Latin America and the Caribbean: Cocoa Butter Market 2024

Cocoa Butter Market Size in Latin America and the Caribbean

The Latin American cocoa butter market expanded markedly to $X in 2022, surging by 5.6% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2022.

Cocoa Butter Production in Latin America and the Caribbean

In value terms, cocoa butter production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 16% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Cocoa Butter Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of cocoa butter were exported in Latin America and the Caribbean; shrinking by -17.5% compared with the previous year. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 18% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa butter exports contracted to $X in 2022. Total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -32.7% against 2016 indices. The pace of growth was the most pronounced in 2014 with an increase of 89% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Brazil (X tons) and Peru (X tons) were the key exporters of cocoa butter in Latin America and the Caribbean, together amounting to near 73% of total exports. Colombia (X tons) ranks next in terms of the total exports with a 10% share, followed by Ecuador (9.7%). Venezuela (X tons), the Dominican Republic (X tons) and Mexico (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Venezuela (with a CAGR of +34.6%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Peru ($X) and Colombia ($X) constituted the countries with the highest levels of exports in 2022, with a combined 84% share of total exports. Ecuador, Venezuela, the Dominican Republic and Mexico lagged somewhat behind, together comprising a further 15%.

In terms of the main exporting countries, Venezuela, with a CAGR of +33.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 5.6% against the previous year. Export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter export price decreased by -5.8% against 2017 indices. The most prominent rate of growth was recorded in 2014 an increase of 60%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Brazil ($X per ton) and the Dominican Republic ($X per ton), while Venezuela ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+6.2%), while the other leaders experienced more modest paces of growth.

Cocoa Butter Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of cocoa butter increased by 4.6% to X tons, rising for the third consecutive year after two years of decline. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 38% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, cocoa butter imports expanded slightly to $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 70%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

Argentina represented the largest importer of cocoa butter in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 54% of total imports in 2022. Chile (X tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (13%) and Peru (6.3%). Brazil (X tons) followed a long way behind the leaders.

Imports into Argentina increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Mexico (+32.4%), Brazil (+12.5%), Chile (+6.3%) and Peru (+2.8%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +32.4% from 2012-2022. While the share of Mexico (+11 p.p.) and Chile (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Argentina (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) constitutes the largest market for imported cocoa butter in Latin America and the Caribbean, comprising 56% of total imports. The second position in the ranking was taken by Chile ($X), with a 20% share of total imports. It was followed by Mexico, with an 11% share.

In Argentina, cocoa butter imports expanded at an average annual rate of +6.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+11.8% per year) and Mexico (+32.4% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, approximately equating the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -11.3% against 2019 indices. The growth pace was the most rapid in 2014 when the import price increased by 67% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Peru ($X per ton) and Argentina ($X per ton), while Mexico ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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