Greece: Cocoa Powder Market 2024

Cocoa Powder Market Size in Greece

The Greek cocoa powder market surged to $X in 2022, growing by 32% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cocoa Powder Production in Greece

In value terms, cocoa powder production soared to $X in 2022 estimated in export price. Over the period under review, production saw prominent growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Cocoa Powder Exports

Exports from Greece

In 2022, overseas shipments of cocoa powder (not sweetened) increased by 0.5% to X tons, rising for the fourth consecutive year after four years of decline. Over the period under review, exports saw a strong increase. The pace of growth appeared the most rapid in 2014 when exports increased by 71%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, cocoa powder exports rose rapidly to $X in 2022. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 30% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Bulgaria (X tons), Albania (X tons) and Cyprus (X tons) were the main destinations of cocoa powder exports from Greece, with a combined 80% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +13.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa powder exported from Greece were Bulgaria ($X), Albania ($X) and Israel ($X), with a combined 77% share of total exports.

Bulgaria, with a CAGR of +12.0%, saw the highest growth rate of 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, surging by 4.7% against the previous year. Overall, the export price, however, saw a slight contraction. The pace of growth was the most pronounced in 2017 when the average export price increased by 34%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Tunisia ($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 Tunisia (+2.9%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Greece

In 2022, overseas purchases of cocoa powder (not sweetened) were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by 26%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, cocoa powder imports rose significantly to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest cocoa powder supplier to Greece, accounting for a 55% share of total imports. Moreover, cocoa powder imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was held by Spain (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.8% per year) and Spain (+6.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cocoa powder (not sweetened) to Greece, comprising 55% of total imports. The second position in the ranking was taken by Germany ($X), with an 18% share of total imports. It was followed by Spain, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.8% per year) and Spain (+2.0% per year).

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, picking up by 1.9% against the previous year. Over the period under review, the import price, however, showed a perceptible downturn. The pace of growth appeared the most rapid in 2016 when the average import price increased by 41% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were France ($X per ton) and Indonesia ($X per ton), while the price for Romania ($X per ton) and Spain ($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 (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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