Northern America: Cocoa Butter Market 2024

Cocoa Butter Market Size in Northern America

The North American cocoa butter market rose markedly to $X in 2022, growing by 7.4% against the previous year. Overall, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 9.6% against the previous year. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Cocoa Butter Production in Northern America

In value terms, cocoa butter production expanded slightly to $X in 2022 estimated in export price. In general, production saw a slight downturn. The most prominent rate of growth was recorded in 2019 with an increase of 11%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Cocoa Butter Exports

Exports in Northern America

In 2022, shipments abroad of cocoa butter increased by 0.7% to X tons, rising for the fourth year in a row after two years of decline. Total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +34.9% against 2018 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 98% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cocoa butter exports shrank to $X in 2022. Over the period under review, exports recorded a strong expansion. The growth pace was the most rapid in 2014 with an increase of 78%. The level of export peaked at $X in 2021, and then reduced modestly in the following year.

Exports by Country

In 2022, the United States (X tons), distantly followed by Canada (X tons) were the major exporters of cocoa butter, together making up 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Canada (with a CAGR of +28.1%).

In value terms, the United States ($X) and Canada ($X) appeared to be the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Canada, with a CAGR of +35.1%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, which is down by -4.3% against the previous year. Export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% 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 increased by +40.1% against 2017 indices. The most prominent rate of growth was recorded in 2020 an increase of 24%. The level of export peaked at $X per ton in 2021, and then contracted in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+5.4%).

Cocoa Butter Imports

Imports in Northern America

In 2022, cocoa butter imports in Northern America soared to X tons, surging by 20% compared with the year before. The total import volume increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 24%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, cocoa butter imports rose remarkably to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 87%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United States was the main importer of cocoa butter in Northern America, with the volume of imports finishing at X tons, which was approx. 79% of total imports in 2022. It was distantly followed by Canada (X tons), mixing up a 21% share of total imports.

The United States was also the fastest-growing in terms of the cocoa butter imports, with a CAGR of +5.8% from 2012 to 2022. At the same time, Canada (+3.7%) displayed positive paces of growth. The United States (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Canada saw its share reduced by -3.7% from 2012 to 2022, respectively.

In value terms, the United States ($X) constitutes the largest market for imported cocoa butter in Northern America, comprising 77% of total imports. The second position in the ranking was held by Canada ($X), with a 23% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +9.4%.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, declining by -9.5% against the previous year. Import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 -21.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 56% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.4%).

Source: IndexBox Platform

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