Europe: Chocolate Market 2024

Chocolate Market Size in Europe

After six years of growth, the Europe chocolate market decreased by -5.1% to $X in 2022. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2021, and then contracted in the following year.

Chocolate Production in Europe

In value terms, chocolate production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the production volume increased by 34% against the previous year. The level of production peaked at $X in 2021, and then fell slightly in the following year.

Chocolate Exports

Exports in Europe

In 2022, the amount of chocolate and other food preparations containing cocoa exported in Europe shrank modestly to X tons, declining by -1.8% on the previous year. The total export volume increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 16% against the previous year. As a result, the exports attained the peak of X tons, and then contracted slightly in the following year.

In value terms, chocolate exports contracted modestly to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +46.6% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 24%. As a result, the exports reached the peak of $X, and then contracted slightly in the following year.

Exports by Country

Belgium was the major exporting country with an export of around X tons, which reached 36% of total exports. It was distantly followed by Germany (X tons), Italy (X tons), France (X tons), the Netherlands (X tons) and Poland (X tons), together creating a 46% share of total exports. Spain (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Belgium stood at +3.0%. At the same time, Poland (+15.0%), Spain (+14.9%), Italy (+7.4%), Germany (+5.3%), the Netherlands (+4.1%) and France (+2.7%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in Europe, with a CAGR of +15.0% from 2012-2022. From 2012 to 2022, the share of Poland, Spain and Italy increased by +4.2, +2.6 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($X) remains the largest chocolate supplier in Europe, comprising 39% of total exports. The second position in the ranking was taken by Germany ($X), with a 13% share of total exports. It was followed by Italy, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value in Belgium amounted to +4.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+4.8% per year) and Italy (+7.6% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2022, waning by -2.7% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the export price increased by 11%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in France ($X per ton) and Belgium ($X per ton), while Spain ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+1.6%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in Europe

In 2022, overseas purchases of chocolate and other food preparations containing cocoa decreased by -0.9% to X tons for the first time since 2017, thus ending a four-year rising trend. Total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +39.6% against 2013 indices. The pace of growth was the most pronounced in 2013 when imports increased by 14% against the previous year. The volume of import peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, chocolate imports reduced slightly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +45.3% against 2015 indices. The pace of growth appeared the most rapid in 2013 with an increase of 17%. Over the period under review, imports hit record highs at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, France (X tons) and Germany (X tons) represented the key importers of chocolate and other food preparations containing cocoa in Europe, together mixing up 38% of total imports. Poland (X tons) ranks next in terms of the total imports with a 9.8% share, followed by Belgium (8.6%), the UK (7.7%) and the Netherlands (6.3%). Italy (X tons), Spain (X tons), Hungary (X tons), the Czech Republic (X tons) and Russia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Hungary (with a CAGR of +11.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and Poland ($X) constituted the countries with the highest levels of imports in 2022, with a combined 47% share of total imports. These countries were followed by the UK, Belgium, the Netherlands, Italy, Spain, Hungary, the Czech Republic and Russia, which together accounted for a further 38%.

Hungary, with a CAGR of +11.9%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Europe amounted to $X per ton, falling by -2.4% against 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 2014 when the import price increased by 9.7% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Italy ($X per ton) and the Netherlands ($X per ton), while Spain ($X per ton) and the Czech Republic ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform