Latin America and the Caribbean: Cocoa Paste Market 2024

Cocoa Paste Market Size in Latin America and the Caribbean

The Latin American cocoa paste market dropped modestly to $X in 2021, reducing by -1.6% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Cocoa Paste Production in Latin America and the Caribbean

In value terms, cocoa paste production dropped slightly to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 15%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Cocoa Paste Exports

Exports in Latin America and the Caribbean

For the fourth year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of cocoa paste, which increased by 5.7% to X tons in 2021. Total exports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +78.3% against 2017 indices. The growth pace was the most rapid in 2019 with an increase of 26%. The volume of export peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, cocoa paste exports rose notably to $X in 2021. Total exports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.3% against 2017 indices. The growth pace was the most rapid in 2020 with an increase of 25% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Ecuador represented the main exporter of cocoa paste in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near 60% of total exports in 2021. Brazil (X tons) took the second position in the ranking, distantly followed by Peru (X tons) and Colombia (X tons). All these countries together held approx. 38% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to cocoa paste exports from Ecuador stood at +7.7%. At the same time, Peru (+17.9%) and Colombia (+7.9%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +17.9% from 2012-2021. By contrast, Brazil (-3.1%) illustrated a downward trend over the same period. While the share of Ecuador (+15 p.p.) and Peru (+7.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Brazil (-20.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest cocoa paste supplier in Latin America and the Caribbean, comprising 58% of total exports. The second position in the ranking was held by Brazil ($X), with a 24% share of total exports. It was followed by Peru, with an 11% share.

In Ecuador, cocoa paste exports increased at an average annual rate of +7.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-2.9% per year) and Peru (+17.6% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 2.1% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 11% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Peru ($X per ton) and Brazil ($X per ton), while Ecuador ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+0.2%), while the other leaders experienced a decline in the export price figures.

Cocoa Paste Imports

Imports in Latin America and the Caribbean

In 2021, the amount of cocoa paste imported in Latin America and the Caribbean soared to X tons, picking up by 34% compared with 2020. Total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +76.7% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa paste imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Brazil (X tons), distantly followed by Argentina (X tons), Uruguay (X tons), Mexico (X tons) and Chile (X tons) represented the main importers of cocoa paste, together making up 93% of total imports. Peru (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mexico (with a CAGR of +44.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa paste importing markets in Latin America and the Caribbean were Argentina ($X), Brazil ($X) and Chile ($X), with a combined 67% share of total imports. Mexico, Uruguay and Peru lagged somewhat behind, together comprising a further 28%.

Among the main importing countries, Mexico, with a CAGR of +39.0%, saw the highest growth rate of 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 2021, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 2.6% against the previous year. In general, the import price, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2015 when the import price increased by 6%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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