuador totaled -23.0%.

In value terms, Ecuador ($X) constituted the largest supplier of cocoa paste to the Dominican Republic, comprising 68% of total imports. The second position in the ranking was taken by Peru ($X), with a 32% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Ecuador amounted to -26.4%.

Import Prices by Country

In 2021, the average cocoa paste import price amounted to $X per ton, growing by 9.4% against the previous year. In general, the import price, however, continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2019 when the average import price increased by 46% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Ecuador totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+10.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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