Hungary: Chocolate Market 2024

Chocolate Market Size in Hungary

The Hungarian chocolate market dropped to $X in 2022, shrinking by -5.9% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Chocolate Production in Hungary

In value terms, chocolate production fell slightly to $X in 2022 estimated in export price. Over the period under review, production saw a slight slump. The pace of growth was the most pronounced in 2018 with an increase of 35% against the previous year. Chocolate production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Hungary

In 2022, shipments abroad of chocolate and cocoa products increased by 14% to X tons, rising for the fifth year in a row after two years of decline. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 278%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, chocolate exports reached $X in 2022. Overall, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +9.6% 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 +80.5% against 2015 indices. The pace of growth appeared the most rapid in 2013 with an increase of 52% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Germany (X tons), Romania (X tons) and Slovakia (X tons) were the main destinations of chocolate exports from Hungary, together accounting for 37% of total exports. The Czech Republic, Poland, Russia, Serbia, the UK, Greece, Denmark, Sweden, Bulgaria and Croatia lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Greece (with a CAGR of +73.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Hungary were Germany ($X), Romania ($X) and Slovakia ($X), with a combined 29% share of total exports. Poland, the Czech Republic, Serbia, Russia, the UK, Sweden, Bulgaria, Croatia, Denmark and Greece lagged somewhat behind, together accounting for a further 40%.

Among the main countries of destination, Greece, with a CAGR of +60.6%, recorded the highest rates of growth with regard to 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

The average chocolate export price stood at $X per ton in 2022, waning by -3% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 332%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 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 Sweden ($X per ton), while the average price for exports to Greece ($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 Sweden (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Hungary

In 2022, purchases abroad of chocolate and cocoa products increased by 6.7% to X tons, rising for the fourth consecutive year after four years of decline. In general, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 220% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate imports rose slightly to $X in 2022. Overall, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +14.4% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 19%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), Poland (X tons) and Belgium (X tons) were the main suppliers of chocolate imports to Hungary, with a combined 45% share of total imports. The Netherlands, the Czech Republic, Slovakia, Italy and Austria lagged somewhat behind, together accounting for a further 44%.

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 +13.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of chocolate and cocoa products to Hungary, comprising 30% of total imports. The second position in the ranking was held by Poland ($X), with a 12% share of total imports. It was followed by the Czech Republic, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value from Germany stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+4.0% per year) and the Czech Republic (+7.4% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, with a decrease of -3.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 79% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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