Guatemala: Chocolate Market 2024

Chocolate Market Size in Guatemala

For the fourth year in a row, the Guatemalan chocolate market recorded growth in sales value, which increased by 1.7% to $X in 2022. Overall, consumption saw a relatively flat trend pattern. Chocolate consumption peaked in 2022 and is likely to see gradual growth in years to come.

Chocolate Production in Guatemala

In value terms, chocolate production reached $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 18% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Guatemala

Chocolate exports from Guatemala reduced to X tons in 2022, falling by -2.1% against the year before. In general, total exports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +32.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 35%. As a result, the exports attained the peak of X tons, and then contracted slightly in the following year.

In value terms, chocolate exports soared to $X in 2022. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +8.6% 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 +75.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 33%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Honduras (X tons), El Salvador (X tons) and the Dominican Republic (X tons) were the main destinations of chocolate exports from Guatemala, with a combined 62% share of total exports. Nicaragua, the United States, Costa Rica and Mexico lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +30.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Guatemala were Honduras ($X), El Salvador ($X) and the United States ($X), together accounting for 57% of total exports. The Dominican Republic, Nicaragua, Costa Rica and Mexico lagged somewhat behind, together accounting for a further 37%.

In terms of the main countries of destination, Mexico, with a CAGR of +31.5%, recorded the highest growth rate of the value of exports, 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 chocolate export price amounted to $X per ton, with an increase of 35% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Honduras ($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 Nicaragua (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Guatemala

In 2022, purchases abroad of chocolate and cocoa products increased by 6.4% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.6% 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 +37.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 29% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, chocolate imports skyrocketed to $X in 2022. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Mexico (X tons), the United States (X tons) and China (X tons) were the main suppliers of chocolate imports to Guatemala, together comprising 75% of total imports. Turkey, El Salvador, Costa Rica and Colombia lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +28.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and China ($X) appeared to be the largest chocolate suppliers to Guatemala, together accounting for 79% of total imports.

Among the main suppliers, China, with a CAGR of +34.0%, 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 chocolate import price amounted to $X per ton, rising by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2013 an increase of 14% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform