Latin America and the Caribbean: Chocolate Market 2024

Chocolate Market Size in Latin America and the Caribbean

The Latin American chocolate market contracted slightly to $X in 2022, approximately equating the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the market value increased by 4.4% against the previous year. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Latin America and the Caribbean

In value terms, chocolate production fell to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 4.4% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Chocolate Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of chocolate and cocoa products increased by 8.3% to X tons, rising for the third consecutive year after seven years of decline. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 190% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports rose markedly to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2012; afterwards, it flattened through to 2022.

Exports by Country

Mexico was the largest exporter of chocolate and cocoa products in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 69% of total exports in 2022. Brazil (X tons) took the second position in the ranking, distantly followed by Colombia (X tons). All these countries together took near 17% share of total exports. Argentina (X tons), Guatemala (X tons), Chile (X tons) and Peru (X tons) followed a long way behind the leaders.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of chocolate and cocoa products. At the same time, Peru (+10.4%), Guatemala (+4.7%) and Brazil (+1.7%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +10.4% from 2012-2022. Colombia experienced a relatively flat trend pattern. By contrast, Chile (-2.2%) and Argentina (-9.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil increased by +2.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest chocolate supplier in Latin America and the Caribbean, comprising 62% of total exports. The second position in the ranking was held by Brazil ($X), with a 13% share of total exports. It was followed by Argentina, with a 6.6% share.

In Mexico, chocolate exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+1.0% per year) and Argentina (-8.6% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 3.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 37%. Over the period under review, the export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+3.7%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in Latin America and the Caribbean

In 2022, the amount of chocolate and cocoa products imported in Latin America and the Caribbean contracted slightly to X tons, reducing by -1.6% against the year before. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 27% against the previous year. As a result, imports attained the peak of X tons, and then fell modestly in the following year.

In value terms, chocolate imports totaled $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 32% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Chile (X tons), Brazil (X tons) and Guatemala (X tons) were the largest importers of chocolate and cocoa products, together mixing up 48% of total imports. The following importers - Argentina (X tons), Colombia (X tons), Bolivia (X tons), Panama (X tons), Peru (X tons), Venezuela (X tons), Ecuador (X tons), Costa Rica (X tons) and Paraguay (X tons) - together made up 34% of total imports.

From 2012 to 2022, average annual rates of growth with regard to chocolate imports into Mexico stood at -3.0%. At the same time, Panama (+17.1%), Chile (+9.0%), Guatemala (+6.6%), Peru (+5.2%), Costa Rica (+3.2%), Bolivia (+2.5%), Ecuador (+2.5%) and Argentina (+1.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +17.1% from 2012-2022. Brazil and Paraguay experienced a relatively flat trend pattern. By contrast, Colombia (-1.1%) and Venezuela (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile, Panama and Guatemala increased by +6.1, +3.1 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X), Chile ($X) and Brazil ($X) were the countries with the highest levels of imports in 2022, with a combined 48% share of total imports. Panama, Argentina, Guatemala, Colombia, Peru, Ecuador, Costa Rica, Bolivia, Paraguay and Venezuela lagged somewhat behind, together comprising a further 36%.

In terms of the main importing countries, Panama, with a CAGR of +16.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 3.2% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 3.3%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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