Latin America and the Caribbean: Market for Chocolate Bars with Cereals, Fruit or Nuts 2024

Market Size for Chocolate Bars with Cereals, Fruit or Nuts in Latin America and the Caribbean

In 2022, the Latin American market for chocolate bars with cereals, fruit or nuts decreased by -2.9% to $X, falling for the third year in a row after three years of growth. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Chocolate Bars with Cereals, Fruit or Nuts in Latin America and the Caribbean

In value terms, production of chocolate bars with cereals, fruit or nuts shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 9.7%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Chocolate Bars with Cereals, Fruit or Nuts

Exports in Latin America and the Caribbean

In 2022, shipments abroad of chocolate bars with cereals, fruit or nuts increased by 8.3% to X tons, rising for the fourth consecutive year after six years of decline. In general, exports, however, saw a perceptible downturn. The pace of growth was the most pronounced in 2021 with an increase of 94%. Over the period under review, the exports of reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of chocolate bars with cereals, fruit or nuts expanded significantly to $X in 2022. Over the period under review, exports, however, showed a slight decline. The growth pace was the most rapid in 2017 with an increase of 15%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico dominates nuts structure, accounting for X tons, which was approx. 84% of total exports in 2022. It was distantly followed by Brazil (X tons), making up a 5.4% share of total exports. Colombia (X tons) and Peru (X tons) took a relatively small share of total exports.

Exports from Mexico decreased at an average annual rate of -2.6% from 2012 to 2022. At the same time, Peru (+11.6%) and Colombia (+1.4%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +11.6% from 2012-2022. By contrast, Brazil (-2.2%) illustrated a downward trend over the same period. Mexico (-2.8 p.p.) significantly weakened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest cereal, fruit or nut chocolate bar supplier in Latin America and the Caribbean, comprising 65% of total exports. The second position in the ranking was held by Brazil ($X), with an 11% share of total exports. It was followed by Colombia, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled -2.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-2.4% per year) and Colombia (+2.4% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 4.1% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 93%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+3.0%), while the other leaders experienced more modest paces of growth.

Imports of Chocolate Bars with Cereals, Fruit or Nuts

Imports in Latin America and the Caribbean

In 2022, the amount of chocolate bars with cereals, fruit or nuts imported in Latin America and the Caribbean shrank to X tons, reducing by -2.2% on 2021 figures. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 22% against the previous year. Over the period under review, imports of hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, imports of chocolate bars with cereals, fruit or nuts expanded slightly to $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 23% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Chile (X tons), Mexico (X tons), Brazil (X tons), Argentina (X tons), Panama (X tons) and Uruguay (X tons) was the key importer of chocolate bars with cereals, fruit or nuts in Latin America and the Caribbean, committing 52% of total import. Bolivia (X tons), Paraguay (X tons), Colombia (X tons), Costa Rica (X tons), the Dominican Republic (X tons), Guatemala (X tons) and El Salvador (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cereal, fruit or nut chocolate bar importing markets in Latin America and the Caribbean were Brazil ($X), Chile ($X) and Mexico ($X), with a combined 34% share of total imports. Argentina, Panama, Uruguay, Costa Rica, Paraguay, the Dominican Republic, Colombia, Bolivia, Guatemala and El Salvador lagged somewhat behind, together comprising a further 47%.

Panama, with a CAGR of +26.0%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 4.5% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 5.6% against the previous year. The level of import peaked at $X per ton in 2016; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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