Guatemala: Cocoa Bean Market 2024

Cocoa Bean Market Size in Guatemala

In 2022, the Guatemalan cocoa bean market increased by 3.2% to $X, rising for the fourth year in a row after three years of decline. Overall, consumption, however, continues to indicate 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 stood at a somewhat lower figure.

Cocoa Bean Production in Guatemala

In value terms, cocoa bean production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 9.8%. Cocoa bean production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of cocoa beans in Guatemala reached X tons per ha, standing approx. at the previous year. In general, the yield, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the yield increased by 3.1%. Over the period under review, the average cocoa bean yield attained the maximum level at X tons per ha in 2013; however, from 2014 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of cocoa beans were harvested in Guatemala; almost unchanged from the previous year's figure. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the harvested area increased by 5.1%. The cocoa bean harvested area peaked at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Cocoa Bean Exports

Exports from Guatemala

In 2022, overseas shipments of cocoa beans increased by 16% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports recorded prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 402%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, cocoa bean exports soared to $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 486%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for cocoa bean exports from Guatemala, accounting for a 58% share of total exports. Moreover, cocoa bean exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), fivefold. Honduras (X tons) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at +43.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+66.2% per year) and Honduras (+39.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for cocoa beans exports from Guatemala, comprising 60% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by France, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands amounted to +40.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+83.0% per year) and France (+14.8% per year).

Export Prices by Country

The average cocoa bean export price stood at $X per ton in 2022, rising by 16% against the previous year. In general, the export price enjoyed a significant expansion. The pace of growth was the most pronounced in 2015 an increase of 241% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Honduras ($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 El Salvador (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Guatemala

For the fourth consecutive year, Guatemala recorded growth in purchases abroad of cocoa beans, which increased by 5.9% to X tons in 2022. Overall, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 142%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, cocoa bean imports expanded notably to $X in 2022. Over the period under review, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 130% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Nicaragua (X tons) was the main cocoa bean supplier to Guatemala, with a 95% share of total imports. Moreover, cocoa bean imports from Nicaragua exceeded the figures recorded by the second-largest supplier, Honduras (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Nicaragua amounted to +21.5%.

In value terms, Nicaragua ($X) constituted the largest supplier of cocoa beans to Guatemala, comprising 96% of total imports. The second position in the ranking was held by Honduras ($X), with a 3.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Nicaragua stood at +16.3%.

Import Prices by Country

In 2022, the average cocoa bean import price amounted to $X per ton, leveling off at the previous year. Overall, the import price showed a noticeable contraction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 2.3%. Over the period under review, average import prices attained the maximum 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 country with the highest price was Nicaragua ($X per ton), while the price for Honduras amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (-4.3%).

Source: IndexBox Platform