Estonia: Cocoa Powder Market 2024

Cocoa Powder Market Size in Estonia

The Estonian cocoa powder market was estimated at $X in 2022, growing by 7.6% against the previous year. In general, consumption, however, continues to indicate moderate growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Cocoa Powder Production in Estonia

In value terms, cocoa powder production fell slightly to $X in 2022 estimated in export price. In general, production, however, saw a pronounced downturn. The pace of growth was the most pronounced in 2013 when the production volume increased by 12% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Cocoa Powder Exports

Exports from Estonia

In 2022, after two years of decline, there was significant growth in shipments abroad of cocoa powder (not sweetened), when their volume increased by 610% to X tons. In general, exports recorded strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cocoa powder exports surged to $X in 2022. Over the period under review, exports posted a tangible increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons) was the main destination for cocoa powder exports from Estonia, with a 69% share of total exports. Moreover, cocoa powder exports to Russia exceeded the volume sent to the second major destination, Ukraine (X tons), threefold. The third position in this ranking was taken by Belarus (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Russia totaled +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+51.1% per year) and Belarus (+24.6% per year).

In value terms, Russia ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Estonia, comprising 70% of total exports. The second position in the ranking was taken by Ukraine ($X), with a 20% share of total exports. It was followed by Belarus, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia amounted to +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+44.4% per year) and Belarus (+17.6% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, jumping by 16% against the previous year. Over the period under review, the export price, however, saw a pronounced downturn. The pace of growth was the most pronounced in 2021 when the average export price increased by 30%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Belarus ($X per ton) and Russia ($X per ton), while the average price for exports to Ukraine ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (-0.2%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Estonia

In 2022, cocoa powder imports into Estonia soared to X tons, increasing by 233% against 2021 figures. Over the period under review, imports posted strong growth. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, cocoa powder imports surged to $X in 2022. In general, imports posted resilient growth. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and the Netherlands (X tons) were the main suppliers of cocoa powder imports to Estonia, with a combined 79% share of total imports. Ghana, Spain, Russia, Austria and Cote d'Ivoire lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +126.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and the Netherlands ($X) constituted the largest cocoa powder suppliers to Estonia, together accounting for 80% of total imports. Spain, Russia, Ghana, Austria and Cote d'Ivoire lagged somewhat behind, together comprising a further 12%.

In terms of the main suppliers, Russia, with a CAGR of +100.0%, recorded the highest growth rate of 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

In 2022, the average cocoa powder import price amounted to $X per ton, growing by 22% against the previous year. Overall, the import price, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2021 when the average import price increased by 31%. Over the period under review, average import prices reached the maximum 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 Cote d'Ivoire ($X per ton), while the price for Ghana ($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 Netherlands (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform