Iraq: Chocolate Market 2024

Chocolate Market Size in Iraq

In 2022, the Iraqi chocolate market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Chocolate consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Chocolate Production in Iraq

In value terms, chocolate production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable slump. The pace of growth appeared the most rapid in 2021 with an increase of 3.5% against the previous year. Chocolate production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Iraq

After two years of decline, overseas shipments of chocolate and cocoa products increased by 14% to X tons in 2022. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 680%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports skyrocketed to $X in 2022. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 541%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for chocolate exports from Iraq, with a 96% share of total exports. It was followed by Italy (X tons), with a 1.7% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Turkey totaled +47.2%.

In value terms, Turkey ($X) remains the key foreign market for chocolate and cocoa products exports from Iraq, comprising 90% of total exports. The second position in the ranking was held by Italy ($X), with a 4.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Turkey stood at +38.4%.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, picking up by 22% against the previous year. Overall, the export price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2014 when the average export price increased by 45% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Turkey totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (-6.0%).

Chocolate Imports

Imports into Iraq

In 2022, the amount of chocolate and cocoa products imported into Iraq reached X tons, rising by 3.7% on the previous year. The total import volume increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 18% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, chocolate imports expanded to $X in 2022. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 17%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) constituted the largest chocolate supplier to Iraq, accounting for a 78% share of total imports. Moreover, chocolate imports from Turkey exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. The third position in this ranking was held by the Netherlands (X tons), with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey totaled +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+18.1% per year) and the Netherlands (+40.6% per year).

In value terms, Turkey ($X) constituted the largest supplier of chocolate and cocoa products to Iraq, comprising 67% of total imports. The second position in the ranking was held by Germany ($X), with a 5.3% share of total imports. It was followed by Egypt, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value from Turkey amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+15.4% per year) and Egypt (+14.8% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, shrinking by -2% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 4.8% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average 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 ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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