MERCOSUR: Cocoa Butter Market 2024

Cocoa Butter Market Size in MERCOSUR

The MERCOSUR cocoa butter market expanded significantly to $X in 2022, picking up by 7% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Cocoa Butter Production in MERCOSUR

In value terms, cocoa butter production expanded modestly 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 2020 with an increase of 15% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Cocoa Butter Exports

Exports in MERCOSUR

In 2022, the amount of cocoa butter exported in MERCOSUR dropped sharply to X tons, shrinking by -17.4% compared with the year before. Total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 24%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, cocoa butter exports dropped to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 -31.3% against 2016 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 81% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Brazil (X tons) and Peru (X tons) were the largest exporters of cocoa butter in MERCOSUR, together resulting at near 76% of total exports. Colombia (X tons) ranks next in terms of the total exports with an 11% share, followed by Ecuador (10%). Venezuela (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Venezuela (with a CAGR of +34.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa butter supplying countries in MERCOSUR were Brazil ($X), Peru ($X) and Colombia ($X), with a combined 88% share of total exports. Ecuador and Venezuela lagged somewhat behind, together accounting for a further 12%.

In terms of the main exporting countries, Venezuela, with a CAGR of +33.6%, recorded the highest rates of growth with regard to 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

In 2022, the export price in MERCOSUR amounted to $X per ton, picking up by 5.3% against the previous year. Export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.2% 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 -6.0% against 2017 indices. The pace of growth appeared the most rapid in 2014 when the export price increased by 63% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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

For the third consecutive year, MERCOSUR recorded growth in purchases abroad of cocoa butter, which increased by 4.9% to X tons in 2022. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 28% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, cocoa butter imports stood at $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +35.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Argentina (X tons) represented the main importer of cocoa butter, generating 65% of total imports. It was distantly followed by Chile (X tons) and Peru (X tons), together comprising a 32% share of total imports. 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, Brazil (+12.5%), Chile (+6.3%) and Peru (+2.8%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +12.5% from 2012-2022. Chile (+5.3 p.p.) significantly strengthened its position in terms of the total imports, while Argentina saw its share reduced by -4.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) constitutes the largest market for imported cocoa butter in MERCOSUR, comprising 65% of total imports. The second position in the ranking was held by Chile ($X), with a 24% share of total imports. It was followed by Peru, with a 7.8% share.

In Argentina, cocoa butter imports increased at an average annual rate of +6.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Chile (+11.8% per year) and Peru (+10.6% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, standing approx. at the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 -10.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 71% 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 somewhat 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 Brazil ($X per ton) and Chile ($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