Latin America and the Caribbean: Cocoa Bean Market 2024

Cocoa Bean Market Size in Latin America and the Caribbean

The Latin American cocoa bean market declined to $X in 2022, falling by -7.3% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Cocoa Bean Production in Latin America and the Caribbean

In value terms, cocoa bean production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2014 with an increase of 21%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

The countries with the highest volumes of production in 2022 were Ecuador (X tons), Brazil (X tons) and Peru (X tons), with a combined 77% share of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Peru (with a CAGR of +9.8%), while production for the other leaders experienced more modest paces of growth.

The average cocoa bean yield dropped modestly to X kg per ha in 2022, which is down by -2.8% on 2021 figures. The yield figure increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the yield increased by 18%. Over the period under review, the cocoa bean yield hit record highs at X kg per ha in 2021, and then dropped in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cocoa beans production in Latin America and the Caribbean totaled X ha, remaining stable against 2021. The harvested area increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2015 when the harvested area increased by 5.1% against the previous year. The level of harvested area peaked at X ha in 2020; afterwards, it flattened through to 2022.

Cocoa Bean Exports

Exports in Latin America and the Caribbean

After two years of growth, shipments abroad of cocoa beans decreased by -2.2% to X tons in 2022. Total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.5% 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 +36.1% against 2017 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 27% against the previous year. The volume of export peaked at X tons in 2021, and then shrank slightly in the following year.

In value terms, cocoa bean exports contracted slightly to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +23.8% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 38%. The level of export peaked at $X in 2021, and then contracted modestly in the following year.

Exports by Country

In 2022, Ecuador (X tons) was the largest exporter of cocoa beans, mixing up 66% of total exports. It was distantly followed by the Dominican Republic (X tons) and Peru (X tons), together creating a 25% share of total exports. Venezuela (X tons), Colombia (X tons) and Nicaragua (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to cocoa bean exports from Ecuador stood at +8.3%. At the same time, Colombia (+13.4%), Nicaragua (+11.2%), Venezuela (+9.0%) and Peru (+7.6%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +13.4% from 2012-2022. The Dominican Republic experienced a relatively flat trend pattern. From 2012 to 2022, the share of Ecuador increased by +10 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest cocoa bean supplier in Latin America and the Caribbean, comprising 64% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 15% share of total exports. It was followed by Peru, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Ecuador stood at +9.0%. The remaining exporting countries recorded the following average annual rates of exports growth: the Dominican Republic (+1.0% per year) and Peru (+8.1% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, leveling off at the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 21% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+0.8%), while the other leaders experienced more modest paces of growth.

Cocoa Bean Imports

Imports in Latin America and the Caribbean

In 2022, the amount of cocoa beans imported in Latin America and the Caribbean dropped markedly to X tons, which is down by -47.9% on the year before. Overall, imports saw a perceptible setback. The pace of growth appeared the most rapid in 2016 with an increase of 189% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa bean imports shrank sharply to $X in 2022. In general, imports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 216%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X tons) was the key importer of cocoa beans, generating 59% of total imports. Brazil (X tons) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by Guatemala (10%). El Salvador (X tons) took a little share of total imports.

Imports into Mexico increased at an average annual rate of +6.8% from 2012 to 2022. At the same time, Guatemala (+21.4%) and El Salvador (+1.3%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +21.4% from 2012-2022. By contrast, Brazil (-14.5%) illustrated a downward trend over the same period. Mexico (+40 p.p.) and Guatemala (+9.2 p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by -49.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported cocoa beans in Latin America and the Caribbean, comprising 65% of total imports. The second position in the ranking was taken by Brazil ($X), with a 28% share of total imports. It was followed by Guatemala, with a 1.8% share.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to +7.0%. In the other countries, the average annual rates were as follows: Brazil (-14.3% per year) and Guatemala (+16.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, which is down by -11.5% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 20%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+0.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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