Latin America and the Caribbean: Chocolate Market 2024

Chocolate Market Size in Latin America and the Caribbean

In 2022, the Latin American chocolate market increased by 2.1% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Chocolate Production in Latin America and the Caribbean

In value terms, chocolate production expanded to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the production volume increased by 14% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate Exports

Exports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded decline in overseas shipments of chocolate and other food preparations containing cocoa, which decreased by -5.3% to X tons in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 74% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, chocolate exports dropped to $X in 2022. Over the period under review, exports, however, recorded a mild expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 66%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mexico was the largest exporter of chocolate and other food preparations containing cocoa in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was approx. 53% of total exports in 2022. Brazil (X tons) ranks second in terms of the total exports with a 21% share, followed by Colombia (11%). Peru (X tons), Guatemala (X tons), Ecuador (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Mexico stood at -3.6%. At the same time, Peru (+50.7%), Ecuador (+18.2%), Colombia (+13.6%), Brazil (+10.1%) and Guatemala (+9.5%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +50.7% from 2012-2022. By contrast, Argentina (-14.0%) illustrated a downward trend over the same period. Brazil (+13 p.p.), Colombia (+8.3 p.p.), Peru (+3.5 p.p.), Guatemala (+2.2 p.p.) and Ecuador (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Argentina and Mexico saw its share reduced by -6.5% and -20.4% from 2012 to 2022, respectively.

In value terms, Mexico ($X) remains the largest chocolate supplier in Latin America and the Caribbean, comprising 61% of total exports. The second position in the ranking was taken by Colombia ($X), with an 11% share of total exports. It was followed by Brazil, with an 11% share.

In Mexico, chocolate exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Colombia (+12.8% per year) and Brazil (+6.4% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, reducing by -6.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2021 an increase of 23%. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+6.9%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in Latin America and the Caribbean

In 2022, imports of chocolate and other food preparations containing cocoa in Latin America and the Caribbean dropped to X tons, waning by -3.8% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.6% 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 2021 when imports increased by 22% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, chocolate imports expanded slightly to $X in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X tons) represented the largest importer of chocolate and other food preparations containing cocoa, constituting 55% of total imports. Chile (X tons) ranks second in terms of the total imports with an 11% share, followed by Guatemala (6.3%) and Brazil (5.1%). Peru (X tons), Colombia (X tons), El Salvador (X tons), Argentina (X tons), Ecuador (X tons) and the Dominican Republic (X tons) held a minor share of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of chocolate and other food preparations containing cocoa. At the same time, Peru (+13.2%), El Salvador (+12.2%), Guatemala (+10.0%), Chile (+9.6%), the Dominican Republic (+4.0%) and Colombia (+1.0%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +13.2% from 2012-2022. Ecuador experienced a relatively flat trend pattern. By contrast, Brazil (-3.6%) and Argentina (-6.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile, Guatemala, Peru and El Salvador increased by +5.7, +3.5, +2 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was held by Chile ($X), with a 9.7% share of total imports. It was followed by Brazil, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at +3.3%. In the other countries, the average annual rates were as follows: Chile (+9.1% per year) and Brazil (-2.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 8.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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