Ecuador: Cocoa Powder Market 2024

Cocoa Powder Market Size in Ecuador

In 2022, after three years of growth, there was significant decline in the Ecuadorian cocoa powder market, when its value decreased by -6.8% to $X. In general, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.8% against 2017 indices. Cocoa powder consumption peaked at $X in 2021, and then fell in the following year.

Cocoa Powder Production in Ecuador

In value terms, cocoa powder production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable decrease. The pace of growth was the most pronounced in 2016 with an increase of 53%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Cocoa Powder Exports

Exports from Ecuador

In 2022, after three years of decline, there was growth in shipments abroad of cocoa powder (not sweetened), when their volume increased by 4.3% to X tons. Overall, exports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2018 with an increase of 41%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, cocoa powder exports fell slightly to $X in 2022. In general, exports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 23%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X tons) was the main destination for cocoa powder exports from Ecuador, accounting for a 58% share of total exports. Moreover, cocoa powder exports to Colombia exceeded the volume sent to the second major destination, Chile (X tons), fivefold. Cuba (X tons) ranked third in terms of total exports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia amounted to -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (-11.5% per year) and Cuba (+8.5% per year).

In value terms, Colombia ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Ecuador, comprising 55% of total exports. The second position in the ranking was taken by Chile ($X), with an 11% share of total exports. It was followed by the United States, with a 7% share.

From 2012 to 2022, the average annual growth rate of value to Colombia totaled -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (-15.7% per year) and the United States (+4.8% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, shrinking by -5.2% against the previous year. Overall, the export price saw a abrupt decrease. The growth pace was the most rapid in 2020 when the average export price increased by 19%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Peru ($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 Russia (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Ecuador

In 2022, imports of cocoa powder (not sweetened) into Ecuador totaled X tons, increasing by 4.3% on 2021 figures. In general, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 550% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa powder imports shrank slightly to $X in 2022. Overall, imports posted a strong increase. The pace of growth appeared the most rapid in 2019 when imports increased by 386%. Over the period under review, imports hit record highs at $X in 2021, and then shrank modestly in the following year.

Imports by Country

Peru (X tons), Colombia (X tons) and the United States (X tons) were the main suppliers of cocoa powder imports to Ecuador, together accounting for 99% of total imports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +55.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder suppliers to Ecuador were Peru ($X), Colombia ($X) and the United States ($X), together comprising 98% of total imports.

Among the main suppliers, Peru, with a CAGR of +49.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, dropping by -4.8% against the previous year. Over the period under review, the import price saw a abrupt shrinkage. The growth pace was the most rapid in 2015 an increase of 13%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Brazil ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :