MERCOSUR: Cocoa Paste Market 2024

Cocoa Paste Market Size in MERCOSUR

The MERCOSUR cocoa paste market fell to $X in 2021, dropping by -2.9% against the previous year. In general, consumption, however, showed a mild decline. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cocoa Paste Production in MERCOSUR

In value terms, cocoa paste production fell slightly to $X in 2021 estimated in export price. In general, production saw a mild slump. The most prominent rate of growth was recorded in 2017 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Cocoa Paste Exports

Exports in MERCOSUR

Cocoa paste exports expanded sharply to X tons in 2021, picking up by 5.5% against the previous year. Total exports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +4.5% 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 +81.4% against 2017 indices. The most prominent rate of growth was recorded in 2019 with an increase of 27% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in years to come.

In value terms, cocoa paste exports expanded rapidly to $X in 2021. Total exports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.3% 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 +80.5% against 2017 indices. The growth pace was the most rapid in 2020 with an increase of 26%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Ecuador was the main exporting country with an export of about X tons, which resulted at 61% of total exports. Brazil (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by Peru (11%) and Colombia (4.8%).

Exports from Ecuador increased at an average annual rate of +7.7% from 2012 to 2021. 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 MERCOSUR, with a CAGR of +17.9% from 2012-2021. By contrast, Brazil (-3.1%) illustrated a downward trend over the same period. Ecuador (+14 p.p.) and Peru (+7.2 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -22.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest cocoa paste supplier in MERCOSUR, comprising 59% of total exports. The second position in the ranking was taken by Brazil ($X), with a 24% share of total exports. It was followed by Peru, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Ecuador totaled +7.2%. 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

The export price in MERCOSUR stood at $X per ton in 2021, with an increase of 1.9% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 13%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices failed to regain momentum.

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 MERCOSUR

Cocoa paste imports skyrocketed to X tons in 2021, increasing by 33% on the year before. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cocoa paste imports surged to $X in 2021. In general, imports, however, continue to indicate a mild decline. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons), distantly followed by Argentina (X tons), Uruguay (X tons) and Chile (X tons) were the major importers of cocoa paste, together achieving 95% of total imports. Peru (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Uruguay (with a CAGR of +21.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and Chile ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 80% share of total imports. Uruguay and Peru lagged somewhat behind, together accounting for a further 19%.

Uruguay, with a CAGR of +14.1%, recorded 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 MERCOSUR stood at $X per ton in 2021, growing by 2.4% against the previous year. In general, the import price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2015 when the import price increased by 6.2%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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