Peru: Chocolate Market 2024

Chocolate Market Size in Peru

The Peruvian chocolate market totaled $X in 2022, increasing by 2.5% against the previous year. Overall, consumption showed a prominent expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chocolate Production in Peru

In value terms, chocolate production rose modestly to $X in 2022 estimated in export price. Overall, production recorded a resilient expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 34% against the previous year. Chocolate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Peru

In 2022, the amount of chocolate and cocoa products exported from Peru declined to X tons, shrinking by -14.2% on 2021. Overall, exports, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 41%. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, chocolate exports shrank to $X in 2022. In general, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 31% against the previous year. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Peru, with a 34% share of total exports. Moreover, chocolate exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), twofold. Bolivia (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +23.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+26.2% per year) and Bolivia (+3.2% per year).

In value terms, the United States ($X) remains the key foreign market for chocolate and cocoa products exports from Peru, comprising 45% of total exports. The second position in the ranking was taken by Chile ($X), with a 10% share of total exports. It was followed by Bolivia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +23.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+24.6% per year) and Bolivia (+3.4% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, increasing by 2.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2018 an increase of 5.6% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+0.3%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Peru

In 2022, imports of chocolate and cocoa products into Peru dropped to X tons, declining by -14.3% compared with the previous year. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% 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 +17.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37%. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, chocolate imports reduced remarkably to $X in 2022. In general, imports, however, posted a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 54%. As a result, imports reached the peak of $X, and then declined rapidly in the following year.

Imports by Country

Colombia (X tons), Chile (X tons) and the United States (X tons) were the main suppliers of chocolate imports to Peru, with a combined 43% share of total imports. Turkey, Brazil, Italy, Malaysia, Mexico, China, Germany, Singapore, Argentina and the Netherlands lagged somewhat behind, together comprising a further 51%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +73.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Peru were the United States ($X), Brazil ($X) and Malaysia ($X), with a combined 38% share of total imports. Chile, Singapore, Turkey, Colombia, the Netherlands, Italy, China, Germany, Argentina and Mexico lagged somewhat behind, together comprising a further 53%.

The Netherlands, with a CAGR of +88.7%, saw 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 more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, which is down by -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 12%. As a result, import price reached the peak level of $X per ton, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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