Ecuador: Chocolate Market 2024

Chocolate Market Size in Ecuador

In 2022, after five years of growth, there was decline in the Ecuadorian chocolate market, when its value decreased by -0.9% to $X. Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -15.8% against 2015 indices. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Chocolate Production in Ecuador

In value terms, chocolate production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 108% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Chocolate Exports

Exports from Ecuador

In 2022, chocolate exports from Ecuador declined markedly to X tons, which is down by -21.2% compared with the year before. In general, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 73%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports fell sharply to $X in 2022. Overall, exports saw a perceptible decline. The pace of growth appeared the most rapid in 2021 when exports increased by 75% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Chile (X tons) and Colombia (X tons) were the main destinations of chocolate exports from Ecuador, with a combined 64% share of total exports. Japan, Argentina, Brazil, Mexico and Peru lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +43.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Ecuador were Colombia ($X), the United States ($X) and Argentina ($X), with a combined 60% share of total exports. Chile, Japan, Brazil, Peru and Mexico lagged somewhat behind, together accounting for a further 30%.

Japan, with a CAGR of +44.4%, recorded the highest rates of growth with regard to the value of exports, among 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, remaining relatively unchanged against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 decreased by +0.8% against 2020 indices. The most prominent rate of growth was recorded in 2016 an increase of 49%. The export price peaked at $X per ton in 2017; however, from 2018 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 Colombia ($X per ton), while the average price for exports to Chile ($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 Colombia (+19.6%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Ecuador

In 2022, the amount of chocolate and cocoa products imported into Ecuador fell to X tons, which is down by -13.5% compared with the previous year's figure. Overall, total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +2.5% 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 +18.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 37%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, chocolate imports declined to $X in 2022. Over the period under review, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +16.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 33%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Colombia (X tons) constituted the largest supplier of chocolate to Ecuador, with a 41% share of total imports. Moreover, chocolate imports from Colombia exceeded the figures recorded by the second-largest supplier, Chile (X tons), threefold. Brazil (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-1.2% per year) and Brazil (+6.8% per year).

In value terms, Colombia ($X) constituted the largest supplier of chocolate and cocoa products to Ecuador, comprising 33% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Brazil, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Colombia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.1% per year) and Brazil (+2.6% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 3.3% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood 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 ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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