Ecuador: Cocoa Paste Market 2024

Cocoa Paste Market Size in Ecuador

After four years of growth, the Ecuadorian cocoa paste market decreased by -15.4% to $X in 2021. In general, consumption showed a mild setback. The most prominent rate of growth was recorded in 2019 when the market value increased by 7.6%. Cocoa paste consumption peaked at $X in 2020, and then contracted dramatically in the following year.

Cocoa Paste Production in Ecuador

In value terms, cocoa paste production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 25%. As a result, production attained the peak level of $X, and then dropped in the following year.

Cocoa Paste Exports

Exports from Ecuador

In 2021, after three years of growth, there was decline in shipments abroad of cocoa paste, when their volume decreased by -4.1% to X tons. Overall, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 53% against the previous year. As a result, the exports attained the peak of X tons, and then reduced slightly in the following year.

In value terms, cocoa paste exports dropped slightly to $X in 2021. Over the period under review, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 56% against the previous year. As a result, the exports reached the peak of $X, and then contracted slightly in the following year.

Exports by Country

The United States (X tons) was the main destination for cocoa paste exports from Ecuador, with a 36% share of total exports. Moreover, cocoa paste exports to the United States exceeded the volume sent to the second major destination, Argentina (X tons), threefold. Chile (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +33.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+22.7% per year) and Chile (+1.0% per year).

In value terms, the United States ($X) remains the key foreign market for cocoa paste exports from Ecuador, comprising 37% of total exports. The second position in the ranking was held by Argentina ($X), with a 13% share of total exports. It was followed by Chile, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +36.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+19.2% per year) and Chile (+1.5% per year).

Export Prices by Country

In 2021, the average cocoa paste export price amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 18% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 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, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Spain ($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 (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Paste Imports

Imports into Ecuador

In 2021, overseas purchases of cocoa paste increased by less than 0.1% to X tons, rising for the fourth year in a row after two years of decline. In general, imports showed a significant increase. The growth pace was the most rapid in 2019 with an increase of 525%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, cocoa paste imports totaled $X in 2021. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2019 when imports increased by 241%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) was the main supplier of cocoa paste to Ecuador, with a 93% share of total imports. Moreover, cocoa paste imports from Indonesia exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Indonesia stood at +29.8%.

In value terms, Indonesia ($X) constituted the largest supplier of cocoa paste to Ecuador, comprising 83% of total imports. The second position in the ranking was held by New Zealand ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia totaled +22.7%.

Import Prices by Country

In 2021, the average cocoa paste import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price, however, faced a abrupt decline. The growth pace was the most rapid in 2014 when the average import price increased by 33% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Indonesia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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