MERCOSUR: Chocolate Market 2024

Chocolate Market Size in MERCOSUR

The MERCOSUR chocolate market fell to $X in 2022, remaining constant against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 6.6%. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Chocolate Production in MERCOSUR

In value terms, chocolate production fell slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 6.5%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in MERCOSUR

In 2022, overseas shipments of chocolate and cocoa products increased by 2.9% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, saw a mild slump. The growth pace was the most rapid in 2021 with an increase of 19%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports stood at $X in 2022. Overall, exports, however, showed a noticeable downturn. The growth pace was the most rapid in 2021 when exports increased by 21%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Brazil was the main exporter of chocolate and cocoa products in MERCOSUR, with the volume of exports amounting to X tons, which was near 48% of total exports in 2022. Colombia (X tons) ranks second in terms of the total exports with a 20% share, followed by Argentina (13%), Chile (8.4%) and Peru (7.3%). Ecuador (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from Brazil stood at +1.7%. At the same time, Peru (+10.4%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +10.4% from 2012-2022. Colombia experienced a relatively flat trend pattern. By contrast, Chile (-2.2%), Ecuador (-8.5%) and Argentina (-9.5%) illustrated a downward trend over the same period. While the share of Brazil (+14 p.p.), Peru (+5 p.p.) and Colombia (+2.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ecuador (-1.9 p.p.) and Argentina (-16.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest chocolate supplier in MERCOSUR, comprising 41% of total exports. The second position in the ranking was taken by Argentina ($X), with a 21% share of total exports. It was followed by Colombia, with a 17% share.

In Brazil, chocolate exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (-8.6% per year) and Colombia (+1.1% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, rising by 5.4% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+3.9%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in MERCOSUR

Chocolate imports reduced to X tons in 2022, waning by -10.8% compared with the previous year's figure. The total import 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 pace of growth appeared the most rapid in 2021 with an increase of 39% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, chocolate imports shrank to $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 43%. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Chile (X tons), distantly followed by Brazil (X tons), Argentina (X tons), Colombia (X tons), Peru (X tons), Venezuela (X tons), Ecuador (X tons), Paraguay (X tons) and Uruguay (X tons) represented the main importers of chocolate and cocoa products, together creating 98% of total imports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +9.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in MERCOSUR were Chile ($X), Brazil ($X) and Argentina ($X), with a combined 59% share of total imports.

Chile, with a CAGR of +8.7%, saw the highest growth rate of the value of imports, in terms of 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 MERCOSUR stood at $X per ton in 2022, growing by 2.6% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 5.4% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Venezuela ($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 (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform