Estonia: Chocolate Market 2024

Chocolate Market Size in Estonia

In 2022, the Estonian chocolate market increased by 2.6% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Chocolate consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Chocolate Production in Estonia

In value terms, chocolate production contracted to $X in 2022 estimated in export price. Overall, production, however, posted a buoyant expansion. The growth pace was the most rapid in 2018 when the production volume increased by 28% against the previous year. Chocolate production peaked at $X in 2021, and then shrank slightly in the following year.

Chocolate Exports

Exports from Estonia

In 2022, approx. X tons of chocolate and cocoa products were exported from Estonia; standing approx. at the previous year. In general, exports saw a mild increase. The most prominent rate of growth was recorded in 2018 when exports increased by 51%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate exports rose modestly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 33%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Latvia (X tons) was the main destination for chocolate exports from Estonia, accounting for a 70% share of total exports. Moreover, chocolate exports to Latvia exceeded the volume sent to the second major destination, Finland (X tons), sevenfold. The third position in this ranking was held by Russia (X tons), with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia amounted to +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-5.4% per year) and Russia (-3.2% per year).

In value terms, Latvia ($X) remains the key foreign market for chocolate and cocoa products exports from Estonia, comprising 60% of total exports. The second position in the ranking was taken by Finland ($X), with a 17% share of total exports. It was followed by Russia, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Latvia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-3.9% per year) and Russia (-5.6% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, surging by 1.6% against the previous year. In general, the export price, however, continues to indicate a noticeable setback. The growth pace was the most rapid in 2016 when the average export price increased by 11% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Kazakhstan ($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 Lithuania (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Estonia

In 2022, purchases abroad of chocolate and cocoa products increased by 8.5% to X tons, rising for the second consecutive year after two years of decline. In general, imports showed a slight expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 8.9%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, chocolate imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 19%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Poland (X tons), Latvia (X tons) and Finland (X tons) were the main suppliers of chocolate imports to Estonia, with a combined 44% share of total imports. Sweden, Germany, Lithuania, the Netherlands, Ukraine, Belgium, Austria, Italy, Switzerland and Hungary lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +11.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Finland ($X) and Latvia ($X) constituted the largest chocolate suppliers to Estonia, together comprising 45% of total imports.

Poland, with a CAGR of +15.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, reducing by -2.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 8.8% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform