Hungary: Cocoa Powder Market 2024

Cocoa Powder Market Size in Hungary

The Hungarian cocoa powder market expanded remarkably to $X in 2022, picking up by 6.3% against the previous year. Overall, consumption, however, continues to indicate a noticeable setback. Cocoa powder consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Hungary

In value terms, cocoa powder production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2021 when the production volume increased by 4.4%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports from Hungary

In 2022, after five years of growth, there was significant decline in shipments abroad of cocoa powder (not sweetened), when their volume decreased by -32.8% to X tons. In general, total exports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 48% against the previous year. As a result, the exports attained the peak of X tons, and then reduced remarkably in the following year.

In value terms, cocoa powder exports fell sharply to $X in 2022. Overall, exports, however, posted a perceptible increase. The most prominent rate of growth was recorded in 2021 with an increase of 38%. As a result, the exports reached the peak of $X, and then reduced notably in the following year.

Exports by Country

The UK (X tons) was the main destination for cocoa powder exports from Hungary, with a 47% share of total exports. Moreover, cocoa powder exports to the UK exceeded the volume sent to the second major destination, Slovakia (X tons), threefold. Croatia (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to the UK totaled +70.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+1.8% per year) and Croatia (+22.5% per year).

In value terms, the UK ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Hungary, comprising 47% of total exports. The second position in the ranking was held by Slovakia ($X), with a 17% share of total exports. It was followed by Romania, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to +70.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+0.6% per year) and Romania (+1.2% per year).

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, picking up by 19% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 24%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Germany ($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 the Czech Republic (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Hungary

After three years of decline, purchases abroad of cocoa powder (not sweetened) increased by 5.4% to X tons in 2022. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 9.7% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa powder imports totaled $X in 2022. Over the period under review, imports, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2016 when imports increased by 19% against the previous year. 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 Hungary, accounting for a 49% share of total imports. Moreover, cocoa powder imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by Spain (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.7% per year) and Spain (+3.8% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cocoa powder (not sweetened) to Hungary, comprising 50% of total imports. The second position in the ranking was held by Germany ($X), with a 23% share of total imports. It was followed by Spain, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.7% per year) and Spain (-0.9% per year).

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, shrinking by -2% against the previous year. In general, the import price recorded a perceptible decline. The pace of growth was the most pronounced in 2016 when the average import price increased by 16%. The import price peaked at $X per ton in 2012; however, from 2013 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 Slovakia ($X per ton), while the price for China ($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 (-2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :