MERCOSUR: Cocoa Powder Market 2024

Cocoa Powder Market Size in MERCOSUR

In 2022, the MERCOSUR cocoa powder market decreased by -3.5% to $X, falling for the second year in a row after six years of growth. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.0% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Cocoa Powder Production in MERCOSUR

In value terms, cocoa powder production expanded modestly to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 16% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Cocoa Powder Exports

Exports in MERCOSUR

In 2022, overseas shipments of cocoa powder (not sweetened) increased by 2.2% 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 +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when exports increased by 12%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, cocoa powder exports expanded notably to $X in 2022. Overall, exports, however, showed a perceptible reduction. The pace of growth was the most pronounced in 2021 when exports increased by 23%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brazil was the major exporter of cocoa powder (not sweetened) in MERCOSUR, with the volume of exports finishing at X tons, which was near 53% of total exports in 2022. Peru (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Uruguay (17%) and Ecuador (8.4%). Colombia (X tons) followed a long way behind the leaders.

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%), Colombia (+10.1%) and Uruguay (+7.2%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in MERCOSUR, 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 Colombia increased by +11, +7.1 and +1.6 percentage points, respectively.

In value terms, Brazil ($X) remains the largest cocoa powder supplier in MERCOSUR, comprising 57% of total exports. The second position in the ranking was held by Peru ($X), with a 17% share of total exports. It was followed by Uruguay, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Brazil amounted to -5.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (+5.6% per year) and Uruguay (+4.3% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, rising by 4.5% against the previous year. Overall, the export price, however, saw a deep slump. The most prominent rate of growth was recorded in 2021 when the export price increased by 20% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood 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 ($X per ton) and Peru ($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 MERCOSUR

After two years of growth, supplies from abroad of cocoa powder (not sweetened) decreased by -21.5% to X tons in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 26% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank significantly in the following year.

In value terms, cocoa powder imports contracted to $X in 2022. Overall, imports showed a pronounced contraction. The growth pace was the most rapid in 2021 when imports increased by 31%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of cocoa powder imports in 2022 were Argentina (X tons), Brazil (X tons) and Chile (X tons), together accounting for 79% of total import. Colombia (X tons) held the next position in the ranking, followed by Peru (X tons). All these countries together took near 15% share of total imports. Uruguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Peru (with a CAGR of +3.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder importing markets in MERCOSUR were Argentina ($X), Brazil ($X) and Chile ($X), with a combined 81% share of total imports. Colombia, Peru and Uruguay lagged somewhat behind, together comprising a further 17%.

Among the main importing countries, Peru, with a CAGR of -1.2%, 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 MERCOSUR amounted to $X per ton, picking up by 11% against the previous year. Overall, the import price, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 an increase of 23% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Chile ($X per ton) and Argentina ($X per ton), while Uruguay ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (-2.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform