Finland: Cocoa Powder Market 2024

Cocoa Powder Market Size in Finland

In 2022, the Finnish cocoa powder market decreased by -6.5% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption recorded a noticeable curtailment. Cocoa powder consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Finland

In value terms, cocoa powder production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 99% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports from Finland

In 2022, approx. X tons of cocoa powder (not sweetened) were exported from Finland; with an increase of 38% on the year before. In general, exports showed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 335% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cocoa powder exports skyrocketed to $X in 2022. Overall, exports showed a resilient increase. The most prominent rate of growth was recorded in 2016 when exports increased by 152% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Russia (X tons) was the main destination for cocoa powder exports from Finland, with a 57% share of total exports. Moreover, cocoa powder exports to Russia exceeded the volume sent to the second major destination, Estonia (X tons), twofold. The third position in this ranking was held by Latvia (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia totaled +18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+1.6% per year) and Latvia (+31.7% per year).

In value terms, the largest markets for cocoa powder exported from Finland were Russia ($X), Estonia ($X) and Latvia ($X), together comprising 92% of total exports.

Latvia, with a CAGR of +18.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, remaining stable against the previous year. In general, the export price showed a pronounced decline. The growth pace was the most rapid in 2017 an increase of 93% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 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 Estonia ($X per ton), while the average price for exports to Latvia ($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 the Netherlands (+5.8%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Finland

In 2022, supplies from abroad of cocoa powder (not sweetened) decreased by -4.2% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 23% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, cocoa powder imports fell to $X in 2022. In general, imports recorded a perceptible slump. The growth pace was the most rapid in 2020 when imports increased by 25% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of cocoa powder to Finland, accounting for a 56% share of total imports. Moreover, cocoa powder imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Norway (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+18.7% per year) and Germany (-7.4% per year).

In value terms, the Netherlands ($X), Norway ($X) and Germany ($X) constituted the largest cocoa powder suppliers to Finland, together comprising 82% of total imports. Sweden, Spain, France and Belgium lagged somewhat behind, together comprising a further 15%.

Spain, with a CAGR of +173.8%, 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 mixed trend patterns.

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, leveling off at the previous year. In general, the import price continues to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2016 when the average import price increased by 18%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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