Guatemala: Cocoa Butter Market 2024

Cocoa Butter Market Size in Guatemala

The Guatemalan cocoa butter market expanded rapidly to $X in 2022, surging by 6.5% against the previous year. Overall, consumption recorded a buoyant increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cocoa Butter Production in Guatemala

In value terms, cocoa butter production expanded remarkably to $X in 2022 estimated in export price. Overall, production saw a strong expansion. The pace of growth was the most pronounced in 2017 with an increase of 36% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Cocoa Butter Exports

Exports from Guatemala

In 2022, approx. X kg of cocoa butter were exported from Guatemala; with a decrease of -94.9% against the previous year's figure. In general, exports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2014 when exports increased by 977% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped remarkably in the following year.

In value terms, cocoa butter exports contracted significantly to $X in 2022. Over the period under review, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 3,800% against the previous year. The exports peaked at $X in 2021, and then declined notably in the following year.

Exports by Country

The United States (X kg), Japan (X kg) and the Netherlands (X kg) were the main destinations of cocoa butter exports from Guatemala.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +150.0%), while the other leaders experienced a decline.

In value terms, Japan ($X), the United States ($X) and the Netherlands ($X) appeared to be the largest markets for cocoa butter exported from Guatemala worldwide.

Japan, with a CAGR of +200.5%, 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 a decline.

Export Prices by Country

In 2022, the average cocoa butter export price amounted to $X per ton, surging by 184% against the previous year. Overall, the export price saw a significant increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by 262% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Netherlands ($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 Japan (+20.2%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Butter Imports

Imports into Guatemala

In 2022, the amount of cocoa butter imported into Guatemala skyrocketed to X tons, with an increase of 30% against the previous year's figure. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 151% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, cocoa butter imports soared to $X in 2022. Over the period under review, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of 113% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Mexico (X tons) and Colombia (X tons) were the main suppliers of cocoa butter imports to Guatemala, with a combined 91% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +73.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa butter suppliers to Guatemala were Mexico ($X), the Netherlands ($X) and Colombia ($X), with a combined 90% share of total imports.

The Netherlands, with a CAGR of +59.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, falling by -6.3% against the previous year. Overall, import price indicated notable growth from 2012 to 2022: its price 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, cocoa butter import price decreased by -7.1% against 2019 indices. The growth pace was the most rapid in 2014 when the average import price increased by 37%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Mexico ($X per ton) and Peru ($X per ton), while the price for the Netherlands ($X per ton) and Colombia ($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 Dominican Republic (+38.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform