New Zealand: Cocoa Paste Market 2024

Cocoa Paste Market Size in New Zealand

In 2021, the New Zealand cocoa paste market increased by 2.9% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, recorded a pronounced setback. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Cocoa Paste Production in New Zealand

In value terms, cocoa paste production reduced to $X in 2021 estimated in export price. Overall, production continues to indicate a pronounced reduction. The pace of growth was the most pronounced in 2016 with an increase of 36% against the previous year. Cocoa paste production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Cocoa Paste Exports

Exports from New Zealand

In 2021, cocoa paste exports from New Zealand dropped rapidly to X tons, with a decrease of -43.8% compared with 2020. Overall, exports, however, posted a buoyant expansion. The growth pace was the most rapid in 2019 when exports increased by 456%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, cocoa paste exports fell markedly to $X in 2021. In general, exports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2019 when exports increased by 282% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for cocoa paste exports from New Zealand, with a 84% share of total exports. Moreover, cocoa paste exports to Ecuador exceeded the volume sent to the second major destination, Australia (X tons), sevenfold. Tonga (X kg) ranked third in terms of total exports with a 1.4% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-12.9% per year) and Tonga (-12.8% per year).

In value terms, Ecuador ($X) emerged as the key foreign market for cocoa paste exports from New Zealand, comprising 78% of total exports. The second position in the ranking was taken by Australia ($X), with an 18% share of total exports. It was followed by Tonga, with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-12.0% per year) and Tonga (-8.3% per year).

Export Prices by Country

The average cocoa paste export price stood at $X per ton in 2021, waning by -20.4% against the previous year. Over the period under review, the export price showed a perceptible shrinkage. The growth pace was the most rapid in 2020 an increase of 40%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Fiji ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Tonga (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Paste Imports

Imports into New Zealand

In 2021, approx. X tons of cocoa paste were imported into New Zealand; growing by 47% compared with 2020 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, cocoa paste imports surged to $X in 2021. In general, imports showed a relatively flat trend pattern. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Ghana (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of cocoa paste imports to New Zealand, with a combined 51% share of total imports. Malaysia, Cote d'Ivoire, the Netherlands and Australia lagged somewhat behind, together comprising a further 8.9%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +52.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Ghana ($X) and Indonesia ($X) constituted the largest cocoa paste suppliers to New Zealand, together comprising 58% of total imports. Malaysia, Cote d'Ivoire, the Netherlands and Australia lagged somewhat behind, together accounting for a further 7.6%.

The Netherlands, with a CAGR of +43.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average cocoa paste import price stood at $X per ton in 2021, picking up by 4.3% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 14% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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