Latin America and the Caribbean: Cocoa Powder Market 2024

Cocoa Powder Market Size in Latin America and the Caribbean

In 2022, after seven years of growth, there was significant decline in the Latin American cocoa powder market, when its value decreased by -5.1% to $X. The market value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2021, and then dropped in the following year.

Cocoa Powder Production in Latin America and the Caribbean

In value terms, cocoa powder production amounted to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 14%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of cocoa powder (not sweetened) increased by 5% to X tons, rising for the sixth year in a row after two years of decline. The total export volume increased at an average annual rate of +2.0% 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 2019 when exports increased by 10% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, cocoa powder exports expanded rapidly to $X in 2022. Over the period under review, exports, however, showed a perceptible setback. The pace of growth was the most pronounced in 2021 when exports increased by 22%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Brazil (X tons) was the largest exporter of cocoa powder (not sweetened), constituting 51% of total exports. It was distantly followed by Peru (X tons), Uruguay (X tons) and Ecuador (X tons), together generating a 41% share of total exports. The following exporters - Mexico (X tons) and Colombia (X tons) - each accounted for a 6% share of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of cocoa powder (not sweetened). At the same time, Peru (+11.8%), Mexico (+10.7%), Colombia (+10.1%) and Uruguay (+7.2%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +11.8% from 2012-2022. By contrast, Ecuador (-5.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Peru, Uruguay and Mexico increased by +10, +6.6 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest cocoa powder supplier in Latin America and the Caribbean, comprising 54% of total exports. The second position in the ranking was taken by Peru ($X), with a 16% share of total exports. It was followed by Uruguay, with a 15% share.

In Brazil, cocoa powder exports decreased by an average annual rate of -5.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (+5.6% per year) and Uruguay (+4.3% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 5.1% against the previous year. In general, the export price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2021 an increase of 20% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (-2.8%), while the other leaders experienced a decline in the export price figures.

Cocoa Powder Imports

Imports in Latin America and the Caribbean

After two years of growth, supplies from abroad of cocoa powder (not sweetened) decreased by -22.5% to X tons in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 42%. The volume of import peaked at X tons in 2021, and then reduced remarkably in the following year.

In value terms, cocoa powder imports declined to $X in 2022. Over the period under review, imports saw a noticeable contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 49% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Argentina (X tons), Brazil (X tons), Chile (X tons) and Mexico (X tons) represented roughly 71% of total imports in 2022. Colombia (X tons) ranks next in terms of the total imports with a 6.8% share, followed by Peru (4.7%). The following importers - Guatemala (X tons) and Bolivia (X tons) - together made up 6.4% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Guatemala (with a CAGR of +5.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and Chile ($X) were the countries with the highest levels of imports in 2022, with a combined 60% share of total imports. Mexico, Colombia, Peru, Guatemala and Bolivia lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, Guatemala, with a CAGR of +3.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 11% against the previous year. Overall, the import price, however, recorded a noticeable downturn. The growth pace was the most rapid in 2021 when the import price increased by 22% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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